Mayo Wars: Competitive Landscape of the Mayonnaise Market
Mayonnaise is an oil-and-vinegar-based cold emulsion sauce or dressing and is commonly used for sandwiches and in salads. It adds flavor and moisture to food preparations along with enhancing the taste. Mayonnaise comes in different flavors and varieties like herb, garlic, spicy, low fat, olive oil-based, etc. allowing customers to choose as per their taste and diet preferences.
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 Opportunity:
The growing health-conscious consumer base offers significant growth opportunities for mayonnaise market players. With rising obesity and lifestyle-related diseases, consumers are increasingly focusing on healthier food options that are low in calories, fat, and sodium. This has boosted the demand for mayonnaise alternatives like vegan, gluten-free, low-fat, and olive oil-based varieties. Manufacturers are responding to this demand by launching new and innovative products catering to the needs of health-conscious consumers. For instance, products containing extra virgin olive oil instead of regular vegetable oils provide a nutritious option. Similarly, plant-based mayonnaise made from ingredients like tofu offer a vegan-friendly alternative. The companies positioning their products as healthier versions can attract more customers in the coming years.
Porter's Analysis
Threat of new entrants: The mayonnaise market has high entry barriers for new players due to established brand loyalty and distribution networks of existing key players. Also, high R&D and marketing costs are involved.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products like ketchup, salad dressings, etc. However, the dominance of private label brands increases their power.
Bargaining power of suppliers: Suppliers of major raw materials like edible oils and eggs have moderate power due to the availability of substitute ingredients.
Threat of new substitutes: Products like salad dressings, sauces act as substitutes but are not as versatile as mayonnaise. However, the demand for health-conscious products is a threat.
Competitive rivalry: The market is moderately competitive with the dominance of giant players. Frequent new product launches, promotional activities have increased competition.
SWOT Analysis
Strengths: Established brand image, versatile usage, product innovation, distribution network of key players.
Weaknesses: High input and operational costs, vulnerability to commodity price fluctuations, threat from substitutes.
Opportunities: Growing online retail, expansion in developing regions, increasing demand for organic, clean-label products.Threats: Stringent food regulations, changing consumer preferences towards healthy options, economic slowdowns.
Key Takeaways
The global mayonnaise market is expected to witness high growth during the forecast period. 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.
The Asia Pacific region dominates the global market owing to the high consumption in countries like China, India. The Asia Pacific region holds the dominant share in the global market and is expected to grow at the fastest CAGR during the forecast period. Growing population, rising disposable incomes, increasing Western influence on food habits have boosted the market in the region.
Key players related content comprises- Key players operating in the Mayonnaise market are jinomoto 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. Kewpie Corporation accounts for the largest share in the Japanese market.
Comments
0 comment