TransparencyMarket Research (TMR), a leading market intelligence company, has recentlypublished a report on the global hot dogsand sausages market, focusing specially on key trends and theprevalent growth dynamics. Over the past decade, this market has witnessed asignificant rise in valuation, thanks to the continued rolling out of newproducts. The TMR report states that new product launches have kept the thedegree of competition significantly high.
With a risein the number of producers with similar product ranges, the pressure to enhancesales figures has increased, forcing players in this market to roll out new orupgraded products. Bar-S Foods Co., Bob Evans Farms Inc., ConAgra Foods Inc.,Johnsonville Sausage LLC, Family Dollar Stores, and Sara Lee Food &Beverage are some of the key players in the worldwide hot dogs and sausagesmarket. These players are likely to adopt extensive marketing strategies toenhance their visibility in the global market, states the researchreport.
Speakingabout the growth dynamics in the forecast period (2015-2021), analysts at TMRpredict that the global hot dogs and sausages market would rise from US$64.7 bnin 2014 to US$80.4 bn by 2021 at a CAGR of 3.10%. Frozen hot dogs and sausages,refrigerated breakfast sausages, refrigerated dinner sausages, refrigerated hotdogs, and cocktail sausages are the main products available in this market.Among these, the demand for cocktail sausages has been higher and the trend isexpected to continue in the forthcoming years. Based on the type of meat, thedemand for chicken hot dogs and sausages is relatively greater than others.
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Regionally,Asia Pacific led the global hot dogs and sausages market in 2014 with a shareof nearly 40%. Thanks to the increasing preference for fast food, such asburgers and pizza, among the younger generation, this regional market isprojected to remain at the top position in the years to come. Among otherregional hot dogs and sausages markets, the Middle East and Africa is expectedto witness a faster growth rate in the near future, notes the marketstudy.
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RisingPreference for Fast Food to Reflect on Demand
“The impactof the increasing inclination of the younger generation towards fast food oron-the-go food can be clearly seen on the demand for hot dogs and sausages acrossthe world,” says an analyst at TMR. The change in food habits of consumers hasinfluenced the global hot dogs and sausages market tremendously. Going forward,the market is anticipated to continue reporting an upward swing. The increasein the rolling out of new products and rise in investments are expected tosupport the growth of this market in the near future, reports the marketstudy.
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Demand for Healthier Alternativesto Slow Down Growth Rate
Althoughthe future of the global hot dogs and sausages market looks bright, it may facetough challenge from the increasing awareness among consumers regarding healthyfood habits and its impact on human body. The alarming rise in obese populationacross the world has prompted consumers to look for healthy alternatives, whichmay reflect negatively on the growth of this market in the long run, states theresearch report.
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