The vegan food industry has witnessed spectacular gains in the past few years, owing to increasing realization amongst consumers about the perceived ill-effects on human health as a result of excessive animal based food products. The popularity of plant-based confectionery is an interesting trend in this regard. Bouyed by these factors, Future Market Insights (FMI), in its recently published study, opines that global vegan marshmallows market will grow at over 8% through 2028.
The Vegan Society estimates that demand for plant-based meat alternatives surged by nearly 1000% across the U.K in 2017, while 62% of the population purchased plant-based milk in 2020. Such trends are generating credible expansion possibilities for prominent vegan marshmallow manufacturers.
The surging demand is also attributed to increasing preference for clean label and GMO free foodstuffs. High preference for halal and kosher food items is prompting confectionery giants to offer vegan alternatives.
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Key Takeaways
- Global vegan marshmallows market to exhibit value CAGR exceeding 8% through 2028
- Premium vegan marshmallows to generate over half of the revenue share by 2020-end
- Vanilla and peppermint top-selling flavors
- Health & wellness stores to register remarkable growth, expanding at a staggering 10.4% CAGR across the forecast period
- North America to remain the dominant vegan marshmallows market, surpassing US$ 100 Mn by 2020-end
“Increasing demand for clean-label certifications, including halal and kosher, across prominent regions is motivating vegan food manufacturers to introduce plant-based marshmallows with unique flavor combinations, positively driving market growth,” says the FMI analyst.
COVID-19 Impact Analysis
The novel coronavirus pandemic has ushered in a sea change in consumers’ dietary preferences, with sales of plant-based and vegan foodstuffs spiking across all continents. Growing apprehensions about possible infection contraction through zoonotic channels have compelled consumers to abandon meat consumption and choosing safer alternatives.
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This precautionary behavior has also penetrated the marshmallows market, with prominent manufacturers augmenting production of different flavored vegan marshmallows. According to a Veganuary survey, 32% of participants revealed that they were consuming more vegan foods across the UK, US, Latin America and Germany since the pandemic’s outbreak.
Hence, the prospects for vegan marshmallows has been broadening since the past several months. The market is expected to further aggrandize in the upcoming forecast period, with consumers expected to rely largely on clean-label and naturally derived foods way after the pandemic has subsided.
Competitive Landscape
The global vegan marshmallows market is characterized by the presence of various prominent vegan product manufacturers who are effectively leveraging the prevailing clean-label products consumption trends to flood regional markets with innovative flavor combinations.
Some leading players profiled in FMI’s vegan marshmallows market research report include Freedom Confectionery, Chicago Vegan Foods, Mr. Mallo Group, The Naked Marshmallow Co., Ananda Foods Ltd. & The Marshmallowist among others.
More Insights on FMI’s Vegan Marshmallows Report
Future Market Insights, in its new report, offers an unbiased analysis of the global vegan marshmallows, analyzing historical demand from 2014-2019 and forecast statistics for 2020-2028. The study reveals growth projections on the vegan marshmallows on the basis of ingredient (vanilla, pumpkin, peppermint, chocolate & others), distribution channel (hypermarkets/supermarkets, convenience store, drug stores & pharmacies, health & wellness stores, online retailing and other retailers) and pricing (economic & premium) across six prominent regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.