Pune, India, June 03, 2021 (GLOBE NEWSWIRE) — The global marshmallow market size is set to experience speedy growth on account of the introduction of vegan mallows by emerging bakeries and confectionery companies, observes Fortune Business Insights™ in its report, titled “ Marshmallow Market, 2021-2028 ”.
Marshmallows are widely popular confectionery items among consumers across all age groups. In today’s times, when the awareness of eating organic foodstuffs is spreading rapidly, consumers are increasingly inclined towards demanding vegan baked foods. To capitalize on this evolving trend, several small bakeries are creating wholly organic sweet foods.
For example, in April 2021, Yummallo launched its vegan marshmallows at Walmart stores across the globe. The company has developed its vegan mallows using vanilla, rice protein, corn starch, and sugar as ingredients, eschewing gelatin, which derived from pigs. Similarly, plant-based Dandies Marshmallows by Chicago Vegan Foods have been created using tapioca, soy protein, carrageenan, and cane sugar. Thus, the evolution of organic mallows has opened a new gateway of growth for this market.
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List of Key Players Profiled in the Marshmallow Market Report
- Darling Ingredients International Holding B.V.
- Kerry Group Plc
- Liwayway Holdings Company Limited
- Dandies Marshmallow
- DOUMAK INC.
- Mr Mallo
- Riverdale Confectionery Industry, Inc.
- Just Born
- H.J. Heinz Company Brands LLC
Based on type, this market has been segmented into flavored and unflavored. On the basis of distribution channel, the market has been divided into supermarkets/hypermarkets, specialty stores, convenience stores, and online retail. Regionally, the market is clubbed into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The COVID-19 pandemic may have a mixed impact on the marshmallow market growth. While the pandemic has made consumers more health-conscious, leading to the creation of vegan food items, several others are consuming comfort foods such as mallows to gain some solace amid this raging crisis. Furthermore, with strict social distancing rules in place, supermarkets and departmental stores, where sweet and savory snacks are readily available, have had to work with reduced capacity, staggered timing, and lower footfall, which may prove harmful for this market.
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What Does the Report Offer?
The report incorporates actionable insights into the regional prospects of the market and provides a comprehensive analysis of the market drivers and challenges. Further, the report also contains detailed profiling of key market players and careful study of their strategies and offers a granular evaluation of the different market segments.
Increasing Prevalence of Chronic Diseases to Hamper Market Growth
The prevalence of chronic conditions, such as diabetes, obesity, and hypertension, has been growing worldwide at an alarming pace. For example, while diabetes affected only 2.8% of the global population in 2000, it is expected to afflict around 4.4% of the people around the world by 2030, according to the World Health Organization (WHO).
Similarly, the WHO estimates that 38 million children under the age of 5 were obese or overweight in 2019. One of the foremost reasons for the increasing incidence of these life-deteriorating conditions is the overconsumption of processed foods, especially confectionery items such as marshmallows. These foods contain refined sugars that are directly assimilated into the bloodstream and their regular intake can lead to lifelong complications, such as heart disease and high cholesterol, and in extreme cases, death. As consumers grow more aware of the detrimental effects of such foods, the demand for mallows and other similar products is likely to shrink in the foreseeable future.
Rising Preference for Low-Sugar Snacks to Propel the North America Market
North America is anticipated to dominate the marshmallow market share during the forecast period owing to the rising inclination towards low-sugar, non-GMO, and organic confectionery products. Many small and large bakeries in the US and Canada are widening their offerings with vegan cakes and pastries to cater to the changing consumer tastes and preferences, which bodes well for this market.
Across the ocean in Europe, the market will be principally characterized by the robust confectionery infrastructure in the region. The widespread presence of supermarkets and hypermarkets will also contribute to the market’s growth. In Asia Pacific, the soaring popularity of western food products in urban areas will drive the market.
Launch of Flavored Offerings by Key Players to Stoke Competitive Spirits
Leading marshmallow makers are focused on developing and launching sweet snacks with novel flavors and ingredients. The adoption of this strategy is enabling companies to diversify their portfolio, attract customers with differentiated tastes, and expand their global market footprint.
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Key Industry Development
April 2021: Jet-Puffed announced the commercial release of two innovative lines of snacking marshmallows. While one line comprises regular and mini mallows in strawberry flavor, available in re-sealable pouches, the second line features snack-sized mallows in three flavors – S’mores, Birthday Cake, and Coconut.
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