In 2023, demand for vegan marshmallows are expected to have a net market share worth of $74.6 Mn, but by 2033, it is predicted to rise to over US$ 172.6 Mn. The growing vegan population around the world is driving demand for vegan marshmallows to grow by 9.8% between 2023 and 2033. Concerns about animal welfare will also contribute to a rise in demand for vegan marshmallows.
As a response to the growing demand for clean-label certifications across prominent regions, plant-based marshmallow manufacturers are introducing vegan marshmallows with unique flavour combinations. In the coming years, the global vegan marshmallow market is expected to grow due to the rising consumption of vegan food products.
The growth of the vegan marshmallow market worldwide is attributed to the fact that marshmallows are vegan and can serve as excellent substitutes for milk-based desserts. As environmental concerns over meat consumption gain prominence, consumers are increasingly turning to flexitarian diets.
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Key Takeaways from the Vegan Marshmallows Market Study
- Global vegan marshmallows market to grow at a CAGR of 9.8%.8% between 2023 and 2033
- Peppermint and vanilla are the most popular flavors
- North America remains the dominant vegan marshmallows market.
- A market size of US$ 6 million is expected for vegan marshmallows in the United Kingdom in 2023, exceeding its market share by 11.4%.
Competitive Landscape for the Vegan Marshmallows Market
In response to the growing demand for clean-label certifications across prominent regions, leading vegan product manufacturers are flooding regional markets with innovative flavors, driving the global vegan marshmallows market.
Plant-based marshmallow manufacturers are introducing vegan marshmallows with creative flavour combinations in response to the increasing demand for clean-label certifications across prominent regions. Due to the rising consumption of vegan food products, the global vegan marshmallow market is expected to grow in the coming years.
Freedom Confectionery, Chicago Vegan Foods, Mr. Mallo Group, The Naked Marshmallow Co., Ananda Foods Ltd., and The Marshmallowist the market is growing and establishing a strong global presence.
Recent Developments in the Vegan Marshmallows Market
- In April 2020, Media Sauce Ltd.’s vegan marshmallow specialist Freedom Confectionery will launch the first-to-market concept, vegan marshmallow bars dipped in vegan chocolate.
- In February 2020, PEEPS, a brand name for “Just Born, Inc.” introduced flavored candies made with marshmallows in a collaboration with Kellogg’s, a U.S. company.
- In September 2020, Freedom Confectionery introduced the vegan marshmallow bar Mallow Out, which is coated in vegan chocolate. A twin-pack format featuring vanilla and strawberry mallows is also on the way. Pusheen the Cat has teamed up with the company to manufacture chocolate-coated gummies.
- Mallo Group was able to increase revenue and growth by expanding its product portfolio to include sugar-free, vegan, bio, Kosher, and Halal products through its acquisition of Belgian confectionery giant Mellow Party in 2017.
- In February 2016, a variety of sour marshmallow clouds were introduced by Bonds confectionery including strawberry, lemon, cherry cola, and more.
- The U.S. version of Stuffed Puffs LLC’s chocolate-stuffed marshmallow launched in April 2020.
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Vegan Marshmallows Market Segmentation by Category
By Ingredient:
- Vanilla
- Pumpkin
- Peppermint
- Chocolate
- Others
By Distribution Channel:
- Hypermarkets/Supermarkets
- Convenience Store
- Drug Stores & Pharmacies
- Health & Wellness Stores
- Online Retailing
- Other Retailers
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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