Hot Dogs and Sausages Market (Meat Type - Pork, Beef, Chicken; Product - Frozen Hot Dogs and Sausages, Refrigerated Breakfast Sausages, Refrigerated Dinner Sausages, Refrigerated Hot Dogs, Cocktail Sausages) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2021
Albany, NY -- (SBWIRE) -- 02/03/2017 -- Several players in the global hot dogs and sausages market are paying high attention to organic versions of sausages and hot dogs, keeping in mind the increasing preference for low-calorie, organic food products among consumers. Transparency Market Research (TMR) observes that the regional markets are largely dominated by domiciled players. In Asia Pacific, the leading players are Venky's, Shineway Group, Nippon Meat Packers Inc., Goodman Fielder Ltd., and People's Food Holdings Ltd.
A number of prominent players are increasingly focusing on expansion of product line through mergers and acquisitions. "Large investments in research and development of new products is a go-to strategy for the majority of players in the market," says TMR's lead analyst.
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Asia Pacific to Remain Frontrunner through 2024
The opportunity in the global hot dogs and sausages market was worth US$67.12 bn in 2015 and is expected to rise to US$80.45 by 2024, progressing at a CAGR of 3.1% between 2015 and 2021. On the basis of product, cocktail sausages will continue to dominate the market until 2021, accounting for 23.96% of the overall market revenue. The refrigerated hot dogs segment will expand at a CAGR of 3.3% during the forecast period, which is higher than any other segment. Geographically, Asia Pacific will be the leading segment throughout the forecast period, representing 39.74% of the overall market value by 2021. The Middle East and Africa region is likely to exhibit a CAGR of 3.4% during the same period.
Increasing Number of Household with Kids to Drive Growth Prospects
Trends indicate that hot dogs and sausages are more popular among younger generation. "Household with kids and teenagers tend to purchase higher number of fast food as compared to other households," says a TMR analyst. Therefore, the booming number of household with kids are creating a staggering volume of demand for hot dogs and sausages. Moreover, the changing lifestyles of people is impelling strong demand for ready-to-consume food items, which in turn is propelling the market.
Aged population and people suffering from obesity are more willing to consume low-fat, low-calorie, and organic food products. As their population is steadily rising, manufactures have now started producing organic sausages and hot dogs to better serve their demand. This trend is also working in favor of the growth of the market.
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Growing Cases of Obesity to Adversely Affect Market Growth
The increasing number of people across the globe suffering from obesity is the primary factor hampering the growth of the global hot dogs and sausages market. The prevalence of overweight and obesity is particularly high in developed countries such as the U.S., the U.K., and Australia. The World Health Organization (WHO) states that in 2014, 1.9 billion adults were overweight and 600 million people were suffering from obesity across the world. Furthermore, the rising awareness regarding the high percentage of fats and cholesterol present in hot dogs and sausages is hindering the growth of the market. However, the booming retail sector in developing countries is estimated to open new avenues for players in the market.
The above data is collated from a research report released by TMR, titled "Hot Dogs and Sausages Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015–2021."
The global hot dogs and sausages market is segmented as follows:
Global Hot Dogs and Sausages Market, by Meat Type
Global Hot Dogs and Sausages Market, by Product Type
Frozen Hot Dogs and Sausages
Refrigerated Breakfast Sausages
Refrigerated Dinner Sausages
Refrigerated Hot Dogs