Market Introduction:
Vegan mayonnaise is an eggless cream which is thick and often used as condiments. Vegan mayonnaise is also known as mayo, generally it consists a stable emulsion of vegetable oil, soy protein, and either lemon juice or vinegar. Nowadays, vegan mayonnaise comes in a variety of flavors, where the mayonnaise is mixed with various herbs and spices. Vegan mayonnaise is produced for those people those who are allergic to eggs or wants to avoid any inclusion of the animal product in mayonnaise. Vegan mayonnaise comes in various colors, but it usually is of pale yellow or cream in color.
Market Drivers and Trends:
The increasing popularity of vegan food products has been observed prominently in the developed countries, supported by the growing health consciousness among the consumers. Obesity in humans usually occurs due to high intake of sugar, fats, and calories, which increases the risk of numerous health conditions such as hypertension, adverse lipid concentrations and type-2 diabetes.
These conditions, in turn, lead to various other complications in human health and can adversely influence the deterioration of health during seizures, heart-related ailments and other body-organ failures. The U.S. has traditionally shown the highest obesity rate in the world with the number of adult and child obesity cases on the rise since the 1980’s. In 2010, 35.7% of all the Americans over the age of 20 were rated obese according to the new health and obesity standards.
With a large number of child obesity cases prevalent in the U.S., these health concerns have become very important in the healthcare segment. At the same time, it had become imperative to adopt healthy food habits and reduce obesity across the nation. This becomes a key reason why people are opting for vegan mayonnaise which contains almost 20 – 22% lesser calories than the traditional mayonnaise which contains eggs.
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Moreover, GCC countries are gradually shifting focus on non-oil sectors, which resulted in participation of large population in economic activities. Governments in such countries are investing and opening up to foreign direct investments etc. and promoting industrialization, leading to increase in per capita income of the residing population in countries such as Kingdom of Saudi Arabia and the UAE which is also expected to favor the growth of the vegan mayonnaise market globally.
Market Segmentation:
The vegan mayonnaise market is segmented on the basis of end use, packaging, distribution channel, and region. On the basis of end use, the vegan mayonnaise market is segmented into HoReCa and Household. Among both the segments, the use of vegan mayonnaise is more in the HoReCa segment. On the basis of packaging, the vegan mayonnaise market is segmented into glass jars, plastic containers, and pouches.
The growth and size of each of these packaging segments is a function of the region in which they are marketed, the relative pricing and the convenience offered. The growing demand of easy to carry products among the consumers is expected to boost the sales of pouches hence bolstering to drive the vegan mayonnaise market to a significant rate. On the basis of distribution channel, the vegan mayonnaise market is segmented into modern trade, specialty stores, convenience store, online stores and other retail stores.
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Market Regional Outlook:
The regional segment for the market of vegan mayonnaise is divided into seven different regions: Western Europe, North America, Eastern Europe, Latin America, APEJ, Middle East & Africa and Japan. North America and Western Europe, being a mature market, is expected to lead in the global vegan mayonnaise market.
While APEJ region is estimated to account the highest CAGR, owing to a larger consumer base, combined with a higher number of retail outlets than any other region. Moreover, North America estimated to closely follow Western Europe in terms of market share but is expected to register lower CAGR than most of the developing regions such as Latin America and APEJ, owing to a mature market and consumer base. The Japan markets are expected to grow significantly over the forecast period but is anticipated to account for a lower growth rate than the APEJ region, owing to a greater number of emerging economies in APEJ.
Market Key Players:
The key player in the vegan mayonnaise market only includes Hampton Creek, Unilever (Hellmann’s), Remia C.V., Dr. Oetker GmbH, Del Monte Foods, Inc, Inc., American Garden, Cremica Food Industries Ltd., Kraft Heinz, Newman’s Own, The Best Foods, Inc. and The C.F. Sauer Company among others.
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