Global Vegan Spreads & Dips Market: A rising prevalence of lactose intolerance are expected to augment the market at a healthy CAGR of 8.2% during the forecast period of 2021 to 2028.

Vegan Spreads & Dips Market Research Future Insights:

According to MRFR analysis, the global Vegan Spreads & Dips Market is expected to register a CAGR of 8.2% from 2021 to 2028 and hold a value of over USD 194.6 million by 2028.

The market growth is also supported by growing awareness about the benefits offered by vegan food products. These products are rich in protein, fibers, and antioxidants, and low in saturated fats, hence can be consumed by women sorrow from PCOD and lactose intolerant people. Further, growing product launches by leading players as well as small companies across the globe are anticipated to enhance the market. The COVID-19 pandemic followed by the impact on feed consumption has directly affected the feeding of meat and livestock products and by-products, such as milk, and eggs. This is majorly due to presented trends by the pandemic like the feed supply shortages as a result of the shutdown of many facilities and accomplished lockdown in the majority of the important countries. Moreover, there is an augmented degree of skepticism among the target consumers towards the consumption of poultry products owing to the scare of the virus getting transmitted to humans through the consumption of various food items. This has abridged the demand for animal feed in the global market, and hence, the vegan spreads and dips market size is likely to be hindered in the forecast period. 

Regional Analysis

 Europe accounted for the largest revenue share during the forecast period. This is attributed to the growing adoption of veganism as a lifestyle in the majority of countries, including Germany, the U.K., France, and Italy. Furthermore, increasing awareness about the environmental, ethical, and health impact of diet is expected to expand the scope of different varieties of vegan sauces, dressings, and spreads in the near imminent.

North America is expected second largest market during the forecast period. A large number of people in the U.S. and Canada have been accepting a vegan lifestyle on account of the augmented prevalence of food allergies and lactose intolerance among the population. This is anticipated to expand the scope of vegan sauces, coverings, and spreads over the imminent years

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Market Segmentation

The Global Vegan Spreads & Dips Market has been segmented into Product Type, Flavor, and Distribution Channel

Based on the Product Type, The Global Vegan Spreads & Dips Market has been segmented into Hummus, Ranch, Salsa, Guacamole, Nut Butters, Jams & Marmalade, and Others. The Hummus segment accounted for the largest market share and is further, expected to be the fastest-growing segment during the forecast period. Hummus producers and manufacturers are increasing their product lines by launching products like organic hummus, which is anticipated to create lucrative opportunities for the vendors active in the country-level markets.

Based on the Flavor, The Global Vegan Spreads & Dips Market has been segmented into Coconut, Paprika, Garlic, French Onion, Avocado, Spinach, and Others. The Garlic segment is likely to be focusing on adding mainstream flavors to the renewed and premium ingredients of dips and spreads.

Based on the Distribution Channel, The Global Vegan Spreads & Dips Market has been segmented into Store- Based, and Non-Store-Based. Store-Based a part of the market is sold through store-based retailers. This global segment has been further separated into supermarkets and hypermarkets, and others like specialty stores, and others. The supermarkets and hypermarkets segment dominated the market during the historic estimate period.

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Key Players

Some of the key market players are Kite Hill (US), Frito-Lay North America Inc (US), The Honest Stand (US), Good Karma Foods (US), Strauss Group (Israel), Wingreen Farms (India), WayFare Health Foods (US), Good Foods Group LLC (US), Galaxy Nutritional Foods Inc. (US), and Sabra Dipping Company LLC (US)

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