Pune, India, June 28, 2021 (GLOBE NEWSWIRE) -- The North America marshmallow market size is expected to reach USD 535.26 million by 2028, exhibiting a CAGR of 6.61% during the forecast period. The growing shift towards luxurious and premium confectioneries will have a tremendous impact on the market during the forecast period, states Fortune Business Insights, in a report, titled “North America Marshmallow Market, 2021 – 2028.” The market size stood at USD 319.18 million in 2020.
COVID-19 Impact:
Various factories and warehouses throughout the country have been forced to close due to the COVID-19 pandemic. Consumers considered panic buying and stockpiling of candies and chocolates as a means of warmth and indulgence during the initial stages of the lockdown. Besides, the industry saw a slight increase in revenue as convenience stores and grocery stores reopened. According to the United States Department of Agriculture (USDA), in March 2020, supermarket food sales experienced a surge of 57 percent on food-at-home spent by consumers, compared to the year 2019. The heavy demand for marshmallows due to the stay-at-home policy further helped the market expansion during the global pandemic.
The report on North America marshmallow market includes:
- Terrific insights into the industry
- Essential data with in-depth research
- Reasons exhibiting market growth
- Broad study about main regions
- COVID-19 impact on the market
- Leading developments in the industry
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Competitive Landscape:
Companies to Focus on Product Development for Strong Market Presence
The market is dominated by prominent companies such as Mondelez International, Inc., General Mills Inc., Just Born, Inc., and Stuffed Puffs, LLC. The key players are constantly developing new products and expanding their production capabilities to cater to the needs of the consumers.
Key Development:
September 2020: Stuffed Puffs, LLC launched 25 exclusively wrapped marshmallows in various shapes such as vampire, pumpkin, and mummy on the occasion of Halloween in the U.S.
The Report Lists the Key Companies in the North America Marshmallow Market:
- 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)
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/north-america-marshmallow-market-105434
Key Driving Factor:
Rising Popularity of Plant-based Foods to Back Development
Consumer knowledge about the advantages of natural, plant-based goods has risen dramatically in recent years. Moreover, the vegan movement has resulted in heavy demand for plant-based foods. According to the plant-based food Association, the retail sales of plant-based foods in the U.S. increased by 11% in 2019 compared to the previous year. Marshmallows are high in calories and contain eggs, animal-sourced gelatin, sugar, and corn syrup. However, the rising trend of veganism has urged manufacturers to introduce marshmallows with plant-based ingredients carrageenan, soy protein, tapioca syrup, and natural vanilla flavors. This, in turn, will enable speedy expansion of the market in the future. Though, the rising demand for sugar-free and low-calorie products can negatively affect the North America marshmallow market share in the future.
Market Segments:
Based on product type, the market is divided into flavored and unflavored. The flavored variant is expected to hold the largest share owing to the consumer proclivity for new and innovative confections.
Based on nature, the market is divided into vegan, organic, kosher, and conventional. The conventional ones are expected to hold the lion’s share during the forecast period due to its wide availability. Based on distribution channels, the market is classified into supermarkets/hypermarkets, specialty stores, convenience stores, and online retail. Supermarkets/hypermarkets are expected to hold the largest share due to the accessibility of the extensive product range.
Regional Insights:
Rising Food Consumption to Foster Growth in the US
The U.S. accounted for USD 261.62 million in 2020. The booming confectionery industry is ppropelling growth in the region. Changing consumer patterns and expanding the food industry will create immense value for the market. Moreover, the rising popularity of desserts and chocolates will boost the consumption in the US. The consumer demand for ready-to-eat snacks and confectionery products will have an outstanding impact on the North America marshmallow market growth. Canada is likely to experience a significant growth rate during the forecast period. The booming sugar and confectionery industry will contribute to the growth of the market in Canada. According to Agriculture and Agri-Food Canada (AAFC), in 2019, the sugar and confectionery segment accounted for USD 4.0 billion.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview on the North America Confectionery Market
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- Analysis on U.S. Non-Chocolate/Sugar Confectionery Market
- Factors Impacting Consumers’ Buying Behaviour
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- Supply Chain & Regulatory Analysis
- Industry SWOT Analysis
- Recent Industry Developments - Policies, Mergers & Acquisitions, and
- New Product Launches
- Market Analysis and Insights (in Relation with COVID-19)
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- Impact of COVID-19 on the Market
- Supply Chain Challenges due to the Pandemic
- Potential Opportunities to Support the Market during the North America Crisis
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- Overview on the North America Confectionery Market
- North America Marshmallow Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Value)
- Flavored
- Unflavored
- By Nature (Value)
- Vegan
- Organic
- Kosher
- Conventional
- By Distribution Channel (Value)
- Supermarkets/Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Retail
- By Country (Value)
- U.S
- By Type (Value)
- Flavored
- Unflavored
- By Type (Value)
- Canada
- By Type (Value)
- Flavored
- Unflavored
- By Type (Value)
- U.S
- By Type (Value)
TOC Continued…!
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