Plant-based chorizo market size exceeded USD 38.0 Million in 2022 and is estimated to grow at over 8.7% CAGR between 2022 to 2032.
| Report Attributes | Details |
|---|---|
| Plant-based Chorizo Market Size (2022E) | USD 38.0 Million |
| Plant-based Chorizo Market Projected Size (2032F) | USD 87.6 Million |
| Value CAGR (2022 to 2032) | 8.7% |
Consumers are growing more health-conscious, figure-conscious, and beauty-conscious all around the world. Naturally, this has had a significant impact on the healthcare industry, but it has also had a significant impact on the food industry.
People are consuming foods that claim to be low in fat and calories. Diet fads such as keto, paleo, vegan, and others have risen in popularity as a result of shifting preferences in various parts of the world which is posing a positive impact on the adoption of plant-based food products, therefore, indirectly boosting the plant-based chorizo market.
Apart from that various new players are emerging in the plant-based food products market and bringing more innovation and technology to the table. This is also benefiting the plant-based chorizo demand. For example, Chipotle’s Whole30 Salad Bowl consists of Chipotle's super greens lettuce blend, fajita veggies, fresh tomato salsa, guacamole, and plant-based chorizo. The flavors are helpful in introducing a higher consumer base to plant-based food products in turn benefiting the market.
Plant-based chorizo falls under the category of keto diets due to its low carbohydrate and high-fat properties, which is boosting the adoption of the product at a rapid pace.
The increased prevalence of overweight and obesity issues among the young generation, millennials, and the working-class population is driving market expansion. Obesity contributes to a number of chronic problems, including diabetes, cardiovascular disease, and high blood pressure, so the ketogenic diet has become an effective strategy to lose weight.
Obesity, brain traumas, Alzheimer's disease epilepsy, cancer, polycystic ovary syndrome, Parkinson's disease, and cardiovascular disorders have all been proven to benefit from ketogenic diets in research undertaken by the American College of Cardiology and the Nutrition and Dietetics Academy. The benefits of this diet are increasing its popularity around the world, therefore, promoting the sales of plant-based chorizo.
Due to the augmenting popularity of fast food among the millennials and younger generation, the overweight population has risen globally. Obesity stood at 42.4 percent in the USA from 2017 to 2018, according to the Centers for Disease Control and Prevention (CDC). Furthermore, from 2017 to 2018, the presence of extreme obesity was 9.2 percent. Obesity affected 40.0 percent of adults in the USA between the ages of 20 and 39. This is a serious matter that requires immediate and effective attention. The demand for a ketogenic diet is increasing due to health issues.
Following the release of long-awaited sodium-reduction guidelines by USA authorities, food producers are under renewed pressure to use less salt. It is aimed at reducing the amount of salt Americans consume. The majority of sodium in American diets comes from restaurant items, rather than salt added to home meals.
The Food and Drug Administration says that to get consumers used to consuming less salt, decreases must be gradual across the entire food supply so that consumers don't reach for higher sodium options. This is benefiting the USA plant-based chorizo market due to the lower sodium property of the product.
Plant-based diets and vegan lifestyles have gained popularity in Mexico during the last five years in turn boosting the sales of plant-based chorizo in the country. Veganism is rising at an accelerated rate in Mexico. About 20% of Mexicans described themselves as vegetarians or vegans. After all, Mexican cuisine has traditionally been plant-based, and this return to history has allowed chefs and restaurants to exhibit their roots in new and inventive ways.
The rising trend of the Whole30 diet in the country is boosting the demand for plant-based chorizo. Consumers who successfully complete the Whole30 Diet experience fat loss, weight loss, lower blood pressure, better sleep, more energy, clearer skin, fewer food cravings, and reduced bloating and gas, therefore, boosting the sales of plant-based food in the country, in turn benefiting plant-based chorizo market.
Soy protein-based sausages are predicted to continue to be the most popular, owing to their numerous health benefits. An ounce of soy protein isolate powder has 95 calories, 25% of the daily recommended iron, 1 gram of fat, and 2 grams of carbs. Aside from that, soy is a fantastic source of branch-chain amino acids, which help with muscle growth, exercise performance, and recovery after a workout. This is fueling millennial demand for plant-based chorizo sausages.
According to FMI, salads stand at a significant market share in 2022 but the application of the product into hash is gaining traction in various countries. It is expected to grow at a CAGR of 9.2% during the forecast period from 2022 to 2032.
As more plant-based items enter the market, there is a limited amount of shelf space available in brick-and-mortar stores to accommodate them. This opens up a lot of possibilities for selling directly to customers on the Internet or through other e-commerce channels.
For example, in August 2020, Beyond Meat, one of the most well-known plant-based meat producers, created its own e-commerce site to sell directly to consumers. The plus is that some consumers may not be able to find these products in their local grocery shop, thus e-commerce provides them with another option.
Online retail channels are, therefore, boosting the sales of plant-based chorizo in various parts of the world.
In order to meet the rising demand for plant-based meat products like plant-based chorizo, the players are focusing on bringing innovation to the table. The players are focused on experimenting with different vegetarian products to form substitutes for the highly demanded meat products.
Apart from that, the players are also moving towards adopting various ways to promote plant-based chorizo through different modes like social media advertising, small test packets for tasting, creating link-ups with famous restaurants and cafes, etc.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD Million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacifi; Oceania; and Middle East; and Africa |
| Key Countries Covered | USA, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Saudi Arabia, And South Africa |
| Key Segments Covered | Source, Application, Distribution Channel, and Region |
| Key Companies Profiled | Chipotle; RollinGreens; Beyond Meat; Blue Tribe; Impossible Foods; Lightlife Foods; Tofurkey; No Evil; Field Roast; Simple Truth; Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The plant-based chorizo market stands at nearly USD 38.0 Million in 2022 and is expected to rise at a CAGR of 8.7%.
The North American plant-based chorizo market is expected to register an 8.9% CAGR between 2022 and 2032.
The demand for plant-based chorizo in the Asia Pacific is expected to grow at 7.5% CAGR between 2022 and 2032.
Animal welfare is improving around the world, resulting in a rise in the number of vegans and vegetarians, as well as a rise in the demand for plant-based chorizo. It is preferred by health-conscious consumers because of its nutritious, gluten-free, and non-GMO properties. The use of plant-based sausage is increasing in the food service industry to attract vegan, vegetarian, health-conscious, and flexitarian customers. The food service sector is offering a variety of new plant-based meals on it
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Plant-Based Chorizo Market
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