by The global Mayonnaise Market is estimated to be valued at US$ 11.83 Bn 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 Overview:
Mayonnaise is an emulsion of oil, egg yolk, and an acid, either vinegar or lemon juice. It is used as a condiment and salad dressing. Mayonnaise products are versatile and an essential ingredient in flavoring and enriching cuisines and culinary delicacies. They bring creaminess, richness and enhance flavors in salads, sandwiches and meat dishes. The emulsion produced makes mayonnaise smooth and creamy in texture. With growing preference for convenient and nutritious prepared foods, mayonnaise is increasingly being used in packaged foods and meals.
Market key trends:
Consumers are inclined towards healthier mayonnaise products with clean labels and recognizable ingredients. Manufacturers are responding to this trend by launching organic, vegan, non-GMO and gluten-free mayonnaise variants made with wholesome ingredients. Another notable trend is the development of flavored mayonnaise products with different herbs and spices to cater to evolving tastes. Exotic flavors like wasabi, chipotle and sriracha have gained popularity. Also, ready-to-eat convenient foods containing mayonnaise as a key ingredient are witnessing increased demand with expanding snacking and on-the-go lifestyles. This is stimulating innovations in packaging formats for better portability and longer shelf-life.
Porter’s Analysis
Threat of new entrants: Low barriers to entry due to commodity products but established brands have strong brand recognition and supply contracts.
Bargaining power of buyers: Large retail buyers have significant bargaining power over manufacturers due to their size and buying power. Buyers can demand lower prices and turns to private label products.
Bargaining power of suppliers: Commodity ingredients require large-scale purchasing to obtain competitive prices but some key ingredients have substitute options available.
Threat of new substitutes: Potential substitution from other condiments and salad dressings but mayonnaise has strong brand loyalty and taste preferences.
Competitive rivalry: Intense competition between major brands and private labels. Competition occurs on quality, taste, price, distribution and marketing.
Key Takeaways
The global mayonnaise market is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing demand for convenience food products. The convenience food trend is driving growth as mayonnaise is commonly used ingredient in ready-to-eat meals and sandwiches.
Regionally, North America dominates the global mayonnaise market holding around 50% share. United States is the single largest consumer of mayonnaise globally. However, Asia Pacific region is expected to be the fastest growing market led by countries like China, India and other South East Asian nations. Rising westernization of diet and increasing disposable incomes are prompting Asian consumers to utilize mayonnaise in their daily meals.
Key players operating in the mayonnaise market are Nestlé SA, Ajinomoto 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. Major players are focusing on new product launches catering to the changing tastes and tastes. They are also investing in promotion and marketing activities to strengthen their brand recognition.
