Mustard Market - Forecast(2024 - 2030)

Key Takeaways

• Geographically, the Asia-Pacific Mustard Market accounted for the highest revenue share in 2021. The growth is owing to sweeping use in culinary applications and low prices which suits the pockets of the middle-class perfectly. Furthermore, Asia-Pacific is poised to dominate the market over the period 2022-2027.
• Emerging cuisines culture with rapid globalization, cost-effective nature, and widescale usage in densely populated developing countries are said to be preeminent drivers driving the growth of the Mustard Market. Changing tastes and preferences of people have stimulated the demand for alternatives such as flaxseed, chickpea, groundnut, and others and environmental complications are said to reduce the market growth.
• Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Mustard Market report.

Mustard Market Segment Analysis-By Application

The Mustard Market based on the application type can be further segmented into food and beverages, personal care, and therapeutics. The food and beverages segment held the largest share in 2021. The growth is owing to far-reaching culinary applications as a condiment and seasoning oil. Vinaigrette, pasta, mashed potatoes, fish, spaetzle, and many others are the various foods where mustard plays a crucial role in imparting taste and flavor. Proliferating migration levels have played a significant role in altering peoples’ tastes and preferences and have ensured high demand for mustard. Also, health benefits associated with mustard seeds and oil have their fair share in growing demand. The food and beverages along with the personal care segment are estimated to be the fastest-growing segment with a CAGR of 6.5% over the forecast period 2022-2027. This growth is owing to enlarging awareness among people regarding the benefits of mustard. Likewise, growing hair problems like dandruff, hair fall, premature greying, and split ends are providing growth opportunities.

Mustard Market Segment Analysis-By Distribution Channel

The Mustard Market based on distribution channels can be further segmented into offline and online. The offline segment held the largest share in 2021. The growth is owing to the across-the-board presence of offline outlets such as hypermarkets, supermarkets, convenience stores, and others. As people are migrating to urban areas, the demand for such outlets is heightening. Consequently, the growing prevalence has provided growth opportunities. In addition to that, brick and mortar stores enjoy their monopoly in impoverished areas as because of poor infrastructure and connectivity they don’t face competition from e-commerce platforms. Moreover, owing to eventful lifestyles, busy shoppers prefer shopping in bulk and they find supermarkets a perfect place to do so. Whereas, many e-commerce companies deliver purchased items separately which consumes more time. Furthermore, the online segment is estimated to be the fastest-growing with a CAGR of 6.9% over the forecast period 2022-2027. This growth is owing to rapid technological advancements. Also, the rising number of smartphone users, expanding adoption of online payments systems, and tech-friendly generation are the factor propelling the market forward.

Mustard Market Segment Analysis-By Geography

The Mustard Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held the largest share with 42% of the overall market in 2021. The growth in this segment is owing to the factors such as the overwhelming size of the population and the widescale use of mustard as a condiment and oil in Asian cuisines. Nepal, Myanmar, and China fall among the largest producer of mustard worldwide and have their fair share in driving the growth of the mustard market all over Asia. Unlike other edible oils such as groundnut and flaxseed, mustard oil is quite economical and fits the pocket of the middle class very well. Moreover, mustard leaves are extensively used in South East Asian traditional dishes. Nevertheless, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to the high poor and middle-class population. China and India are still developing countries and collectively are home to over 2.6 billion people. The majority of them are middle-class or fall below the poverty line. As a result, mustard oil owing to its inexpensive nature has become an inextricable part of their kitchens.

Mustard Market Drivers

Mustard extends several health benefits such as hindering microbial growth, slowing and ending cancer cell growth, and lessening inflammation. Therefore, considering the enlarging prevalence of infectious diseases and other severe illnesses like cancer that have emerged as an existential threat to humans, the overall demand for mustard is escalating. After cardiovascular complications, cancer is said to claim the most lives. According to WHO, approximately 10 million lost their lives in 2020 because of cancer. In addition to that, the geriatric population which is whirling around 700-800 million as of 2022, is likely to reach 2 million in foreseeable future, cancer is likely to pose an extra burden on the healthcare of countries across the globe.

Changing tastes and preferences and heightening usage in personal care are expected to boost market demand.

Owing to poor lifestyles (rising environmental pollution, sedentary habits, and poor dietary intake) the problems of hair fall and premature greying of hair have reached unprecedented proportions. The mustard is a rich source of zinc, selenium, and beta-carotene which helps in mitigating all such problems by improving the scalp’s blood circulation. Therefore, the overall demand for mustard has spiraled in recent years. The majority of nations in Europe have more than $60 thousand GDP per capita income; nevertheless, the growing wealth of developing countries like India, Indonesia, and China has its fair share in changing the taste and preferences of people. As a result, multi-cuisine culture is expanding day after day.

Mustard Market Challenges

Prominent alternatives and environmental complications are anticipated to hamper market growth.

The presence of superior edible oil alternatives such as sunflower seed oil, groundnut oil, and flaxseed oil has challenged the mustard market in both developed and developing countries. As per the Union Commerce Ministry, India imported 2.5 million tonnes of sunflower oil in 2019-20 and 2.2 million tonnes in 2020-21 out of which it imported 1.93 million tonnes and 1.74 million tonnes came from Ukraine in 2019-20 and 2020-21, respectively. Also, India imported 0.38 million and 0.28 million tonnes from Russia in these two years. These oils are known for their tons of health benefits and have drawn the eyes of many people. On another hand, rising environmental problems because of human activities, that are spiking pollution levels, are anticipated to hamper the overall mustard yield and challenge the growth of the aforementioned market.

Mustard Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Mustard market top 10 companies include:

1. Backwoods Mustard Company
2. Woeber Mustard Manufacturing Company
3. H.J. Heinz Company
4. McCormick Foods
5. Unilever
6. Conagra Brands
7. Cargill
8. French’s
9. Mustard and Co.
10. Sun Impex

• On December 22, 2021, Minnesota, United States-based renowned food corporation “Cargill” announced that it has successfully reached an agreement with United Kingdom-based company Croda International. According to the agreement Cargill agreed to acquire the industrial chemical business of Croda. The total value of the transaction stands at around $1.03 billion.
• On August 9, 2021, Cargill (a US-based food corporation) publicized the successful acquisition of Sanderson farms from New York, United States-based “Continental Grain Company.” A payment of $4.53 billion ($203 per share) was made by Cargill in order to bring the acquisition to a close.
• On December 30, 2020, Maryland, United States-based food company McCormick & Company (a firm known for manufacturing and distribution of spices and condiments) announced the successful acquisition of Illinois-based flavor company FONA International. A payment of $710 million (all cash) was made by McCormick in order to acquire 100 percent shares of FONA.

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