At 4.3% CAGR, the North America Marzipan Market is Projected to be Worth US$ 416.77 Million by 2031, Says Business Market Insights

According to Business Market Insights' research, the North America marzipan market was valued at US$ 297.10 in 2023 and is expected to reach US$ 416.77 million by 2031, registering a CAGR of 4.3% from 2023 to 2031. Strategic initiatives by key market players and high demand for desserts and confectioneries on occasions are among the critical factors attributed to the North America marzipan market expansion.

Increasing demand for marzipan from end-use industries has resulted in key players adopting strategic initiatives to strengthen their market position globally. Marzipan manufacturers across the world are involved in mergers and acquisitions, collaborations, and other strategic developments to attract consumers and enhance their market position. In October 2023, Anthon Berg, in partnership with Diageo's Baileys Irish Cream, announced the launch of new Baileys-infused marzipan products: the Baileys Marzipan Treats and the Baileys Marzipan Bar. Thus, strategic initiative by key market players fuels the growth of the marzipan market.

On the contrary, seasonal availability of almonds and fluctuating prices of raw materials hampers the growth of North America marzipan market.

Based on nature, the North America marzipan market is bifurcated into organic and conventional. The conventional segment held 85.4% share of the North America marzipan market in 2023, amassing US$ 253.63 million. It is projected to garner US$ 352.34 million by 2031 to expand at 4.2% CAGR during 2023–2031.

By category, the North America marzipan market is bifurcated into low/no sugar and regular. The regular segment held 88.9% share of the North America marzipan market in 2023, amassing US$ 264.12 million. It is projected to garner US$ 368.53 million by 2031 to expand at 4.3% CAGR during 2023–2031.

By end user, the North America marzipan market is segmented into foodservice, food retail, and food processing. The food processing segment held 46.9% share of the North America marzipan market in 2023, amassing US$ 139.46 million. It is projected to garner US$ 196.47 million by 2031 to expand at 4.4% CAGR during 2023–2031.

Based on country, the North America marzipan market is segmented into the US, Canada, and Mexico. The US held 81.4% share of North America marzipan market in 2023, amassing US$ 241.72 million. It is projected to garner US$ 334.75 million by 2031 to expand at 4.2% CAGR during 2023–2031.

Key players operating in the North America marzipan market are Andre Prost, Inc.; Barry Callebaut AG; British Bakels (RF Renshaw); Edde Almond Paste, Inc.; and Niederegger, among others.

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