Pune, India, July 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Vegan Spreads & Dips Market.
Global Vegan Spreads & Dips Market size is projected to be valued at USD 3.6 Billion by 2026 at an 8.4% CAGR between 2020 and 2026. There has been an increasing number of cases of lactose intolerance among the global population. Lactose intolerant individuals lack the enzyme lactase in their small intestine, which breaks down lactose into simple sugars. Lactose tolerance includes an allergy to dairy products, deficiency of disaccharides, and a lactase deficiency. Undigested or partially digested lactose leads to abdominal bloating, stomach pain, diarrhea, tiredness, sleep disturbances, vomiting, and other health problems. Hence, the presence of lactose intolerance among the global population is forcing people to opt for vegan products that are free from animal and animal by-products. This has led to an increase in demand for vegan spreads & dips among the global population. Thus, the rising prevalence of lactose intolerance is expected to drive the growth of the global vegan spreads & dips market. The key players in the market have been responsive to shifting consumer preferences and are focused on strategic acquisitions, product launches, and partnerships. For instance, in 2019, Good Food Groups LLC launched new plant-based dips, which was selected as an innovation awards finalist at United Fresh. Investments in the market are projected to have a significant impact on the vegan spreads & dips market size during the forecast period.
Rising prevalence of lactose ingredients in vegan spreads & dips.
Growth Opportunities in the Market
Growing Demand for Hummus: In 2019, the hummus segment dominated the global vegan spreads & dips market and is expected to hold its position throughout the study period. Hummus is a Middle Eastern and Mediterranean food dip and spread made from cooked, mashed chickpeas or other beans, blended with tahini, olive oil, lemon juice, salt, and garlic. Hummus manufacturers are expanding their product lines by launching organic hummus, which is expected to create lucrative growth opportunities for the vendors operating in the country-level market.
Non-Store-Based Distribution Channels Gaining Popularity Across the Globe: The non-store-based segment is projected to register the higher growth rate during the forecast period. Manufacturers of vegan spreads & dips are inclined towards non-store-based distribution channels for the sales of their products. Companies are opting for online distribution platforms to extend their consumer reach.
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