The market share of vegan marshmallows is predicted to grow from US$ 74.6 Million in 2023 to over US$ 172.6 Million by 2033. Growing concerns about animal welfare are also driving demand for vegan marshmallows to register a CAGR of 9.8% between 2023.
According to predictions, the market percentage for vegan marshmallows will increase from US$74.6 million in 2023 to more than US$ 172.6 million by 2033. Because there are more vegans in the world than ever before, vegan marshmallows are becoming more popular. Vegan marshmallow consumption is expected to grow at a CAGR of 9.8% between 2023 and 2033 as a result of rising concerns about animal welfare.
According to the Vegan Society, demand for plant-based meat substitutes surged by about 1000% in the United Kingdom in 2017, and by 2020, 62% of people will buy plant-based milk. Such trends are offering genuine growth opportunities for well-known vegan marshmallow manufacturers.
As customers prefer plant-based and cruelty-free confectionary options, the Vegan Marshmallows market is expanding rapidly. With advances in vegan-friendly ingredients, these marshmallows have the same fluffy texture and exquisite taste as gelatin-free marshmallows. The growing popularity of vegan diets and increased awareness of animal welfare are driving market growth.
The rising demand might also be related to a growing preference for clean label and GMO-free goods. Confectionery businesses are offering vegan options due to the high demand for halal and kosher culinary items.
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Key Takeaways
“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 Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
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.
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.
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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
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Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market.
Feb 08, 2024
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