Plant-Based Sausage Market Expected to Top 1 Billion USD
According to the findings of the new report by Future Market Insights (FMI), the market for plant-based sausages is projected to surpass US$ 1 billion by 2021. The rate of its growth is expected at around 26.5% CAGR up to 2028. Europe is leading the way, but the US market is ranked second with an expected $500 million.
The increasing popularity of e-commerce over traditional retail is expanding at around 33% CAGR through 2028. The growing interest in undeniable and manufacturers are expanding their offer and rebuilding their portfolios with a range of plant-based meat products. The leader in the segment of sausages is plant-based pork estimated to grow to $10.6 million by 2030. FMI reports names major brands in the race for leadership such as Smithfield Foods, Tofurky, Nestle S.A, Whole Foods, and Meatless Farm Co, and Beyond Meat. The latter is offering its vegan pork sausages in both retail and foodservice channels partnering up with Dunkin’ and Pizza Hut.
As the market for plant-based alternatives grew by almost 280% in comparison to last year’s number, Meatless Farms tends to use this opportunity with its portfolio expansion by a dozen new products. The company announced a new retail offer to be introduced within the 6-month period, as well as the launch of online service Farm Shop which enables direct purchase.