The global mayonnaise market was worth around US$ 10.3 Billion in 2018. Mayonnaise is a thick and creamy sauce prepared using egg yolks, oil, vinegar or lemon juice, and various seasonings. It is an emulsion which is produced by slowly adding one ingredient to another, and simultaneously stirring the mixture. Nowadays, mayonnaise has emerged as a popular condiment, which is used as a spread for sandwiches or burgers, dips for snacks, and base for tacos or rolls. Apart from this, it is utilized as a base for making other sauces, such as tartar sauce and thousand-island salad dressing. Mayonnaise also offers several health benefits when consumed in moderation, such as lowering cholesterol levels, assisting in nutrient absorption, and improving heart health.
With a significant change in the lifestyles and eating habits, consumers now prefer affordable, convenient and quick meals which require minimal cooking. Owing to this shift in eating habits, along with the versatility and taste of mayonnaise, it is used as a spread for bread, sandwiches and burgers, a dip for snacks and a base for rolls and tacos. It also enhances the taste of raw vegetables due to which it is used in salads as a dressing. However, a significant shift toward vegan diets and increase in health-consciousness among consumers has prompted manufacturers to produce egg-less, vegan, low-fat and organic mayonnaise variants. They have also introduced multiple flavors, including cheese, mint, tangy pickle, chipotle and tandoori, to cater to the diversified tastes and preferences of an extensive consumer base. Other factors contributing significantly to the market growth include growing westernization and acceptance of world cuisines and the proliferation of online retail stores aiding in smooth product distribution across the globe. Looking forward, IMARC Group expects the market value to reach US$ 13.2 Billion by 2024, growing at a CAGR of 4.1% during the period 2019-2024.
Breakup by Type:
Currently, unflavored mayonnaise accounts for the majority of the market share as it is excessively used in the preparation of dishes like salads, pasta and dips.
Breakup by End Use:
Based on the end use, the institutional segment currently dominates the market. This can be accredited to the emergence of fast-food joints, which have increased the demand for mayonnaise across the globe.
Breakup by Distribution Channel:
At present, supermarkets and hypermarkets represent the largest distribution channel as they provide consumers easier access to a wide range of product variants including classic, garlic, diet and green mint mayonnaise.
Amongst these, North America holds the leading position in the market on account of the extreme popularity of fast-food and snacking items, specifically in the United States and Canada, where consumers dine-out on an everyday basis.
The market is concentrated in nature with only a few players sharing the majority of the global market. Some of the leading players operating in the market are:
Key Questions Answered in This Report:
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