It's an ethically and climatically driven initiative, as manufacturers move to more expensive organic or free-range eggs and find higher costs in the process. It is due to these pressures, in effect, that many bakery producers wish to cut these costs by simply reducing the content of eggs within products and find egg replacers to be quite a suitable solution. On account of this trend, the egg replacers market is gaining substantial impetus, as these support product affordability and making companies compromise on quality or ethical standards.
Increasing awareness of consumers regrading healthy eating habits
Increasing consumer awareness about healthy eating habits is a significant driver for the egg replacers market. According to the 2023 Food and Health Survey by the International Food Information Council, environmental sustainability influences the food and beverage purchasing decisions of 34% of Americans. Additionally, 35% consider the climate friendliness of a product when making these decisions. Millennials are particularly concerned, with 46% prioritizing sustainability, compared to 39% of Gen Z, 38% of Gen X, and 22% of Boomers. This growing consciousness about health and environmental impact is leading more consumers to seek egg replacers, which are often seen as more sustainable and healthier alternatives to traditional eggs.In 2023, plant source dominated the egg replacers market within the source segment.
It is people's preference for vegan/vegetarian egg replacers, correspondingly meeting dietary orientation, that keeps away from animal products. They have an origin from sources such as soy, pea protein, flaxseed, among many others; hence, they are able to offer a wide variety in nutritional value, from high protein to essential fatty acids. Additionally, plant-based options are considered more sustainable due to their minute ecological footprint when compared with animal products, thus being attractive to consumers concerned about the ecological impact of food choices. In addition, manufacturers find plant-based egg replacers versatile in several food applications in bakery, confectionery, and sauces, whereby they can alias the functionality of eggs without compromising texture or taste. Such a blend of nutritional benefits, sustainability appeal, and functional versatility has easily captured the market for plant-based egg replacers in 2023.Within the ingredient segment of egg replacers market, algal flour is expected to grow at highest CAGR during the forecast period.
The nutritional value and practical uses of algal flour, which is made from a variety of algae including microalgae and seaweed, are making it more and more popular. Because it has important vitamins, minerals, and omega-3 fatty acids, it's a healthy substitute for elements found in regular eggs. Algal flour is also valued for its environmentally friendly manufacturing practices and low impact on the environment, which corresponds with customer demands for eco-friendly goods. Algal flour has the same binding, emulsifying, and texturizing qualities as eggs in food applications, which makes it appropriate for a variety of items such as drinks, baked goods, and sauces. These elements support the predicted explosive expansion of algae flour in the market for egg substitutes, establishing it as a viable option for producers seeking to satisfy both sustainability and nutritional requirements.The North America region is expected to dominate the egg replacers market during the forecast period.
Several factors are driving North America to take the lead in the egg replacers market. Consumers are increasingly shifting towards plant-based diets and alternatives to traditional animal-based products for their daily consumption, influenced by health concerns and ethical considerations expressed over animal welfare. This trend is therefore much stronger in North America, a region where awareness and demand for sustainable food remain very high. A well-established food and beverage industry that allows scope for innovation easily makes it convenient to develop and adopt egg replacers across various food applications.More importantly, stringent regulatory standards and emphasis on using clean label ingredients strengthen the market for egg replacers to best meet consumer preferences with regard to health, allergen-free, and environment-friendly products. These factors together make North America a leader in the markets of egg replacers, with ample growth opportunities from growing popularity of plant-based eating. For instance, GFI and PBFA indicate that insights show the US retail plant-based food market had hit USD 8.1 billion in 2023, thus portraying the huge potential waiting to be exploited within this market.
The Break-up of Primaries:
- By Value Chain Side: Demand Side - 40% and Supply Side - 60%
- By Designation: CXOs - 30%, Managers - 25%, Executives - 45%
- By Region: North America - 25%, Europe - 25%, APAC - 25%, South America - 15%, and RoW - 10%
Research Coverage:
The report segments the egg replacers market based on ingredient, application, source, form, and region. In terms of insights, this report has focused on various levels of analyses - the competitive landscape, end-use analysis, and company profiles, which together comprise and discuss views on the emerging & high-growth segments of the egg replacers market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, services, key strategies, contracts, partnerships, and agreements. New product launches, mergers and acquisitions, and recent developments associated with the egg replacers market. Competitive analysis of upcoming startups in the egg replacers market ecosystem is covered in this report.Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall egg replacers market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities. The report provides insights on the following pointers:- Analysis of key drivers (Increasing awareness of consumers regrading healthy eating habits, Cost reduction, and Increasing adoption of vegan diet), restraints (Perception of taste and Egg-based foods and egg consumption) opportunities (The Asia-Pacific market provides immense potential for egg replacers and Awareness regarding veganism in the emerging economies of Asia-Pacific), and challenges (Functional limitations on replacing eggs completely).
- Product Development/Innovation: Detailed insights on research & development activities and new product launches in the egg replacers market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the egg replacers market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the egg replacers market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players like Cargill, Incorporated (US), ADM (US), Kerry Group plc (Ireland), Ingredion (US), Tate & Lyle (UK), Puratos (Belgium), Corbion (Netherlands), Arla Foods Ingredients Group (Denmark), Glanbia plc (Ireland), Dupont (US), MGP Ingredients (US), Danone (France), Fiberstar, Inc (US), J&K Ingredients (US), AAK Foods (Sweden) Palsgaard (Denmark), Revyve (Netherlands), PlantMade (India), Egg’n’up LTD (US), Eat Just, Inc (US).
Table of Contents
Companies Mentioned
- Cargill, Incorporated
- Arla Foods Ingredients Group
- Adm
- Kerry Group plc
- Ingredion
- Tate & Lyle
- Puratos
- Corbion
- Glanbia plc
- Dupont
- Mgp
- Danone
- Fiberstar, Inc
- J&K Ingredients
- Aak Foods
- Eat Just, Inc.
- Egg’N’Up Ltd
- Plantmade
- Revyve
- Palsgaard
- Florida Food Products
- Zero Egg
- Crespel & Deiters Group
- Plant B
- Yo Eggs
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 261 |
Published | July 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 2.3 Billion |
Forecasted Market Value ( USD | $ 3.3 Billion |
Compound Annual Growth Rate | 8.0% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |