Vegan Spreads & Dips Market Research Report - Global Forecast till 2027

Global 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 2027

ID: MRFR/F-B & N/8533-HCR | February 2021 | Region: Global | 90 pages

Market Scenario


Global Vegan Spreads & Dips Market size is projected to reach approximately USD 3.68 Billion by 2026, at an 8.3% CAGR from 2020 to 2026. Plant-based sources are used to prepare vegan spreads & dips, which mainly include vegetables, coconut, almond, soy, cashew, and blends. There are various types of vegan spreads & dips, which include hummus, ranch, salsa, guacamole, nut butters, jams & marmalade, and others. The increasing adoption of vegan and vegetarian diets among the consumers is driving the growth of the global vegan spreads & dips market. Additionally, the growing concern regarding animal welfare, human health, and the environment has led to a rising trend of veganism, which has now become mainstream. The growth in the demand for plant-based foods is also creating an opportunistic market for the players in the vegan spreads & dips market. The global plant-based foods market is estimated to reach USD 34 billion by 2026 and is expected to register a 10.2% CAGR during the forecast period. Increasing product launches by key players are driving the growth of the vegan spreads & dips market. For instance, in April 2019, Kite Hill introduced new flavors of dips, which include French onion and ranch.


Market Synopsis


Global Vegan Spreads & Dips Market has witnessed high growth in recent years. Increasing adoption of vegan products is expected to drive the growth of the global vegan spreads & dips market. The adoption of vegan and vegetarian diets is rapidly increasing among the global population. The increasing number of health issues due to unhealthy lifestyles is contributing to the adoption of vegan and vegetarian diets. Furthermore, the prevalence of social media and the influence of vegan celebrities in recent years has played a major role in influencing people and proved as the main driving force behind the vegan movement. Therefore, the increase in the adoption of vegetarian and vegan diets is expected to drive the growth of the global vegan spreads & dips market. With the increasing demand for vegan for organic products, consumers are preferring organic spreads & dips, which is creating an opportunistic market for the manufacturers of vegan spreads & dips to include organic ingredients in their products and to increase their sales.


Market USP


Rising awareness of organic plant-based foods such as vegan spreads & dips among the consumers is driving the growth of the global market.


Market Drivers



  • Increasing adoption of vegan and vegetarian diets: Consumers are focusing on plant-based foods. An increasing number of consumers are switching to plant-based foods for many reasons, such as protecting animals, preserving the environment, and changing taste preferences. Rising health consciousness among the consumers towards eating healthy habits is driving the growth of the global vegan spreads & dips market.



  • Rising prevalence of lactose intolerance



  • Launch of innovative products



  • Effective marketing strategies



  • Growth of the organized retail sector in developing countries


Market Restraints



  • High prices

  • Poor sensory properties and allergic reactions associated with certain plant proteins


Segmentation


By Product Type



  • Hummus: This segment accounted for the largest market share in 2018 and is projected to be the fastest-growing segment during the forecast period. Hummus is widely consumed as a dip or spread and is available in traditional chickpea hummus, lentil hummus, black bean hummus, and white bean hummus varieties. Hummus manufacturers are expanding their product lines by launching 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: Market players are focusing on adding mainstream flavors to the fresh and premium ingredients of dips and spreads. Garlic has become a common ingredient in home-made cuisines and, thus, has gained popularity as a flavor in vegan spreads & dips. For instance, garlic-flavored hummus is a chickpea hummus with added garlic.



  • Coconut



  • Paprika



  • French Onion



  • Avocado



  • Spinach



  • Others


By Distribution Channel



  • Store-Based: The majority of vegan spreads & dips are sold through store-based retailers. This segment has been further divided into supermarkets & hypermarkets, specialty stores, and others. The supermarkets & hypermarkets segment dominated the market in 2018.



  • Non-Store-Based


By Region



  • North America: North America dominated the vegan spreads & dips market in 2018 due to the increasing number of consumers in the region that are inclined toward organic vegan spreads & dips. The US is one of the key markets for vegan spreads & dips.



  • Europe



  • Asia-Pacific: Asia-Pacific is a new revenue pocket for the vegan spreads & dips market. The presence of a large skincare products market in China, Japan, and South-East Asian countries creates an opportunistic market for the existing players. Increasing awareness among consumers about plant-based foods is driving the growth of the market in the region.



  • Rest of the World


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)



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2026: USD 3.68 Billion
  • 2027: Significant Value
  •   CAGR   8.3% (2020-2027)
      Base Year   2019
      Forecast Period   2020-2027
      Historical Data   2018
      Forecast Units   Value (USD Billion)
      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 3.68 Billion by 2026.

    Global Vegan Spreads and Dips Market is projected to register a moderate 8.3% 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.