It is expected that by 2033, vegan marshmallow sales will have increased from $74.6 million to over $172.6 million. Because there are more vegans in the world than ever before, vegan marshmallows are becoming more popular. Vegan marshmallow demand is expected to grow at a CAGR of 9.8% in the middle of 2023 to 2033 as a result of rising concerns about animal welfare.
The Vegan Society estimates that demand for plant-based meat alternatives surged by nearly 1000% across the U.K in 2017, while 62% of the population purchased plant-based milk in 2020. Such trends are generating credible expansion possibilities for prominent vegan marshmallow manufacturers.
The surging demand is also attributed to increasing preference for clean label and GMO free foodstuffs. High preference for halal and kosher food items is prompting confectionery giants to offer vegan alternatives.
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Key Takeaways
Global vegan marshmallows market to exhibit value CAGR exceeding 9.8% through 2033
Premium vegan marshmallows to generate over half of the revenue share by 2023-end
Vanilla and peppermint top-selling flavors
Health & wellness stores to register remarkable growth, expanding at a staggering 10.4% CAGR across the forecast period
United States will exceed its market share by 26.5% in 2023 with a market value of US$ 18 Mn
“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.
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More Insights on FMI’s Vegan Marshmallows Report
Ingredient
Vanilla
Pumpkin
Peppermint
Chocolate
Others
Distribution Channel
Hypermarkets/Supermarkets
Convenience Store
Drug Stores & Pharmacies
Health & Wellness Stores
Online Retailing
Other Retailers
Pricing
Economic
Premium
Region
North America (U.S & Canada)
Latin America (Brazil, Mexico, Argentina & Rest of Latin America)
Europe (EU-4, U.K, BENELUX, Russia, Poland & Rest of Europe)
APEJ (China, India, ASEAN, Australia & New Zealand, South Korea & Rest of APEJ)
Japan
Middle East & Africa (GCC, South Africa & Rest of MEA)
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This release was published on openPR.