Plant-Based Mayonnaise is fastest growing segment fueling the growth of Mayonnaise Market

 

The global Mayonnaise Market is estimated to be valued at US$ 11.83 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Mayonnaise is a thick, creamy dressing made of egg yolks, vinegar, oil, sugar, and seasoning. It adds flavor and moisture to sandwiches, salads, and other dishes. Mayonnaise comes in a variety of flavors and varieties including regular, light, Greek yogurt-based, and plant-based.

Market key trends:
One of the major trends in the mayonnaise market is the rise in demand for plant-based mayonnaise. Consumers are increasingly looking for vegan and vegetarian alternatives to conventional products due to health and environmental concerns. Plant-based mayonnaise are cholesterol-free and contain non-GMO and natural ingredients like coconut oil, soybean or olive oil. The lack of eggs also makes them suitable for people with egg allergies. Several companies have launched innovative plant-based mayonnaise flavors made from ingredients like chickpeas, cauliflower and potatoes to cater to the growing demand.

Segment Analysis
The mayonnaise market is segmented based on nature, type, application and distribution channel. By nature, the conventional segment dominates the market and holds the largest market share due to lower production costs and widespread availability. However, the organic segment is growing at a fast pace due to rising health consciousness among consumers.

By type, the regular mayonnaise segment accounts for major market share owing to its widespread use in households, restaurants and cafes. The flavored mayonnaise segment is growing rapidly due to increasing experimentation with flavors by manufacturers and preference for variety among consumers.

Key Takeaways

The global mayonnaise market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for condiments and sauces among households and food industry.

Regional analysis - North America dominates the global mayonnaise market and is expected to continue its dominance over the forecast period. This is attributed to high consumption of mayonnaise and presence of key players in the region. The Asia Pacific region is expected to grow at the fastest rate due to growing western influences on food habits and rising health awareness.

Key players operating in the mayonnaise market are Nestlé SA, Ajinomoto Co., Inc., McCormick & Company, Inc., Kraft Heinz Company, Unilever, Kewpie Corporation, Sauer Brands, Inc. (Duke's Mayonnaise), Kensinton & Sons, LLC, Spectrum Organic Products, LLC, Woodstock Foods, and others. These players are focusing on new product launches, regional expansion and mergers & acquisitions to gain market share. For instance, McCormick & Company launched avocado oil-based vegan mayonnaise to cater to the growing vegan population.