The global vegan marshmallows market is slated to expand at a remarkable CAGR of 8% throughout 2020-2028. Expansion is majorly underpinned by increased consciousness in relation to reducing environmental footprint and maintaining environmental sustainability throughout the forecast period. The COVID-19 outbreak had a positive impact on the market as consumers are increasingly moving towards plant based alternatives.
The vegan food industry has witnessed spectacular gains in the past few years, owing to increasing realization amongst consumers about the perceived ill-effects on human health as a result of excessive animal based food products. The popularity of plant-based confectionery is an interesting trend in this regard. Bouyed by these factors, Future Market Insights (FMI), in its recently published study, opines that global vegan marshmallows market will grow at over 8% through 2028.
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“Escalating demand for clean-label certifications, incorporating kosher and halal, across key regions is encouraging vegan food players to launch unique flavor combinations of plant-based marshmallows, thus positively fueling market growth.” states the FMI analyst.
Vegan Marshmallows Market – Important Highlights
- North America is anticipated to record a CAGR of more than 8% during the forecast period 2020-2030.
- Premium vegan marshmallows & associated products will lead the pricing category over the assessment period.
- Vanilla marshmallows are anticipated to gain traction owing to extensive use as flavouring.
Vegan Marshmallows Market – Drivers
- Compelling remedy against several infectious and chronic ailments to boost consumption of vegan marshmallows.
- Mounting concerns over animal welfare is likely to positively impact the market growth.
- Increasing shift towards flexitarian diets to boost market expansion.
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Vegan Marshmallows Market – Restraints
- Absence of a robust manufacturing strategy to clearly define ingredients for a vegan or vegetarian claim is attracting strict regulations and hindering market sales.
- High cost associated with the vegan marshmallows can limit sales in the market.
COVID-19 Impact on Vegan Marshmallows Market
Consumers are exercising precautions and making required dietary changes such as shifting away from animal based food products for plant based on the onset of COVID-19 pandemic. In this way, such prevailing trends generated growth prospects and a notable rise in demand for the vegan marshmallow market in recent months.
Leading companies operating in the global Vegan Marshmallows market include Supreme Industries Limited, DS Smith Plc, Schoeller Allibert Services B.V., TranPak, Inc., Rehrig Pacific Company, Inc., Ravensbourn Plastics Ltd, IPL Plastics Inc., Zhejiang Zhengji Plastic Industry Co. Ltd., Craemer UK Ltd, Palcon LLC and Myers Industries, Inc. The global market is extremely competitive. With the aim of sustaining their positions, the market players are emphasizing on enhancing the qualities of their products.
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Table of Content
- Table of Content
- Global Vegan Marshmallows Market – Executive Summary
- Global Vegan Marshmallows Market- Overview
3.2. Global Vegan Marshmallows Market Size (US$ Mn & Volume (MT)) and Forecast, 2014-2028
3.3. Market Background and Associated Industry Assessment
3.4. Global Vegan Marshmallows Market Dynamics
3.5. Consumer Sentiment Analysis
3.6. Value Chain Analysis
3.7. Pricing Analysis
- Global Vegan Marshmallows Market Analysis and Forecast 2014-2028
4.1. Global Vegan Marshmallows Market Size and Forecast By, Pricing, 2014-2028
4.2. Global Vegan Marshmallows Market Size and Forecast By Flavor, 2014-2028
4.3. Global Vegan Marshmallows Market Size and Forecast By Distribution Channel, 2014-2028
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