The global vegan sauces market is predicted to be worth $285 million and increase at a 6.7% CAGR to $545 million by 2033. Food allergies are on the rise everywhere, and people are becoming more interested in veganism because of its health advantages and worries about animal welfare.
The market for vegan sauces is currently valued at US$ 285 million, and it is projected to grow to US$ 545 million by 2033 at a compound annual growth rate (CAGR) of 6.7% between 2022 and 2032.
The global incidence of food allergies is expected to fuel a substantial expansion of the vegan sauce market throughout the forecast period.
Nowadays, a lot of films and documentaries are available on the internet that talk about adopting a vegan diet to save animals. Excessive positive health effects with few negative effects can be the reverse feature.
In a recent study by Future Market Insights, the global vegan sauces market is forecasted to witness remarkable growth, soaring from its current valuation of $285 million to a projected $545 million by 2033, registering an impressive compound annual growth rate (CAGR) of 6.7% between 2022 and 2032.
Key Points:
- Rising Demand and Health Consciousness: The surge in food allergies worldwide and the growing interest in veganism, driven by health benefits and animal welfare concerns, are key factors fueling the expansion of the vegan sauces market.
- Post-Pandemic Shifts: In the post-pandemic era, consumers are adopting a preventive approach, contributing to increased consumption of vegan sauces. Notable varieties in demand include vodka sauce, mayonnaise, alfredo sauce, pesto, and Worcestershire sauce.
- Online Channels Driving Growth: The popularity of online distribution channels is playing a pivotal role in propagating vegan sauces. Offers, variety, and add-on benefits such as cash-back offers and coupons are contributing to the growth of online platforms.
- Regional Dynamics: North America leads the market, with the majority of the populace turning vegan. Europe follows, with countries like Spain, France, the UK, Germany, and Italy showing significant market share. The Asia-Pacific region is poised for growth, especially in the consumption of non-tomato-based vegan sauces.
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The post-pandemic era is witnessing a greater consumption to vegan sauces as the end-consumers are preferring to bee preventive in place of curative. Vegan sauces in greater demand include vodka sauce, mayonnaise, alfredo sauce, pesto, and Worcestershire sauce. They are known for adding moisture, flavor, and visual appeal to a dish. Besides, dependence on packaged and premade sauces is increasing.
Online distribution channels are playing a vital role in propagating vegan sauces. Many offers are running on these channels regarding vegan sauces; like a different variety of vegan sauces is offered as a complementary product to the sauces asked for. The other add-on benefits include cash-back offers, and coupons.
Future Market Insights has etched these findings with insights in its latest market study entitled ‘Vegan Sauces industry’. It has its team of analysts and consultants deploying an eagle’s eye-view along macros and micros.
“The ongoing trend of veganism is driving the vegan sauces industry and the scenario is expected to remain unchanged in the forecast period”, says an analyst from Future Market Insights.
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Key Takeaways:
- Market Valuation: The vegan sauces market is projected to reach $545 million by 2033, with a robust CAGR of 6.7%.
- Consumer Shift: Increasing health consciousness and a surge in food allergies are driving consumers towards plant-based alternatives, contributing to the growth of the global vegan sauces industry.
- Regional Dominance: North America and Europe are key players in the market, with North America holding the largest market share due to a rising vegan population and increased prevalence of food allergies.
- Competitive Landscape: Leading companies such as Sir Kensington’s, Heinz, Primal Kitchen, The Honest Stand, Follow Your Heart, Daiya Foods Inc., and others are contributing to the competitive vegan sauces landscape.
Competitive Sauces
- Sir Kensington’s is known for creating ketchup made out of organic vinegar, sun-ripened tomatoes, and organic sugar.
- Heinz, which was known for conventional ketchup, did come up with ketchup’s vegan version in the year 2018. Nevertheless, it did market it as a more sustainable and a healthier alternative to the conventional one.
- Primal Kitchen (known for vegan sauces and condiments) has entered into partnership with Whole Foods and Amazon for increasing its products’ availability in more number of locations.
- The Honest Stand does source ingredients from organic and sustainable farms and makes use of eco-friendly packaging.
- Follow Your Heart, in October 2021, did launch Dairy-free Bleu Cheese Crumbles after successful ‘Dairy-Free Feta Crumbles’ (launched in 2020). This product has been advertised to be good for crostini, salads, or even on sprinkling over pizza.
- Daiya Foods Inc., in July 2021, tabled an e-Commerce site for direct access to the plant-based food line. The player is amongst the well-known dairy-free cheese manufacturers in Canada and the US.
- Michelin chefs Eoin Lennon and Gavin Cassidy, in March 2020, started ‘Porter & Nash’ with initial investment of EUR 55,000. It offers a fat-free, gluten-free sauce called kombu seaweed-based vegan sauce.
What does the Report enclose?
- The research study is based on product type (tomato-based, mustard-based, BBQ, hot sauces, and likewise), and by distribution channel (supermarkets, health food stores, online retailers, and likewise).
- With rising demand for plant-based alternatives, the global vegan sauces industry is likely to grow on an astonishing note going forward.
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Key Segments
By Product Type:
- Tomato-based
- Mustard-based
- BBQ
- Hot sauces
- Others
By Distribution Channel:
- Supermarkets
- Health food stores
- Online retailers
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
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. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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