Vegan Spreads & Dips Market Research Report - Forecast till 2028

Vegan Spreads & Dips Market Research Report: By Product Type (Hummus, Ranch, Salsa, Guacamole, Nut Butters, Jams & Marmalade, Others), By Flavor (Garlic, Coconut, Paprika, French Onion, Avocado, Others) and By Distribution Channel (Store-Based, Non-Store-Based) – Forecast to 2028

ID: MRFR/F-B & N/8533-HCR | December 2022 | Region: Global | 90 Pages         

Vegan Spreads & Dips Market

The global vegan spreads and dips market size is expected to reach USD 194.6 million by 2028 and grow at an 8.2% CAGR during the forecast period of 2021–2028.

Segmentation

By Product Type Hummus Ranch Salsa Guacamole Nut Butters Other
By Flavor Garlic Coconut Paprika French Onion Avocado Others
By Distribution Channel Store-Based Non-Store-Based

Key Players

  • Kite Hill (US)
  • WayFare Health Foods (US)
  • Good Foods Group LLC (US)
  • Galaxy Nutritional Foods Inc. (US)
  • Sabra Dipping Company LLC (US)
  • Frito-Lay North America Inc (US)
  • The Honest Stand (US)
  • Good Karma Foods (US)
  • Strauss Group (Israel)
  • Wingreen Farms (India)

Drivers

  • A rising prevalence of lactose intolerance
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Vegan Spreads and Dips Market Overview


 Vegan Spreads & Dips Market is projected to be worth USD 194.6 million By 2028, expanding at an 8.2% CAGR from 2021 to 2028. The vegan spreads and dips market trends suggest that there has been a growing importance of a vegetarian diet among the consumers as a result of increased awareness regarding cruelty-free products in developed economies, as a part of the market, including Germany, the U.K., and France, is expected to have a positive impact on market growth during the ongoing forecast period of 2021-2028.


COVID 19 Analysis


The arrival of the COVID-19 pandemic followed by the impact on the feed consumption has directed affected the consumption of meat and livestock products and by-products, such as milk, eggs. This is majorly due to introduced trends by the pandemic like the feed supply shortages as a result of the shutdown of many facilities and completed lockdown in the majority of the important countries.


Moreover, there is an increased degree of scepticism among the target consumers towards the consumption of poultry products due to the scare of the virus (COVID-19) getting transmitted to humans through the consumption of various food items. This has reduced the demand for animal feed in the global market, and hence, the vegan spreads and dips market size is likely to be hampered in the forecast period. 


Due to the outbreak of the novel coronavirus pandemic, “panic-buying” has become more prevalent for grocery and food ingredients. The supermarkets had witnessed a surge in demand for yeast products, both active and inactive. To meet the demand in the initial phase of the pandemic, several sellers have known to cut up the bulk product packaging and sell the demanded products and services in smaller sachets.


The vegan spreads and dips market ensures that the food products remain shelf-stable, extend the product shelf life, have a better taste, and allow consumers to stock up on food products without fear of immediate expiration. During this outbreak of the pandemic, it is a challenging time, and the consumers are often minimizing their time in stores and supermarkets but are also stocking up on food and packaged foods containing food additives as a viable solution. According to the information that has been stated by the IFAC, in addition to contributing to taste, texture, freshness, and the overall appearance of food, food spreads, and dips contribute to product stability and shelf life.


Market Dynamics


Drivers


The vegan spreads and dips market trends suggest that there has been a rising prevalence of lactose intolerance. These prominent factors are responsible for propelling the demand for vegan sauces, dressings, and spreads around the globe. According to the data that has been provided by the ‘Food Intolerance Network’, around 70% of the global population was suffering from lactose intolerance during the historic forecast period that had in 2019. The increasing degree of prevalence of allergies and intolerance among adults as well as children is fueling the demand for vegan sauces, dressings, and spreads at the global level.


Restraints


However, the vegan spreads and dips market value are at stake during the forecast period that will be ending in 2028 owing to the trends that might hamper the market growth. The difference of taste and opinion that is resulting in a major fallout of the consumption patterns of the potential customers is likely to restrain the market from growing. Also, the arrival of the novel coronavirus pandemic has been a major factor that has impacted the purchasing power and disposable income of people which will challenge the market from growing during the period that ends in 2028.


Technology Analysis


The global vegan spreads and dips market consumers have been adopting vegan products owing to increasing awareness regarding the adverse impact caused by the consumption of food products obtained from animals on the environment. Also, the advent of technology has an important role to play in the manufacturing and production processes of the market products and services that are available to the global target audience especially during the ongoing forecast period that will be ending in 2028. Milk, honey, egg, meat, pork, and seafood, as a part of the market, are known to have increased carbon footprints. The global market consumers have been increasing including eco-friendly vegan products in their diet.


