Mayonnaise is a thick creamy emulsion of egg yolk, oil, vinegar, lemon juice and seasonings. It is used both as the base for other sauces, such as thousand-island salad dressing and tartar sauce, as well as in the preparation of snacks, such as sandwiches, burgers, salads, dips and cupcakes. Over the years, the growing popularity of salads and fast-food products has resulted in an increased consumption of mayonnaise across the globe. A new research report by IMARC Group, titled “Mayonnaise Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the global mayonnaise market was worth US$ 10.3 Billion in 2018. The report further anticipates the market to reach a value of US$ 13.2 Billion by 2024, at a projected CAGR of 4.1% over the forecast period.
Global Mayonnaise Market Drivers/Constraints:
- Due to the hectic schedules and busy lifestyles of the working population, there has been a shift towards convenience foods which has fuelled the demand for mayonnaise, in turn, impelling the market growth.
- The manufacturers are introducing eggless variants of mayonnaise with different flavours so as to expand their consumer-base. This has resulted in a rise in the consumption of mayonnaise, particularly in the countries with high vegetarian population.
- The high oil content in mayonnaise can result in obesity and various other health issues. This has restrained the sale of mayonnaise products, thereby declining the global mayonnaise market.
Product Type Insights:
Based on type, the market has been segmented into flavoured and unflavoured mayonnaise. Currently, unflavoured mayonnaise is the most popular product type, accounting for the majority of the market share.
On the basis of end-use, the market has been segregated into institutional and retail sectors. Amongst these, the institutional sector dominates the market, holding around three-fourths of the market share.
Distribution Channel Insights:
On the basis of distribution channel, supermarkets and hypermarkets represent the largest segment as they offer convenience to the consumers by providing a large variety of products and brands in one place. Supermarkets and hypermarkets are followed by convenience stores, online retailers and speciality stores.
Region-wise, North America accounts for the majority of the total market share on account of the growing popularity of Mexican and Latin American foods coupled with the rising demand for heathier varieties of mayonnaise in the region. North America is followed by Europe and Asia Pacific. Other major regions include the Middle East and Africa, and Latin America.
The global mayonnaise market is concentrated in nature with only few players sharing the majority of the market share. Some of the leading players operating in the market are:
- Nestlé SA
- Kraft Heinz
- Unilever PLC
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