The idea behind vegan sauce is not only to produce a sauce that is free from meat and dairy ingredients but to also ensure absence of ingredients that may cause health problems such as allergies and side effects.
This statement is enough to differentiate between vegan and vegetarian sauces that are often mistook for the same thing. Over the past decade, many variants of vegan and plant based products such as burgers, nuggets, and many more were launched.
These vegan foods tasted and felt similar to the non-vegetarian food items taking the consumers by frenzy. In order to compliment these dishes, vegan sauces were also introduced which at present represent an estimated market size worth over US$ 100 Mn.
Vegan foods that require vegan sauce as its complementary serving are expected to witness huge demand for them in the near future, thereby guaranteeing a strong positive growth for the vegan sauce market on the PLC curve.
Marketing Strategies to Attract Millennials to Pave the Way for Vegan Sauces Market
In recent years, there has been a global shift in eating patterns of consumers of which the millennial generation has an important part to play. They are one of the key drivers in causing the shift from animal based products to the consumption of plant based food products.
In 2019, Forbes reported that more than 50% of millennials around the world are including plant based food products into their diets. Besides that, millennials are the most active generation on social media platforms.
These young consumers are opinionists and have a fair understanding on different worldviews regarding environment and animal-welfare, making them the target market for plant based food products. Moreover, documentaries and videos related to vegan food present on OTT and social media platforms trend due to the viewership coming from these millennials.
Market players are using these platforms top promote their products and are also tying up with fast food franchises and popular restaurant chains for rapid market penetration. Tie-ups with restaurants is expected to add more value since they offer vegan food that would be followed by vegan sauces and dippings.
Some of the key players manufacturing vegan sauces are as follows:
- Follow Your Heart
- Meridian Foods Limited
- B&G Foods, Inc.
- Daiya Foods Inc.
- Amy’s Kitchen, Inc.
- Litehouse, Inc.
- KENSINGTON & SONS.
- Red Duck Foods, Inc.
- Majestic Garlic
- Bear Pond Farm
- Others.
Opportunities for Global Vegan Sauces Market Participants:
Plant based food sources would take the spotlight as consumers would prefer not only the flavours and ingredients, but also the aspect of excluding gluten, dairy, animal based foods to adapt to healthy eating, i.e., adapting the concept of “Free from Food”. Most of the manufacturers are implementing the similar concept while developing vegan sauces resulting into a highly competitive market.
Huge business potential lies ahead for South Asian market players owing to the vast experience they possess in making different kinds sauces for the vegetarian consumers. Tier 1 companies should consider investing and setting up production facilities in South Asian and Latin American markets since it would ensure revenue generation locally and through exports.
North America and Europe region are expected to dominate the vegan sauce market in the coming years and thus would remain the preferred market for business for the existing and the emerging market players.
COVID-19 Impact
Financial times reported 265% growth in the sales of vegan food since the beginning of COVID-19 in the North American market that accounts for more than 40% of the global vegan sauces market. During the pandemic, consumers utilised their free time at home in learning different kinds of plant based dishes and their advantages.
This further carried on the trends like plant based meat dishes, plant based protein intake, plant based dairy products, and the plant based sauces and dressing that go along with it. Furthermore, it is quite obvious that superfoods along with plant based dietary patterns is going to be a common place.
Owing to the growing popularity and widespread acceptance of plant based foods in the near future, developments in flavours, ingredients, and textures of plant based food products would be carried out to enhance the taste and nutrition content, inadvertently fuelling the growth of vegan sauces market as well.
Also, consumers had to implement sustainable cooking practices during the COVID-19 lockdown due to poor access to certain non-essential and essential items. In a way, COVID-19 has gotten the consumers to value food and all other essential resources.
The vegan sauces market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
By doing so, the research report serves as a repository of analysis and information for every facet of the vegan sauces market, including but not limited to: regional markets and sales channel.
