The prepared mustard market was valued at $7,589.50 million in 2020, and is estimated to reach $11,988.80 million by 2030, growing at a CAGR of 4.9% from 2021 to 2030.
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Prepared mustard is defined as a ready-to-eat condiment, which is generally prepared from mustard seeds. In addition, it is generally available in a jar or squeeze bottle that makes it lucrative a well as increases the prepared mustard market demand. Moreover, it has enormous varieties including common ingredients such as vinegar, salt whole or ground mustard seeds, water, as well as other spices.
Rise in demand for prepared mustard from the food industry and higher demand for natural flavoring agents propel growth of the market. However, fluctuating raw material prices and climatic conditions hinder the market growth for prepared mustard.
The prepared mustard market is classified on the basis of nature, type, distribution channel, and region. By nature, the market is segregated into organic and conventional. The conventional segment was the highest revenue generator as it is widely preferred across the food & beverage industry, as well as in regular diets.
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By type, the market is fragmented into yellow, brown, and black. The yellow segment held largest market share in 2020, owing to its easy availability and wide application in the food & beverage industry. By distribution channel, the market is categorized into supermarkets & hypermarkets, convenience stores, specialty stores, and online sales channel. The specialty stores segment held the largest market share in 2020, owing to availability of wide variety of products in stores with benefits such as discounts and free samples.
Region wise, the prepared mustard market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America contributed the highest revenue in 2020, and is expected to dominate the market during the forecast period. U.S. and Canada are top most countries for consumption of fast foods such as hamburger, pizza, and sandwiches. All these food items are combined with prepared mustard products, which propels growth of the market in North America.
The major players operating in the prepared mustard industry are H. J. Heinz Company, Conagra Brands Inc., McCormick Foods, Mustard and Co., Unilever, Taylors, Gulden’s, Plochman’s, Dijon Mustard, Maille, Bertman, and Foods and French’s. These major players have adopted various strategies to expand their market reach. Strategies adopted in the market include product launch and acquisition. New market players are also entering the prepared mustard market with new flavors. Hence, such factors propel the market growth.
Flavor and prepared mustard market trends have begun to emerge in the market. For instance, adoption of natural and organic flavors made with the help of spices such as mustard propel the prepared mustard market growth during the forecast period.
The COVID-19 pandemic had quite negative impact on the market growth. The supply chain disruption had a negative impact. However, the prepared mustard market is going to recover in the coming years, owing to increase in adoption of prepared mustard due to its various health benefits.
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Population growth, rise in income in developing countries, and urbanization have all contributed to an increase in global prepared mustard products production. Rise in health-conscious people has led to increase in adoption of prepared mustard in the market. As a result of which, consumers are moving toward premium prepared mustard products to minimize health associated risks. It also provides lucrative opportunities to producers to manufacture therapeutic and nutritional food products concerning health of consumers and allow them to gain high prepared mustard market share in the industry.
The global is driven by rapid utilization of prepared mustard and demand for therapeutic foods & beverages. Healthy diet is a recent trend and has resulted in an increased focus on health, weight, and overall fitness of consumers. Therefore, demand for premium and super premium products have witnessed a significant growth as a result of growing consumer awareness regarding benefits of prepared mustard.
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Key findings of the study
- The global prepared mustard market size was valued at $ 7,589.5 million in 2020, and is projected to reach $11,988.8 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.
- By nature, the conventional segment was the highest contributor to the market, with $5,033.3 million in 2020, and is estimated to reach $7696.7 million by 2030, at a CAGR of 4.5% during the forecast period.
- By type, the yellow segment was the highest contributor to the market, with $3,772.5 million in 2020, and is estimated to reach $5,847.4 million by 2030, at a CAGR of 4.7% during the forecast period.
- By distribution channel, the specialty stores segment was the highest contributor to the market, with $2,802.6 million in 2020, and is estimated to reach $4,500.4 million by 2030, at a CAGR of 5.1% during the forecast period.
- By region, North America was the highest revenue contributor, accounting for $3,017.6 million in 2020, and is estimated to reach $4,710.4 million by 2030, with a CAGR of 4.8%.