by Mayonnaise is a thick, creamy spread or dressing commonly used in sandwiches and often served as a condiment or salad dressing. Mayonnaise is cold emulsion of oil, egg yolks, and either vinegar or lemon juice, with seasonings and flavorings. The most commonly used oils are soybean oil, canola oil, or olive oil. Mayonnaise is associated with sandwiches, burgers, salads, and complimenting potato chips and French fries. With increasing health consciousness among consumers, plant-based mayonnaise made from ingredients like olive oil, coconut oil, avocado, and nuts are gaining popularity and representing an opportunity for market growth.
The global mayonnaise market is estimated to be valued at US$ 11.83 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for plant-based products is one of the major drivers propelling the mayonnaise market growth. Plant-based mayonnaise offers similar taste to traditional mayonnaise but is free from eggs, dairy and cholesterol and hence appealing to vegan and health conscious consumers. Additionally, awareness about cholesterol content of conventional mayonnaise made from egg yolks is raising health concerns among consumers. This is creating opportunity for plant-based mayonnaise and spurring innovation in the market. Another driver augmenting the market growth is versatility of mayonnaise as a perfect spread, sauce or dressing for both homemade and ready-to-eat food products. Its tangy and creamy texture enhances the flavor of sandwiches, burgers, salads and appetizers. Mayonnaise manufacturers are catering to evolving taste preferences by coming up with different varieties in terms of flavors, ingredients and formats like squeezable pouches and individual serving packets. This is attracting new customers and fueling the overall market expansion over the forecast period.
Segment Analysis
The mayonnaise market can be segmented into packaged mayonnaise and foodservice mayonnaise. The packaged mayonnaise segment is dominating the market and is expected to continue its dominance over the forecast period. This is because packaged mayonnaise is convenient to use and has a longer shelf life. It is preferred for home use. The foodservice mayonnaise segment is also growing due to the increasing number of quick service restaurants and food chains.
PEST Analysis
- Political: Food labeling regulations are becoming stricter globally which can impact marketing strategies of mayonnaise companies.
- Economic: Higher disposable incomes are driving the demand for premium mayonnaise products.
- Social: People are increasingly preferring healthier condiments which is driving the growth of products with simple ingredients and less fat content.
- Technological: New mixing and packaging technologies are helping manufacturers offer innovative product formats like single-serve pouches with longer shelf life.
Key Takeaways
The global mayonnaise market is expected to witness high growth over the forecast period supported by factors like changing lifestyles, increasing working population, and growing fast food industry. The global mayonnaise market is estimated to be valued at US$ 11.83 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the global market due to high mayonnaise consumption in countries like the US. Asia Pacific is expected to be the fastest growing region attributed to rising incomes, westernization of food habits, and growing quick service restaurant chains in countries like India and China.
Key players: Key players operating in the mayonnaise market are jinomoto Co., Inc., McCormick & Company, Inc., Kraft Heinz Company, Unilever, Kewpie Corporation, Sauer Brands, Inc. (Duke’s Mayonnaise), Kensinton & Sons, LLC, Spectrum Organic Products, LLC, Woodstock Foods, and others. Kraft Heinz Company and Unilever have sizeable market shares due to their well-recognized brand names. McCormick is focusing on product innovation. Regional players are expanding to domestic and international markets through mergers and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
