Market Size –
The egg replacers market size has grown strongly in recent years. It will grow from <b>$1.37 billion in 2023 to $1.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. </b> The growth in the historic period can be attributed to rising egg prices, growing consumer concerns, egg shortages and supply chain disruptions, dietary restrictions and allergies, sustainable and ethical consumption, functional properties of egg replacers, demand for allergen-free products, consumer education on egg replacers.
The egg replacers market size is expected to see strong growth in the next few years. It will grow to <b>$1.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. </b> The growth in the forecast period can be attributed to expansion of plant-based diets, continued rise in veganism, advancements in protein alternatives, economic considerations in food production, expansion of convenience foods, demand for egg-free baking, enhanced flavor and texture mimicry. Major trends in the forecast period include technological innovations, clean label ingredients, technological advancements in food science, collaboration with culinary experts, digital marketing and e-commerce.
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Scope Of Egg Replacers Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Egg Replacers Market Overview
Market Drivers –
Increasing adoption of a vegan diet in developed economies is expected to propel the growth of the egg replacers market going forward. A vegan diet consists of plants (such as vegetables, grains, nuts, and fruits) and plant-based foods. A vegan diet is increasing mainly due to the health benefits contributing to healthy lifestyles. Egg replacers often include plant-based ingredients that offer health benefits and serve the needs of people on vegan diets. For instance, according to an online survey published in March 2022 covering 930 Americans, as of January 2022, approximately 10% of Americans over the age of 18 consider themselves vegan or vegetarian as they say they do not eat meat. Similarly, additional sources suggest that the number of Americans preferring plant-based diets is increasing. Therefore, the increasing adoption of a vegan diet in developed economies will drive the growth of the egg replacers market.
Market Trends –
Product innovations are the key trend gaining popularity in the egg replacers market. Major companies operating in the market are developing innovative egg replacers with new ingredients and wide applications such as clean-label egg substitutes, organic products, and unique ingredients to sustain their position in the market. For instance, in February 2022, Plant B, a Germany-based producer of healthy plant-based frozen meals announced the launch of the world’s only lupin-based liquid egg product. The innovative vegan egg alternative is made from sweet lupins which are an excellent source of nutrition. The company has imitated the functionality and structure of conventional chicken-laid eggs to make them look like regular eggs while saving 50% of the calories. The product will be sold as a ready-to-cook fresh product.
The egg replacers market covered in this report is segmented –
1) By Ingredients: Dairy Proteins, Starch, Algal Flour, Soy-Based Products, Other Ingredients
2) By Form: Dry, Liquid
3) By Source: Plant-Based, Animal-Based
4) By Distribution Channel: Supermarkets, Convenience Stores, Online Platforms, Retail Stores
5) By Application: Bakery And Confectionery, Savories, Sauces, Dressings And Spreads, Other Applications
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Regional Insights –
North America was the largest region in the egg replacers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the egg replacers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the egg replacers market report are Cargill Incorporated, Archer Daniels Midland Company, Arla Foods Ingredients Group P/S, DuPont de Nemours Inc., Kerry Group plc., Ingredion Inc., Glanbia Plc., Tate & Lyle Plc., Puratos corporation, MGP Ingredients Inc., Fiberstar Inc., Florida Food Products LLC, All American Foods Inc., Orgran Health & Nutrition, Ener-G Foods, Wacker Chemie AG, E.I. du Pont de Nemours and Company, Follow Your Heart, Hampton Creek Foods Inc., Terra Vegane, The Neat Company, Bob’s Red Mill Natural Foods Inc., Dr. Oetker GmbH, Pinnacle Foods Group LLC, Hodgson Mill Inc., Edward & Sons Trading Co. Inc., Namaste Foods LLC, Enjoy Life Foods, Daiya Foods Inc., KMC Ingredients
Table of Contents
1. Executive Summary
2. Egg Replacers Market Report Structure
3. Egg Replacers Market Trends And Strategies
4. Egg Replacers Market – Macro Economic Scenario
5. Egg Replacers Market Size And Growth
…..
27. Egg Replacers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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