Segment Overview


By Product Type


Hummus: This vegan spreads and dips market segment had accounted for the largest market share in 2019 and is further, projected to be the fastest-growing segment during the forecast period ending in 2028. Hummus producers and manufacturers are expanding their product lines by launching products like organic hummus, which is expected to create lucrative opportunities for the vendors active in the country-level markets.



  • Ranch

  • Salsa

  • Guacamole

  • Nut Butters

  • Jams & Marmalade

  • Others


By Flavor


Garlic: The global vegan spreads and dips market players are likely to be focusing on adding mainstream flavors to the fresh and premium ingredients of dips and spreads.



  • Coconut

  • Paprika

  • French Onion

  • Avocado

  • Spinach

  • Others


By Distribution Channel


The vegan spreads and dips market share has been segmented based on the distribution channel and included:



  • Store-Based: The majority of vegan spreads and dips market products, as a part of the market are sold through store-based retailers. This global segment has been further divided into supermarkets and hypermarkets, and others like speciality stores, and others. The supermarkets and hypermarkets segment dominated the market during the historic forecast period that had ended in 2019.

  • Non-Store-Based


Regional Analysis


Europe had accounted for the largest share of over 40.0% during the historic forecast period that had ended in 2019.


The North American market is expected to register the fastest CAGR of 9.2% that will be ending in 2028. A large number of people in the region including countries like the U.S. and Canada have been adopting a vegan lifestyle on account of the increased prevalence of food allergies and lactose intolerance among the target population. This is further, expected to expand the scope of vegan sauces, dressings, and spreads over the next few years, as a part of the period of 2021-2028.


Competitive Landscape


The vegan spreads and dips market value is increasing because of the following market companies:



  • Follow Your Heart

  • Amy's Kitchen, Inc.

  • Daiya Foods Inc.

  • B&G Foods, Inc.

  • Meridian Foods Limited


Recent Developments



  • Despite the challenges that have been posted by the coronavirus, according to the International Food Additives Council (IFAC), the safety and quality that are related to the global food supply remain strong, and that food additives/antioxidants continues to play a vital role in maintaining the quality of food products at home, and hence, the vegan spreads and dips market share has a futuristic approach during the period that will be ending in 2028.

  • Major manufacturers that are functioning in various regions across the globe as a part of the vegan spreads and dips market share have been leveraging the opportunity by launching new products. For instance, the global market trends suggest that in February 2020, Saclà Italia, an Italian pesto and pasta sauce brand, launched a new line of vegan dressings. The global company had reported having introduced six different flavors of vegan sauces in the U.K. market. Thus, the market share is anticipated to grow at an impactful rate during the forecast period that will be ending in 2028.

  • According to the data published and circulated by the Food Allergy Research & Education (FARE), during the historic forecast period that had in 2019, 32 million Americans suffered from food allergies in the U.S. This study had further revealed that the majority of food allergies come from eggs, fish, and shellfish. As a result, there has been an increased prevalence of food allergies is expected to expand the scope of vegan sauces, dressings, and spreads over the next few years, as a part of the ongoing forecast period that will be ending in 2028.


Report Overview


The vegan spreads and dips market report has been prepared to understand the market patterns of demand and supply that will impact the market share during the forecast period of 2021-2028. The global market report has been prepared to help the market investors and buyers understand the patterns and take decisions accordingly. The report discusses the impact of the pandemic followed by the functioning and expansion based on the performance of the market segments in various global regions. The global vegan spreads and dips market report further help in drawing a competitive graph in the market based on the recent developments that have been undertaken in the period.



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 194.6 million
  CAGR   8.2% (2020-2027)
  Base Year   2020
  Forecast Period   2021-2028
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type, Flavor and Distribution Channel
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Kite Hill (US), WayFare Health Foods (US), Good Foods Group, LLC (US), Galaxy Nutritional Foods, Inc. (US), Sabra Dipping Company, LLC (US), Frito-Lay North America Inc (US), The Honest Stand (US), Good Karma Foods (US), Strauss Group (Israel), Wingreen Farms (India)
  Key Market Opportunities   increasing number of health issues due to unhealthy lifestyles is contributing to the adoption of vegan and vegetarian diets.
  Key Market Drivers

  • Increasing adoption of vegan and vegetarian diets.
  • Rising prevalence of lactose intolerance.
  • Launch of innovative products.
  • Effective marketing strategies.
  • Growth of the organized retail sector in developing countries.


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    Frequently Asked Questions (FAQ) :

    Global Vegan Spreads and Dips Market is expected to record a substantial market valuation of USD 194.6 million by 2028.

    Global Vegan Spreads and Dips Market is projected to register a moderate 8.2% CAGR in the forecast period.

    The hummus segment is expected to observe substantial demand over the review period.

    A few emminent market players operating in the global vegan spreads and dips market are Kite Hill (US), WayFare Health Foods (US), Good Foods Group, LLC (US), among others.