by The global Hot Dogs And Sausages Market is estimated to be valued at US$ 79.93 Bn in 2023 and is expected to exhibit a CAGR of 3.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Hot dogs and sausages are popular meat products made from processed meats such as beef, pork or poultry and often added preservatives. They come in various flavors, styles and textures. They are quick and easy to prepare, portable and highly shelf-stable making them ideal snacks or small meals. Their savory taste and familiar flavors appeal to both children and adults. Usage in variety of cuisines such as American, German, Polish, Italian etc have made them popular globally.
Market Key Trends:
One of the key trends driving the hot dogs and sausages market growth is the rising beef and pork consumption globally. Meat forms an important part of daily diet in many regions and its consumption has steadily risen over the past few decades led by economic growth and change in dietary patterns in emerging markets. Another trend is the growing prominence of clean label and plant-based hot dogs and sausages. Manufacturers are launching products made from pea or soy proteins to cater to the rising health consciousness and flexitarian diets. They are free from additives, preservatives and artificial colors found in regular meat varieties. Sports events and outdoor recreational activities also fuel the demand for portable hot dogs and sausages. Their easy-to-cook format is ideal for camping, beach trips and tailgating.
Porter’s Analysis:
- Threat of new entrants: The Hot Dogs And Sausages Market has moderate threat of new entrants due to high production and marketing costs involved. However, small manufacturers can enter low cost products through direct sale.
- Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitutes. Buyers can switch to other meat alternatives easily based on price changes.
- Bargaining power of suppliers: A few major players dominate raw material supply chain of this market. This gives them high bargaining power over manufacturers.
- Threat of new substitutes: Vegetable and plant-based meat alternatives pose significant threat to this market. Changing consumer preferences towards healthy options increases threat.
- Competitive rivalry: Being a highly fragmented market, rivalry among existing players is intense based on pricing and product differentiation
Key Takeaways:
- The global Hot Dogs And Sausages Market is expected to witness high growth, exhibiting CAGR of 3.8% over the forecast period, due to increasing demand for convenience foods.
- Regional analysis: North America dominates the market currently. However, Asia Pacific is expected to witness fastest growth due to rising disposable incomes and changing food consumption patterns in developing countries like China and India.
- Key players: Key players operating in the Hot Dogs And Sausages Market are Hormel Foods corp., Nestlé S.A., San Miguel Purefoods Company, Inc., Bar-S Foods (A Sigma Company), ELPOZO ALIMENTACIÓN S.A., ANIMEX Foods Sp. z o.o. sp. k., BOB EVANS FARMS, LLC, Johnsonville, LLC., and Atria Plc. Hormel Foods holds the leading position with strong brand recognition and variety of meat products.
