North America Marshmallow Market, 2021 – 2028.” North America marshmallow market
Consumers considered impulse shopping and stockpiling candies and chocolates during the early stages of the lockdown as a means of relief and indulgence during the trying times. In addition, the industry saw a slight decrease in revenue as convenience shops and grocery stores stayed open to supply important products to customers. These factors positively boosted the sales of marshmallows in the US.
Introduction of Dandies’ Plant-Based Peppermint Marshmallows to Favor Business
Dandies, an artisanal producer of premium snacks and flavors, announced the launch of new plant-based peppermint marshmallows. The freshpeppermint will come in pink color and features a scent of organic peppermint and peppermint flavor. The new marshmallows are approved as Non-GMO and are produced using natural ingredients. The new ones arean entirely vegan product and do not contain dairy, corn, peanuts, eggs, tree nuts, and wheat allergens. Moreover, the Dandies Peppermint Marshmallows will be available across retail stores in Canada. The product will be purchasable through January 2021for USD 5.99 per 238gms. The launch of peppermint flavor by Dandies will also contribute significantly to the North America marshmallow market share.
Heavy Demand for Confectionery Items to Boost Growth
The increasing demand for chocolates and candies in the US drives the need for confectionery goods such as marshmallows and cakes. According to the National Confectioners Association's (NCA) survey 2020, non-chocolate candy sales in the United States were USD 7.8 billion in 2016 and reached a mark of USD 11.5 billion in 2020. The survey also predicted the sales of candies are expected to reach USD 12.2 billion by 2024. Besides, significant demand for seasonal and more miniature packs or single-serve candies in the country will further back the development of the market in the region. Furthermore, the rising consumer proclivity for non-chocolate candies such as gummy bears, marshmallows, hard candy, licorice, and others will aid the expansion of the global market. In addition, the changing taste preferences of consumers have resulted in the incorporation of marshmallows in pie, pudding, pancakes, cakes, and smores. Thus, fuelling the growth of the market.
Supermarkets/Hypermarkets to Hold the Largest Market Share
Based on product type, the market is divided into flavored and unflavored. The flavored variant is expected to account for the largest share due to 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.
Presence of Major Manufacturers to Promote Growth in the US
· The US holds the maximum share due to the prominent players like Mondelez International, Inc., Doumak, Inc. Just Born, Inc.
· The artisanal confectionery demandand the flourishingCanadian food and beverage industry will bolster growth in Canada.
Partnership and Collaboration of Major Brands to Consolidate Business
The key players in the market are introducing new productsto diversify their product portfolio and reinforce their position in the market. For instance, in June 2020, General Mills, Inc. an American multinational manufacturer, announced that it has signed a partnership agreement with the Swiss Miss brandto create enchantingly delicious hot cocoa that includes lucky charm marshmallows manufactured by General Mills. Strategic agreements and acquisitions among well-known companies will promote the expansion of the North American industry.
The Report Lists the Key Companies in the 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)