The
growing demand for low-calorie, organic food products is a trend
gaining much prominence across the globe. Looking to avoid the risk
of overweight and obesity, an increasing number of consumers are now
demanding organic versions of hot dogs and sausages as well.
Transparency Market Research identifies this trend to be immensely
lucrative for players.
The
competitive landscape of most of the regional hot dogs and sausages
markets is extremely fragmented, Transparency Market Research
observes, with the exception of the MEA region. In Asia Pacific, the
leading revenue contributor to the global hot dogs and sausages
market, the top five players accounted for a share of just over 30%
in 2014. These players are Shineway Group, Venky’s, Goodman Fielder
Ltd., Nippon Meat Packers Inc., and People’s Food Holdings Ltd.
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One
of the leading growth strategies adopted by a number of key players
in the global hot dogs and sausages market is product line expansion
through constant mergers and acquisitions. A case in point would be
ConAgra Food Inc. In 2014, the company acquired Ralcorp, a leading
producer of private brand foods in the U.S. to strengthen its share
in the packaged foods market.
“Continuously
engaging in R&D activities for the development of new products in
the meat and meat products segment is also a successful strategy
adopted by several companies,” the author of the study said. A
recent example would be the introduction of hot dog ATMs, wherein the
customer places their order on the screen and the selected food item
is moved from the refrigerator to the microwave to deliver fresh
hotdogs in just a few minutes.
Sporting
Events Contributing toward Increased Demand for Hot Dogs and Sausages
Hot
dogs and sausages are among the most preferred convenience foods for
kids and youth around the world and as a result, households with kids
and college students form the most attractive consumer group for hot
dogs and sausages. The growing population of individuals between the
ages of 20 and 30 is a key factor driving this market.
“The
demand for hot dogs and sausages varies from region to region and by
season as well,” the TMR analyst observes. For instance, holiday
months see a surge in demand for breakfast sausages. Major sporting
events in the U.S. also contribute to the rising demand, according to
a survey by the National Hot Dog and Sausage Council. The consumption
of hot dogs and sausages during major leagues and at prominent
ballparks in the U.S. is much higher than at any other time of the
year.
Alarming
Rise in Obesity Cases Likely to Restrict Demand
“The
soaring incidence of obesity around the world is a key factor curbing
the consumption of hot dogs and sausages as consumers shift toward
healthier and less fatty foods,” the author of the study finds.
The
World Health Organization states that in 2014, around 1.9 bn adults
were overweight and 600 mn were diagnosed with obesity. The WHO also
finds an increase in the number of child obesity cases, which
continues to threaten the demand for hot dogs and sausages.
Global
Demand for Hot Dogs and Sausages to Grow at 1.8% CAGR over Forecast
Period
In
terms of revenue, the opportunity in the global
hot dogs and sausages market was pegged at US$64.7 bn in 2014
and is estimated to be worth US$80.4 bn by 2021, expanding at a CAGR
of 3.1% from 2015 to 2021. By volume, the market for hot dogs and
sausages is anticipated to expand at a CAGR of 1.8% during the
forecast period.
Among
the different types of products, cocktail sausages led the hot dogs
and sausages market by volume as well as revenue in 2014. The global
cocktail sausages market is likely to reach US$19.2 bn by 2021. Among
the different types of meat, pork was the leading revenue generator
for the hot dogs and sausages market. By geography, Asia Pacific led
the global hot dogs and sausages market in 2014 and the region is
expected to retain its position through 2021.
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