Vegan Mayonnaise Market: Detailed Analysis of Current Industry Figures with Forecasts Growth By 2028
Vegan Mayonnaise Market Overview:
Vegan Mayonnaise is usually made from oil, egg yolks, vinegar, and seasonings. However, for the last few years, Vegan Mayonnaise is made from eggless ingredients since it is preferred by vegans and is allergic to the egg population. Egg-free Vegan Mayonnaise contains soy or pea protein instead of lecithin in egg yolk. Rising demand for Vegan Mayonnaise due to fast food and ready-to-eat foods is driving the growth of Vegan Mayonnaise for the last few years across the globe. The application of Vegan Mayonnaise for salad dressing and processed food is increasing at a significant rate, especially, in developed countries.
Market Forecast:
It is used as an emulsifier in the food industry. It is a thick and creamy dressing used as a condiment to various cuisines. The global Vegan Mayonnaise market is mainly driven by rising demand for convenience foods and increasing application of Vegan Mayonnaise for salad dressing. The introduction of various Vegan Mayonnaise products made from different ingredients is gaining the attention of consumers.
Egg-free alternatives are also available for vegans and those allergic to eggs, which has increased the consumption of Vegan Mayonnaise in the global market. Improving the distribution network of Vegan Mayonnaise manufacturers is influencing the sales of Vegan Mayonnaise across the globe. However, intense competition among the key players may hamper the new entrants in the market. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 4.6% of the Vegan Mayonnaise market during the forecast period 2017-2023.
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Competitive Analysis:
The major players in the Vegan Mayonnaise market
- Unilever (U.K.)
- Marina Foods, Inc. (U.S.)
- ADM Antwerp (Belgium)
- Solo Foods (South Africa)
- Delicacy Foods (Cyprus)
- Paradise Food Ltd (U.K.)
- AR Brands (South Africa)
Downstream Analysis:
The vegan Mayonnaise market is segmented based on raw materials such as egg, eggless, and others. However, Vegan Mayonnaise made from eggs is dominating the market whereas, Vegan Mayonnaise made from the eggless raw material is likely to witness substantial growth over the forecast period.
Based on specialty food type, the Vegan Mayonnaise market is segmented into gluten-free, kosher, organic, vegan, GMO-free, and others. The growing inclination of consumers towards plant-based products is boosting the demand for the organic Vegan Mayonnaise segment. Moreover, the increasing vegan population is expected to drive the growth of the market over the review period.
Based on the packaging, the Vegan Mayonnaise market is segmented into bottles, sachets, jars, and others. Among all, bottles packaging is dominating the market whereas sachets are expected to grow at a higher rate in the coming years.
Based on the distribution channel, the Vegan Mayonnaise market is segmented into store-based and non-store-based. The store-based distribution channel is dominating the market in which hypermarkets and supermarkets hold the major share.
Regional Analysis:
The global Vegan Mayonnaise market is segmented into North America, Europe, Asia Pacific, and the rest of the world (RoW). Europe held the major market share followed by North America owing to the increasing application of Vegan Mayonnaise for salad dressing and for ready-to-eat foods. The inclination of consumers towards fast foods has helped Vegan Mayonnaise gain popularity in North America. Changing lifestyle and consumption patterns in developing countries like India and China are boosting the Vegan Mayonnaise market at a substantial rate in the Asia Pacific. Moreover, the increasing use of Vegan Mayonnaise in different cuisines is growing the Vegan Mayonnaise market in the rest of the world.
Market Segmentation:
The vegan Mayonnaise market is segmented based on raw material, specialty food type, packaging, distribution channel, and region.
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