Hot Dogs and Sausages Market is Projected to Achieve $103.33Bn Globally by 2030 – Exclusive Report by The Insight Partners
The global hot dogs and sausages market to experience a steady growth of 4.1% CAGR from 2022 to 2030.
Pune, India, Oct. 09, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Hot Dogs and Sausages Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Distribution Channel, and Geography,” the hot dogs and sausages market is expected to grow from $ 74.99 billion in 2022 to $103.33 billion by 2030; it is estimated to grow at a CAGR of 4.1% from 2022 to 2030.
Bar-S Foods Co, Carolina Packers Inc, Conagra Brands Inc, Hormel Foods Corp, Johnsonville LLC, Kunzler & Co Inc, Smithfield Foods Inc, The Kraft Heinz Co, Tyson Foods Inc, and Vienna Beef Inc are among the major players operating in the hot dogs and sausages market. Companies in this market focus on strategies such as investments in research and development activities and new product launches. In November 2021, Applegate Farms, LLC, announced the launch of Do-Good Dog Hot Dog, the first nationally available hot dog made with beef raised on verified regenerative grasslands in the US. Thus, product developments are expected to provide lucrative opportunities for the hot dogs and sausages market in the coming years.
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Europe held the largest share of the hot dogs and sausages market in 2022, whereas Asia Pacific is projected to register the highest CAGR from 2022 to 2030. In Asia Pacific, the developing countries are witnessing rapid growth in the middle-class population and urbanization, which offers several opportunities for the key market players. The increasing rate of urbanization in the region promotes the adoption of new food consumption trends. Hot dogs and sausages are considered under the snacks category. The growing demand for processed and prepared foods further drives the Asia Pacific hot dogs and sausages market.
According to the FAO, the demand for meat in developing countries is rising mainly due to rapidly growing urbanization and the tendency of urban residents to spend more on food than the lower-income rural population. Urban dwellers will spend more on low-calorie protein foods if they are affordable. Further, hot dogs and sausages are popular among the younger population in countries such as China and Japan. Rising per capita income of consumers in some Asian countries can also motivate them to spend on convenience or packaged foods such as hot dogs.
Growing Popularity of Hot Dogs and Sausages to Provide Lucrative Growth Opportunities for Hot Dogs and Sausages Market During Forecast Period
Hot dogs and sausages have gained traction in recent years owing to their taste, convenience, and various new types available in the market. According to sales data from the National Hot Dog and Sausage Council for 2022, New Yorkers spent more money on hot dogs in retail stores as compared to any other market in the country. Residents of Los Angeles came in second to spend on hot dogs. The popularity of chicken-based sausage and hot dog products is rising in the region. Consumers prefer chicken over red meat as it is a healthier option. Further, the popularity of specialized products, including organically produced hot dogs and sausages, is rising among younger consumers. Moreover, in Europe, the demand for processed and packaged meat products such as hot dogs and sausages is increasing. European countries prefer sausages over traditional meat as they are cured and have a longer shelf life.
Hot dogs have long been preferred in the Western diet. Hot dogs and sausages are highly consumed in summer cookouts; ball games, especially on the Fourth of July; and many other occasions. The rise in disposable income has upsurged the demand for fast food, thereby increasing the consumption of fast food such as hot dogs and sausage, especially among the younger generation. Thus, the growing popularity of hot dogs and sausages is expected to boost the hot dogs and sausage market during the forecast period.
Hot Dogs and Sausages Market: Segmental Overview
Based on distribution channel, the hot dogs and sausages market is segmented into supermarkets and hypermarkets, convenience stores, online retail, and others. The online retail segment is projected to register the highest CAGR from 2022 to 2030. Online retail is one of the fastest-growing distribution channels due to its shopping and product delivery convenience. Online retail stores offer a wide variety of products with heavy discounts; consumers can conveniently buy desirable products remotely. Additionally, home delivery service attracts a large group of customers to shop through e-commerce platforms. Moreover, these websites offer descriptive product information and user reviews, which help buyers compare products and make informed decisions. During the COVID-19 pandemic, online retail channels gained popularity as they offered home delivery services. These factors are expected to boost the market growth for the online retail segment in the future.
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Impact of COVID-19 Pandemic on Hot Dogs and Sausages Market
The COVID-19 pandemic adversely affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA) hampered the growth of several industries, including the food & beverage industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies reported delays in product deliveries and a slump in product sales in 2020.
Increasing demand for meat protein coupled with rapid growth and development in food processing technology drove the demand for hot dogs and sausages before the onset of the COVID-19 pandemic. In addition, rising consumption of convenience products and surging demand from the working population due to busy lifestyles further contributed to the market growth. However, the food & beverages industry experienced an adverse impact of the pandemic during the first quarter of 2020. Many industries had to slow down their operations due to value chain disruptions caused by the shutdown of national and international boundaries. The pandemic led to social distancing norms and a severe negative economic impact, hindering hot dogs and sausages manufacturing and distribution processes. The COVID-19 pandemic also led to an economic recession in the initial months of 2020, which created financial difficulties for low-income and mid-income consumers.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Chicken Sausages Market Size and Forecasts (2020 – 2030)
Plant-Based Sausages Market Size and Forecasts (2020 – 2030)
Breakfast Sausage Market Size and Forecasts (2020 – 2030)
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