According to the new market research report by IMARC Group, The global mayonnaise market size reached US$ 12.3 Billion in 2022. Looking forward, the market expected to reach US$ 15.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.08% during 2023-2028.
Year Considered to Estimate the Market Size:
Base Year of the Analysis: 2022
Historical Period: 2017-2022
Forecast Period: 2023-2028
Mayonnaise is a thick, white condiment prepared by combining oil, egg yolks, lemon juice or vinegar, and other flavoring agents. Amongst these, egg yolks play a vital role in the formulation of mayonnaise as they are natural emulsifiers.
Mayonnaise is formulated by slowly combining these ingredients and then whisking them at a rapid pace. It is most commonly consumed as a spread in sandwiches, tacos, and burgers. Apart from this, it is employed as a base for making various sauces, including tartar sauce and thousand-island salad dressing. Moderate consumption of mayonnaise offers various health benefits, such as lowered cholesterol levels and improved heart health.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The competitive landscape of the market has also been examined, with some of the key players being Nestle SA, Ajinomoto Co, Inc., McCormick & Company, Kraft Heinz Company and Unilever PLC/N.V.
Global Mayonnaise Market Trends/ Drivers and opportunities-
The growth of the global mayonnaise market can be attributed to a significant change in dietary habits and evolving lifestyles of consumers. On account of this shift in dietary practices, there has been an escalation in demand for convenient, cost-effective, and quick meals, which is driving the market growth.
Moreover, the growing adoption of vegan diets among health-conscious consumers has led to the introduction of egg-less, low-fat, and organic variants of mayonnaise across the globe. The introduction of new and exotic flavors in dips and spreads is also catalyzing the market growth further. Other factors, such as an increasing western influence in the developing economies and the growing popularity of international cuisines, are creating a positive outlook for the market.
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Key Market Segmentation;
On the basis of the type, the market has been segmented into unflavored and flavored. Currently, unflavored mayonnaise accounts for the majority of the market share.
Based on the end use, the market has been bifurcated into institutional and retail. At present, the institutional segment dominates the market.
On the basis of the distribution channel, the majority of mayonnaise is distributed through supermarkets and hypermarkets. Other distribution channels include convenience stores, online retailers and specialty stores.
Region-wise, North America (the United States and Canada) exhibits a clear dominance in the market. Other major regions include Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
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