The plant-based condiments market is projected to witness a CAGR of 18.58% during the forecast period to reach a market size of US$1,717.128 million by 2026, increasing from US$520.862 million in 2019. Condiments are complementary to preparing food by adding a layer of flavor to it. These plant-based products are made from soy milk, almond milk, cashew milk, vegetable and leaves, beans, and others, mixed with herbs and spices. They not only add flavor to food but also contains nutritional values.
Plant-based condiments have diverse uses ranging from soups, sandwiches, and salads in different types of cuisine. These varied uses make it a popular product in both households and food services. These condiments are low in fat and gluten-free satisfying fitness enthusiasts. The plant-based condiments minimize the chances of diabetes, hypertension, heart diseases, and gastrointestinal inflammation. Additionally, product launches and extensive investment in R&D are also pushing the market further. Also, an increase in the purchasing power and accessibility of the products on a global scale, are responsible for increasing the demand for the products.
By end-user, the HoReCa segment is expected to hold the largest share of the market as this sector continues to expand and make use of the condiments extensively. Geographically, the North American region is dominating the market due to the presence of a large number of players in the region, food safety norms, easier handling & storage, & environmental sustainability. By product, the paste, puree, and sauces segment holds a significant share due to its application in different cuisines across the globe.
Vegetarianism is a relatively new diet being widely adopted all over the world as health awareness rises. Plant-based condiments are an optimal solution to add flavor to food while keeping calories in check as fitness becomes a major motive along with a reduced risk of diseases. These new dietary trends are inducing growth in the market. Animal-based products are blamed for using antibiotic doses while rearing the animals and the growing concern for animal welfare is diverting consumers to plant-based condiments. The market is thriving with opportunities due to its high potential to reach a wider consumer base with the latest products.
The plant-based condiment products are well-marketed with eye-catching taglines and celebrity endorsements which is the chief propeller of the growth of the market. Rising the commercialization scale and innovation by the market players will further boost the business of plant-based condiments. The novel packaging and labeling of the condiments attract consumers to the market thereby, increasing the product's demand.
The processing and marketing costs of the plant-based products raise the final price of the products which refrains people from purchasing the products regularly. These products are widely used in food services and gastro-cuisines which have a limited consumer base. These factors slow down the growth of the otherwise, highly potential market.
The pandemic has impacted the food industry negatively on both the supply and demand sides. The plant-based condiment market saw a drop in output due to the lack of raw material and manufacturing plants operating at low capacity. Trade also suffered as exports were cut down and imposition of import quotas. However, production began to rise over the past months. On the demand side, the household sector's demand increased as people resorted to home cooking during the lockdowns. The HoReCa segment gradually caught up with the demand as online food delivery systems were allowed to ply in.
The market leaders for the Plant-based Condiments Market are Nestle SA, Kraft Heinz, Unilever PLC, Archer Daniel Midland Companies, General Mills, Daiya Foods Inc, Huy Fong Foods, Danone SA, Amy’s Kitchen, and Eden Foods. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, to gain a competitive advantage over their competitors. For Instance,
|Market size value in 2019||US$520.862 million|
|Market size value in 2026||US$1,717.128 million|
|Growth Rate||CAGR of 18.58% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Source, Product, Application, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Nestle SA, Kraft Heinz, Unilever PLC, Archer Daniel Midland Companies, General Mills, Daiya Foods Inc, Huy Fong Foods, Danone SA, Amy’s Kitchen, Eden Foods|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the plant-based condiments market size by 2026?
A1. The plant-based condiments market is projected to reach a total market size of US$1,717.128 million by 2026.
Q2. What is the size of the global plant-based condiments market?
A2. Plant-Based Condiments Market was valued at US$520.862 million in 2019.
Q3. What are the growth prospects for the plant-based condiments market?
A3. The global plant-based condiments market is projected to witness a CAGR of 18.58% during the forecast period.
Q4. Which region holds the maximum market share of the plant-based condiments market?
A4. Geographically, the North American region is dominating the plant-based condiments market due to the presence of a large number of players in the region, food safety norms, easier handling & storage, & environmental sustainability.
Q5. What factors are anticipated to drive the plant-based condiments market growth?
A5. The plant-based condiment products are well-marketed with eye-catching taglines and celebrity endorsements which is the chief propeller of the growth of the plant-based condiments market.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Plant-based Condiment Market Analysis, By Source
5.2. Plant Milk
5.4. Vegetables and fruit
6. Plant-based Condiment Market Analysis, By Product
6.2. Table Dressings
6.3. Paste, purees, and sauce
7. Plant-based Condiment Market Analysis, By Application
7.3. Toppings and dressings
8. Plant-based Condiment Market Analysis, By End-User
8.2. Household and retail
9. Plant-based Condiment Market Analysis, By Geography
9.2. North America
9.2.1. United States
9.3. South America
9.4.1. United Kingdom
9.5. Middle East and Africa
9.5.1. Saudi Arabia
9.6. Asia Pacific
10. Competitive Intelligence
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.1. Nestle SA
11.2. Kraft Heinz
11.3. Unilever PLC
11.4. Archer Daniel Midland Companies
11.5. General Mills
11.6. Daiya Foods Inc
11.7. Huy Fong Foods
11.8. Danone SA
11.9. Amy’s Kitchen
11.10. Eden Foods
Archer Daniel Midland Companies
Daiya Foods Inc
Huy Fong Foods
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