The Global Vegan Marshmallows Market is increasing with unprecedented demand for vegan confectionery items, the trend of veganism, and the culture of gelatin-free food products. The market size was USD 74.6 million in 2022 and is projected to go forward towards USD 89.2 million in 2025. The market, during the forecast period of 2025 to 2035, will change with a 9.8% CAGR and will be a calculated size of USD 227.3 million in 2035..8% in the middle of 2023 to 2033 as a result of rising concerns about animal welfare.
The food and drinks sector also is going through the wave of vegetarian food intake, and thus to match up with the demand order, the food industry has embraced by utilizing plant-based gel sources like agar-agar, pectin, and carrageenan to allegedly create marshmallows. Not just is the gelatin substitute being substituted, but other components also are contributing to providing the texture, stability, and nutrition fortification.
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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.
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.
Leading Brands
- Freedom Confectionery
- Chicago Vegan Foods
- Mr. Mallo Group
- The Naked Marshmallow Co.
- Ananda Foods Ltd.
- The Marshmallowist
- Dandies Vegan Marshmallows
- Trader Joe's
- Funky Mello
- Plant Kitchen by M&S
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