Vegan Spreads and Dips Market Outlook
The global vegan spreads and dips market size was valued at a global market sum worth USD 194.6 million during the historic forecast period that had ended in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.2% during the ongoing forecast period that will be ending in 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.
The escalated concerns of larger groups regarding concern regarding human health and animal welfare are estimated to further add to the development of the vegan spreads & dips market in the forecast period. The entry of global players in the market is estimated to create opportunities for the expansion of the vegan spreads & dips market share.
Segmental Analysis
The segmental study of the vegan spreads & dips market is carried out based on product type, flavor, distribution channel, and region. The distribution channel segment of the vegan spreads & dips market comprises non-store-based channels and store-based channels. The flavor segment of the vegan spreads & dips market comprises coconut, garlic, paprika, avocado, and french onion. The product type segment of the vegan vitamins market comprises ranch, hummus, salsa, guacamole, jams & marmalade, nut butter, and others. The regions included in the vegan spreads & dips market are North America, Asia Pacific, Europe, and other regions.
Detailed Regional Analysis
The regional examination of the vegan spreads & dips market share is carried out for regions such as North America, Asia Pacific, Europe, and other regions. The North American regional market was assessed as the leader in the global vegan spreads & dips market in 2018 owing to the collective number of customers in the region that are motivated toward the consumption of organic vegan spreads & dips. The US national market is one of the noteworthy markets for vegan spreads & dips. The vegan spreads & dips market in the Asia Pacific is a new income segment for the overall vegan spreads & dips market. The existence of a large market in Japan, China, and South-East Asian countries generates an optimistic market for the current players. The collective awareness among customers about plant-based foods is compelling the growth of the vegan spreads & dips market in the region.
Competitive Analysis
The funding scenario in the market is estimated to be optimistic and conducive to the development of the stakeholders in the market. The scale of innovation being observed in the market is another reason that is adding to the advancement of the global market in the future. The advancement of the market is spurred by the initiatives of the leaders in the global market, who are dedicating resources to the development of the overall market. The detrimental impact on the environment by the business practices is estimated to be a key component in the future growth strategies of the market. The government policies in several regions are very conducive to the development of the market in the upcoming period. The advancement of production technology and processes is estimated to augment the global market. The establishment of clear long-term objectives by market titans is estimated to set the tone for the continuing expansion of the market. The identification of areas for sustainable enhancement in the supply chain is estimated to further fortify the market.
The eminent contenders in the vegan spread & dips market are Good Foods Group, LLC (US), Strauss Group (Israel), Galaxy Nutritional Foods, Inc. (US), Sabra Dipping Company, LLC (US), Kite Hill (US), Frito-Lay North America Inc (US), The Honest Stand (US), WayFare Health Foods (US), Good Karma Foods (US), and Wingreen Farms (India)
Industry Updates:
Feb 2021 So Delicious Dairy Free, a vegan brand has introduced a new lineup of plant-based cheese products, counting spreads, shreds, and slices. So Delicious Shreds and Slices are also offered at grocery stores nationwide in the US, with retailers such as Target, Hy-Vee, Fresh Thyme, Hannaford, Walmart, HEB, Market Basket, and Stop & Shop. The redeveloped Shreds are presented in three styles such as Mexican, cheddar, and mozzarella, and the slices are offered in American and cheddar kinds. The latest addition to the roster such as cream cheese style spreads will be unveiled in retailers countrywide and will be obtainable in chive & onion and creamy original flavors.
Jan 2021 Trader Joe’s, a US-based grocery chain will be starting two new vegan dips this year. The new dips will merge with an existing and growing collection of vegan types of dairy-based products at Trader Joe’s, comprising vegan ranch dip, refrigerated meal vegan mac and cheese, cheddar style slices, and mozzarella style shreds vegan cheeses, non-dairy mint & chip bonbons, and cheese-less cheesecakes.
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