June 25, 2024

Mayonnaise Market is Projected to driven by demand for healthy and convenient condiments

Mayonnaise is one of the most widely consumed sauces globally and finds applications across culinary uses and home cooking. As a creamy, thick and emulsified blend of oil, eggs and vinegar or lemon juice, mayonnaise adds flavor, moisture and richness to sandwiches, burgers, salads and more. The popularity of on-the-go eating habits and preference for homemade meals at home during the pandemic have boosted demand for convenient condiments like mayonnaise. Moreover, rising health consciousness and clean label trends have pushed players to offer low-calorie and non-GMO varieties. Popular brands provide many flavor innovations to suit evolving tastes.

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 key trends:

One of the major trends driving growth in the mayonnaise market is the move towards healthy and organic options. With increasing health awareness, consumers are seeking low-sugar, low-sodium and non-GMO varieties of mayonnaise and food spreads. Leading brands have responded by introducing products containing minimal ingredients, no artificial preservatives and colors along with olive oil-based and avocado oil-based mayonnaise spreads seen to be more nutritious. Moreover, plant-based mayonnaise made with ingredients like tofu and aquafaba is gaining traction in the vegan segment. Innovation in flavors also remains key to attract newer consumers. Products infused with herbs, spices and different types of vegetable or fruit purees are witnessing higher sales. With e-commerce growth, small manufacturers offering specialized and artisanal varieties have an opportunity to expand consumer outreach globally.

Porter’s Analysis

  • Threat of new entrants: The mayonnaise market requires high initial investments and R&D costs which acts as a barrier for new entrants. Established brands have strong brand loyalty which further increases entry barriers.
  • Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of several established brands. However, differentiated products provide less negotiating power to buyers.
  • Bargaining power of suppliers: Key ingredients suppliers like edible oils and eggs providers have less bargaining power due to availability of alternatives and less involvement in branding.
  • Threat of new substitutes: Products like salad dressings, ketchup and tomato sauce pose minimal threat as substitutes due to consumer brand loyalty and uniqueness in taste of mayonnaise.
  • Competitive rivalry: The global market is moderately competitive with the presence of large international brands and private label brands. Companies compete based on new product innovations, flavors, and quality.

Key Takeaways

The global mayonnaise market is expected to witness high growth over the forecast period of 2023 to 2030. 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.

Regional analysis comprising North America dominates the global mayonnaise market followed by Europe. Availability of variety of products catering diverse demand drives the North America market.

Key players operating in the mayonnaise market are jinomoto 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. Leading companies focus on new product launches catering contemporary demand for organic, non-GMO and healthier options to strengthen market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it