Global Vegan Mayonnaise Market Retains Robust Growth: Likely to Grow at a CAGR of 8.1% by 2027
Published | 19 October 2021
The global vegan mayonnaise market is growing at a high CAGR because of the increasing shift towards a vegan diet, growing emphasis on plant-based food intake, and consumers’ growing preference towards nutritious and readymade flavor-enhancing ingredients…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global vegan mayonnaise market is estimated to grow at a CAGR of 8.1% during the forecast period of 2021-2027. The vegan mayonnaise market is growing as vegan and plant-based diets are becoming more popular worldwide. Moreover, due to the busy lifestyles of consumers, their growing preference for ready-made flavor-enhancing ingredients such as mayonnaise presents lucrative growth opportunities for the global vegan mayonnaise market. Additionally, its extensive and increasing use in junk food like pizza, burgers, sandwiches, and other food items ensures bright market prospects given the surge in consumption of such items. Furthermore, the growing popularity of vegan mayonnaise and the increasing number of vegan mayonnaise producers worldwide are likely to propel the market forward during the forecast period.
Growing Online Sales Channels is Projected to Drive the Global Vegan Mayonnaise Market
Online grocery stores such as tesco.com, kroger.com, asda.com, kaufland.com are gaining huge popularity among the masses due to the availability of a wide range of packaged and loose food products. The growth of online channels is emerging as the major driving major for the global vegan mayonnaise market. Manufacturers can keep track of the regions that have a high demand for vegan mayonnaise and meet that demand accordingly. Moreover, customers can quickly search through a large number of products and brands online before placing their orders. The global vegan mayonnaise market in the world is expected to benefit from these factors during the forecast period.
Increasing Focus Towards Healthy Lifestyle Is Estimated to Boost the Global Vegan Mayonnaise Market Growth
People are increasingly embracing healthy eating habits and swiftly moving to a vegan diet as lifestyle diseases such as cardiovascular ailments have become more prevalent across the world. Vegans have a lower risk of heart disease than meat eaters, according to several studies. This feature is projected to provide the global vegan mayonnaise market with lucrative growth potential. Vegan mayonnaise is healthier than dairy or egg-based mayonnaise since it includes less saturated fat and no cholesterol.
Global Vegan Mayonnaise Market - By Distribution Channel
Based on distribution channels, the global vegan mayonnaise market is categorized into retail stores, online sales, and others. The retail store’s segment accounts for the largest market share. Vegan mayonnaise is required by various food businesses such as restaurants, motels, eateries, cafes, inns, and other commercial operations, which they purchase in bulk from retail outlets. As a vital link between producers and customers, retail outlets provide more choice and boosts market sales. Furthermore, the growing number of supermarkets/hypermarkets and the establishment of departmental stores offering imported packaged food products are further driving the growth of the global vegan mayonnaise market.
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Global Vegan Mayonnaise Market - Regional Insights
Geographically, the global vegan mayonnaise market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe dominates the global vegan mayonnaise market, followed by North America. However, Asia-Pacific and Middle-East & Africa are expected to emerge as the biggest consumption market for vegan mayonnaise during the projected period. Israel has already surpassed the United States as the country with the greatest vegan population. Countries in Asia-Pacific, such as India, South Korea, and China, also show promising growth prospects for the vegan mayonnaise industry. As a result, manufacturers are concentrating their efforts on growing product penetration, particularly through online channels.
Impact of COVID-19 on Global Vegan Mayonnaise Market
The sudden outbreak of the COVID-19 pandemic presented tremendous growth opportunities for the global vegan mayonnaise market. Following the imposition of nationwide lockdowns to curb the spread of the virus, the demand for packaged food items and flavor-enhancing ingredients surged significantly. The emergence of online grocery stores that offer same-day door-step delivery also gained huge popularity during the COVID-19 period and contributed to the growth of the global vegan mayonnaise market. In addition, as people became increasingly aware of zoonotic diseases following the virus outbreak in 2020, the adoption of a vegan lifestyle also saw a significant increase. Global vegan mayonnaise sales are likely to expand significantly due to these factors.
Global Vegan Mayonnaise Market: Competitive Landscape
The leading players in the global vegan mayonnaise market are Just Inc., Veeba Food Services Private Limited, Follow Your Heart, Remia C.V., Granovita, Nasoya Foods, Conagra Brands, Inc., Dr. August Oetkar KG, Crosse & Blackwell, Kensington & Sons LLC, Nestle, Zydus Wellness Limited, Del Monte Foods Inc., Spectrum Organic Products, LLC, Unilever Group, The Vegan Co., Nayonaise, Best Foods Vegan Dressing & Spread, and other prominent players.
With a variety of vegan mayonnaise companies on the market, the market is highly fragmented. To increase product penetration, the companies invest heavily in new product launches. They also make consistent efforts to enhance their distribution channels and marketing strategies. Moreover, market players are launching products made of different ingredients and for various purposes, such as sandwich spreads, nachos dipping sauces, etc. Additionally, there is a prominent use of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global vegan mayonnaise market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global vegan mayonnaise market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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