By the end of 2021, global plant-based sausage revenues are projected to top $1 billion according to a new report by market research firm Future Market Insights (FMI). The report estimates that the plant-based sausage market will grow at a compound annual growth rate of 26.8 percent through 2028. While Europe’s plant-based sausage market is the largest, FMI predicts that the plant-based sausage market in the United States—the second largest market—will surpass $500 million. When it comes to types of sausages, plant-based pork is expected to grow to $441.8 million by the end of 2020.
“Manufacturers are concentrating on continuous product launches in the wake of growing interest by large corporations in the ever expanding veganism trends prevailing across consumer eating habits,” an FMI report analyst said. The report also highlighted that consumers are choosing plant-based pork over its animal-derived counterpart due to “growing apprehension amongst consumers about possible infection contraction through meat consumption.”
As for the broader market, FMI recently published a separate “Plant Based Pork Market” report in which it predicts that global plant-based pork sales are predicted to surge from $1.2 billion in 2020 to $10.6 billion by 2030. FMI identifies the key players in the industry as pork giant Smithfield Foods (which released its vegan Pure Farmland line last year), Beyond Meat (which offers its vegan pork sausage products in both retail and foodservice channels, including at all Dunkin’ and Pizza Hut locations nationwide), and iconic brand Tofurky, among others.
Photo Credit: Beyond Meat