According to predictions, the market percentage for vegan marshmallows will increase from $74.6 million in 2023 to more than US$ 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 meat substitutes made from plants increased by around 1000% in the U.K. in 2017, and by 2020, 62% of people will buy milk made from plants. Such patterns are creating realistic growth prospects for well-known vegan marshmallow producers.
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 8% through 2028
- Premium vegan marshmallows to generate over half of the revenue share by 2020-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
- North America to remain the dominant vegan marshmallows market, surpassing US$ 100 Mn by 2020-end
“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.
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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