USD 341.5 billion
Report ID: SQMG30I2055 | Region: Global | Published Date: October, 2022 | Pages: 165
Global North America Marshmallow Market was valued at USD 341.5 billion in 2021 and it is expected to reach at USD 535.25 billion by 2028, at a CAGR of 6.5% over the forecast period (2022-2028).
Over the course of the projection period, the market will be significantly impacted by the growing trend toward opulent and premium confectioneries.
Modern marshmallows typically consist of sugar, water, and gelatin that have been whisked to a spongy consistency, shaped into tiny cylindrical pieces, and dusted with corn starch. All age groups of consumers enjoy marshmallow sweets products very much. Customers are increasingly inclined to want vegan baked goods in today's world, where the awareness of eating organic foods is growing quickly. Several small bakeries are producing entirely organic sweets to capitalise on this developing trend. For instance, Yummallo introduced its vegan marshmallows to Walmart locations throughout the world in April 2021. Instead of utilising pig-derived gelatin, the company created their vegan mallows with vanilla, rice protein, corn starch, and sugar as ingredients. Similar to this, tapioca, soy protein, carrageenan, and cane sugar were used to make the plant-based Dandies Marshmallows by Chicago Vegan Foods. Thus, the development of organic marshmallows has created a new avenue for north america marshmallow market expansion.
Global Market Size
USD 341.5 billion
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The North America Marshmallow Market is segmented based on Product Type, Nature, Distribution Channel and Region. Based on Product Type it is categorized into: Flavored and Unflavored. Based on Nature it is classified into: Vegan, Organic, Kosher, Conventional. Based on Distribution Channel it is sub-segmented into Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, Online Retail. Based on region it is categorized into: US & Canada.
Analysis by Type
The flavoured variety commands a bigger north america marshmallow market share as a result of consumers' increased preference for novel and creative confections. This has given producers numerous opportunity to introduce fresh, natural flavours to the marketplace. Consumers are spending more money on experiences, particularly millennials. This has spread throughout the confectionery industry, spurring demand for flavours that may evoke a variety of tastes, textures, and feelings in a single mouthful. Additionally, a number of producers are releasing fresh tastes, including cinnamon, vanilla bourbon, and birthday cake, which is anticipated to further fuel north america marshmallow market expansion.
White or unflavored marshmallows are rarely consumed and are often served toasted or with hot chocolate. Its widespread use in s'mores-making is anticipated to contribute to its continuous expansion.
Analysis by Nature
The conventional style presently rules the market, and it is anticipated that it will continue to do so in the upcoming years. The standard variations' widespread availability and comparably cheaper price are the elements promoting its expansion. However, it is anticipated that sales of organic marshmallows will increase in the next years due to the strong movement toward clean labelling that is being supported by sensible customers. The market is growing as a result of consumers' growing awareness of the negative consequences of synthetic pesticides.
The rising popularity of veganism in the region, brought on by consumer concerns about animal welfare and environmental sustainability, is also anticipated to fuel market expansion for vegan marshmallows throughout the local projection period.
Analysis by Distribution Channel
Supermarkets and hypermarkets account for the largest portion of distribution channels, according to a distribution channel analysis. These mass merchandisers profit from offering customers a diverse selection of goods. Customers are also drawn to them because of their proximity, accessibility, and cost in addition to this. Visits from customers have increased dramatically as a result of the dedicated confectionery aisle, which features a variety of products and offers multiple discounts to draw customers in.
However, due to their convenience, increased digital literacy, improved shopping experiences, and doorstep delivery choices, online retail platforms are rapidly expanding in popularity. In the United States, internet sales of confections other than chocolate climbed from USD 366.9 million in 2017 to USD 655.2 in 2019, according to the National Confectioners Association (NCA) report 2020. Thus, it is anticipated that these factors will increase the market share of online retail sales in the years to come.
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Currently, the U.S. dominates the market in the area, with sales of more than USD 262.7 million in 2021. This is due to the fact that the confectionery sector plays a significant role in both the national food culture and the trends in American food consumption. One of the key factors propelling the global market is the geography. The nation's customers have developed a strong affection for this traditional snack, using it to make pastries, add to hot chocolate, and as a popular snack option. To meet changing consumer tastes and preferences, several small and large bakeries in the US and Canada are expanding their product lines with vegan cakes and pastries, which is good news for this north america marshmallow market. The increased customer preference for convenient snacks and non-chocolate confectionery items has also increased the product's consumption in the U.S.
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By making investments in R&D, incorporating cutting-edge technology into their products, and releasing updated items for the market, the players continue to dominate the north america marshmallow market. Different tactics are used, such as entering into agreements, mergers, and collaborations.The major players in the Marshmallow market include Mondelez International, Inc. (Chicago, United States), General Mills, Inc. (Minnesota, United States), Doumak, Inc. (Illinois, United States), North Mallow (Minnesota, United States), Just Born, Inc. (Pennsylvania, United States), Chicago Vegan Foods (United States), Stuffed Puffs, LLC (Pennsylvania, United States), Madyson’s Marshmallow (Washington, United States), Hammond’s Candies (Colorado, United States), Kitchening & Co. (Vancouver, Canada). To gain a competitive edge and solidify their market positions, these industries are exploring a range of growth strategies.
Top Players Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by type, the flavored segment of the marshmallow market has the largest revenue share in the year 2021. On the basis of nature, the conventional segment has dominated the market. Region-wise, the US region accounted highest north america marshmallow market share with more than $262.7 M of market value in the year 2021. The market for Marshmallow is anticipated to increase as a result of the strong demand from the food and beverage industry.
|Market size value in 2021||USD 341.5 billion|
|Market size value in 2028||USD 535.25 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the North America Marshmallow Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the North America Marshmallow Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMG30I2055