by The global mayonnaise market is estimated to be valued at US$ 11.83 Billion 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 Overview:
Mayonnaise is an emulsion of egg yolk, vinegar or lemon juice, and oil. It is thick, creamy, and tangy in taste. It is used as a condiment and ingredient in various food preparations like sandwiches, burgers, salads, etc. owing to its versatility and flavor enhancing properties.
Market key trends:
One of the key trends in the mayonnaise market is the launch of plant-based mayonnaise products. With growing demand for vegan and plant-based food products, many companies have introduced plant-based mayonnaise made from ingredients like soy, olive oil, vinegar without using egg yolks. These vegan options are driving the market growth by catering to the needs of health-conscious consumers and people with egg allergies. The plant-based mayonnaise market is expected to witness significant growth over the forecast period.
SWOT Analysis
Strength: Mayonnaise is a condiment that has universal appeal and fits well into many cuisines. It adds flavor and moisture to salads, sandwiches, and other dishes.
Weakness: Due to its high fat and calorie content, mayonnaise can be considered unhealthy if consumed in large quantities. Excessive consumption may lead to weight gain and increased risk of heart disease.
Opportunity: Companies are innovating by introducing new flavors and varieties of mayonnaise to attract health-conscious consumers. Plant-based and organic mayonnaise products are gaining popularity.
Threats: Strict government regulations around food labeling and ingredients could increase production costs. Growth of the market is threatened by the rising popularity of alternative condiments such as hummus, tzatziki, and avocado spreads.
Key Takeaways
The global mayonnaise market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for convenient yet flavoursome condiments and sauces.
Regional analysis
North America dominates the global mayonnaise market currently due to high consumption in the US and Canada. However, Asia Pacific is expected to grow at the fastest pace during the forecast period. Rapid urbanization and rising disposable income in China, India and other developing countries is boosting the sales of packaged foods including mayonnaise in the region.
Key players
Key players operating in the mayonnaise market are Nestlé SA, Ajinomoto 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. Major players are focusing on new product development, mergers, acquisitions, and expansion strategies to strengthen their global footprint.
