The global vegan sauces market is valued at $285 million and estimated to reach $545 million by 2033, growing at a 6.7% CAGR. Food allergies are on the rise everywhere, and people are becoming more interested in veganism because of its health advantages and worries about animal welfare.
The market for vegan sauces is now estimated to be worth US$ 285 million, and between 2022 and 2032, it is expected to increase at a compound annual growth rate (CAGR) of 6.7% to reach US$ 545 million by 2033.
Over the course of the forecast period, the prevalence of food allergies worldwide is anticipated to drive a significant rise of the vegan sauce market.
These days, there are a number of documentaries and movies on the internet that discuss going vegan in order to preserve animals. The opposite characteristic could be excessively beneficial health impacts with minimal detrimental repercussions.
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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.
Key Takeaways from Vegan Sauces Market
- North America holds the largest market share due to majority of the populace turning vegan since the last few years. Food Allergy Canada says that nearly 3 Million people based out of Canada are reported to have atleast one food allergy (mostly from eggs). As such, there is an increasing demand for vegan eggs. This factor is expected to take the vegan sauces industry by storm in the upcoming period.
- Europe holds the second-largest market share with economies like Spain, France, the UK, Germany, and Italy leading from the front. This could be attributed to allergies resulting out of consumption of meat, egg, honey, milk, and likewise.
- The Asia-Pacific is expected to grow on a good note in the vegan sauces industry going forward with rising consumption of other vegan sauces (apart from tomato-based) all through.
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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