Market Overview
Spices and condiments are a significant part of human history and diet and have played an important role in the growth of the majority of cultures around the world. According to the Codex Alimentarius, salts, spices, soups, sauces, salads, and protein products include substances added to foods that improve flavor and taste. The benefits of antioxidants, antibiotics, antiviruses, anticoagulants, and anti-carcinogenic and anti-inflammatory agents have been identified.
The growing importance of a vegetarian diet among consumers due to increased awareness regarding cruelty-free products in developed economies, including Germany, the U.K., and France, is expected to impact market growth positively. Further, the increasing prevalence of allergies and intolerance among adults and children fuels the demand for vegan sauces, dressings, and spreads at the global level.
The global vegan sauces, dressings & spreads market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 8.3% during the forecast period (2022-2029).
Market Dynamics: Growing vegan sauces and dressings & spreads market with rising awareness about vegan food
Market growth is anticipated to be positively impacted by consumers’ increasing emphasis on a vegetarian diet due to growing consumer awareness of cruelty-free goods in developed nations like Germany, the United Kingdom, and France. Due to growing public awareness of the damaging effects that eating food derived from animals has on the environment, more consumers are choosing vegan products. The carbon footprints of milk, honey, eggs, meat, pigs, and shellfish are known to be higher. Eco-friendly vegan products are becoming more and more popular among consumers. According to the data published by the Food Allergy Research & Education (FARE) organization, in 2019, 32 million Americans suffered from food allergies in the U.S. This study revealed that most food allergies come from eggs, fish, and shellfish. As a result, over the coming years, it is anticipated that the range of vegan sauces, dressings, and spreads will increase due to the rising prevalence of food allergies.
Moreover, the rising prevalence of lactose intolerance also propels the demand for vegan sauces and dressings and spreads around the globe. According to the data provided by the ’Food Intolerance Network,’ around 70% of the population suffered from lactose intolerance in 2019. The increasing prevalence of allergies and intolerances among adults and children fuels the demand for vegan sauces, dressings, and spreads at the global level.
However, frequent fluctuations in manufacturing costs owing to various variables are likely to hamper the expansion of the market. Additionally, supply chain disruptions and strict product quality regulations are expected to slow the pace of development and limit market growth during the forecast period. Further, it is anticipated that limitations on the usage of plastic packaging solutions will be a hurdle for the growth of this sector.
Market Segmentation: The vegan sauces segment had the highest share in the global vegan sauces, dressings & spreads market
In 2021, vegan sauces held the greatest market share, close to YY%. It offers vegan fish sauce, pesto, mayonnaise, Alfredo sauce, Worcestershire sauce, and pesto. A major driver of the segment expansion has been the increased use of sauces to offer food flavor, moistness, and aesthetic appeal. The growing reliance on pre-made and packaged sauces by consumers has significantly increased the appeal of sauces. Vegan ideals are upheld in the vegan sauce. It implies that besides not utilizing meat, spicy sauces shouldn’t contain animal by-products, such as eggs, dairy products, honey, or anything else. For instance, on July 27, 2021, Daiya launched an online store for easy access to an entire lineup of plant-based foods. In the United States and Canada, the most reputable brand of dairy-free cheese recently started an online store. They are ecstatic to facilitate consumers’ access to our whole assortment of plant-based goods from wherever and whenever they buy. We want to increase customer access to our distinctive and honorable goods as the demand for plant-based diets grows. Daiya is dedicated to enhancing its e-commerce capabilities with this easy online store in light of the rise in direct-to-consumer platforms over the past year.
Geographical Penetration: North America is the dominating region during the forecast period
From 2022 to 2029, North America is expected to have the largest CAGR at YY% in the global vegan sauces, dressings and spreads market. The rising frequency of food allergies and lactose intolerance in the population has led to a significant increase in the number of people living vegan lifestyles in the U.S. and Canada. Over the following several years, it is anticipated that this will broaden the range of vegan sauces, dressings, and spreads. For instance, the employee-owned company Litehouse will launch its redesigned 12-ounce dips in new, enhanced, bolder flavors on June 3, 2022. Each ranch dip, including Homestyle Ranch, Avocado Ranch, Spinach Parmesan, Southwest Ranch, and Dilly Dip, is made without artificial coloring, flavoring, or preservatives. One of these delicious dips is necessary for each occasion, meal, or snack. They are so functional that you may use them for dipping, spreading, and mixing. Due to their many uses and delicious flavors, these dips will be in high demand.
Europe had the greatest proportion, with a share of almost YY% in 2021. Most nations, including Germany, the U.K., France, Spain, and Italy, are increasingly adopting veganism as a lifestyle, which is to blame. Additionally, it is anticipated that shortly, the range of vegan sauces, dressings, and spreads will increase due to growing awareness of food’s environmental, ethical, and health effects.
Competitive Landscape:
Some key players operating in the vegan sauces, dressings and spreads market are Follow Your Heart, Daiya Foods Inc., Meridian Foods Limited, Amy’s Kitchen, Inc., B&G Foods, Inc., Litehouse, Inc., Red Duck Foods, Inc.Majestic Garlic, Bear Pond Farm and KENSINGTON & SONS. Organizational growth strategies are a priority for many businesses, including product launches, product approvals, and other tactics like patents and events. Acquisitions, partnerships, and collaborations were examples of inorganic growth tactics in the market. The expansion of the businesses and clientele of market participants has been made possible by these actions. With the increasing demand for vegan sauces, dressings, and spreads on the international market, industry players in the vegan sauces, dressings, and spreads sector anticipate profitable growth prospects in the future.
For instance, Following Your Heart, a cutting-edge plant-based company, launched Dairy-Free Feta Crumbles Cheese Alternative on June 29, 2020, transforming the market for dairy-free cheese. This product was the first crumbled feta cheese alternative to reach retail shelves. This item is vegan, non-GMO, and allergen-free, made from coconut oil. The product is free of casein, lactose, dairy, soy, gluten, and preservatives. It is now sold in Southern California at Albertson’s and Vons stores and is available nationwide at Sprouts stores. It has a four-month shelf life. In every region of the country, new retailers will add. The flavor of this ground-breaking cheese alternative is as creamy and tangy as the real thing, and it goes well in salads and classic Greek recipes like spanakopita.
On March 18, 2022, Plant Junkie, a division of BetterBody Foods, announced that its new avocado-based Blue Cheese and Caesar dressings are available on Amazon. Both products are made with plant-based ingredients and are dairy-free, gluten-free, and non-GMO. They contain no eggs, canola, or soy.
COVID-19 Impact: Positive impact on the global vegan sauces, dressings & spreads market
COVID-19 has different effects in different countries, depending on cultural norms, mitigation measures, and health infrastructure. The COVID-19 pandemic has changed global market dynamics in manufacturing, supply chains, and financial markets. According to statistics released by the Plant-Based Foods Association and SPINS, the top source of wellness-focused data, retail sales of plant-based foods in the United States have significantly outperformed overall food sales during the continuing COVID-19 epidemic and market analytics. Sales of plant-based foods increased by 90% over the previous year over the 16 weeks that ended on April 19, 2020, showing that demand for plant-based foods is still rising.
The global vegan sauces, dressings & spreads market report would provide access to approximately 61 market data tables, 55 figures and 170 pages