Hot Dogs and Sausages Market to Grow at a Sluggish CAGR of 3.1% Due to Rising Preference for Healthy Food
The hot dogs and sausages market is significantly fragmented due to the presence of various regional international, and local vendors. These vendors differ in terms of competencies and specializations. Manufacturers of hot dogs and sausages compete strongly as far as quality, service, innovation, price, distribution, and reputation are concerned. The overall performance of the players is affected by the strong competition and lesser profit margins. Moreover, to have an upper hand in the gourmet hot dogs market, these manufacturers are working on providing advanced and distinct product offerings to their consumers. ConAgra Foods, Inc., Bar-S Foods Co., Bob Evans Farms, Inc., Sara Lee Food & Beverage, Johnsonville Sausage, LLC, Family Dollar Stores, Inc., Atria Plc., Boklunder, Animex, Elpozo, Campofrio Food Group, Sigma Alimentos, Tyson Foods Inc., and JBS Argentina are among the key players leading the global hot dogs and sausages market.
According to a report published in Transparency Market Research, the global hot dogs and sausages market is expected to grow at a CAGR of 3.1% within the forecast period from 2015 to 2024. In 2014, the market was valued at worth US$64.7 bn, which is likely to reach around worth US$80.4 bn by the end of forecast period. Based on types of products, the cocktail sausages segment dominated the entire hot dog and sausages market, in terms of revenue as well as volume. The mentioned market segment is expected to grow to a worth of US$19.2 bn by the end of the year 2021. Geographically, the market is led by Asia Pacific region, as far as revenue is concerned. The region is prognosticated to hold over 39% of overall shares by the end of 2021.
Manufacturers are Working on Creating a Healthier Alternative for Consumption
Change in food habits of the consumers is highly impacted due to change in taste of the youngsters. The present population is getting more inclined towards healthier food products and are looking for another food alternatives. Owing to this, the food manufacturers are working on developing healthier option in hot dogs and sausages too. Youngsters are the major consumers of hot dogs and sausages all over the world, owing to its ease of preparation and convenience. Moreover, because of its cost-effective it has become a commonly used food item.
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Rising Awareness About Healthier Food to Bring Down Market Growth
Nevertheless, the WHO (World Health organization) in 2014 sated that near about 1.9 billion individuals were overweight, out of which 600 million were overweight. It also stated the rise in number of children suffering from obesity, which pulled down the market growth. Along with this, the rising cases of obesity all over the world has curbed the consumption of hot dogs and sausages all together, which is likely to hamper the market growth as well.