Plant-Based Eggs Market - Forecasts from 2021 to 2026

The plant-based eggs market is projected to witness a CAGR of 21.82% during the forecast period to reach a market size of US$2,621.602 million by 2026, increasing from US$658.471 million in 2019. Plant-based eggs are an alternative to a regular egg which consists of legumes as the major ingredient and is a source of clean protein. The extracted proteins are processed in the texture of eggs. It is a staple source of nutrition for the vegan-based diet. They are versatile in use and are popularly used in vegan food services.

Market Drivers

The current dietary trends of veganism and flexitarians along with the decrease in animal protein consumption are some key drivers of the plant-based egg market. Adoption of a healthier lifestyle has led to an inclination towards clean, plant-based protein sources. Regular eggs are often reported to contain salmonella bacteria which causes sickness if not cooked properly. Plant-based eggs are considered safer and replicate the physical and chemical properties of regular eggs. These eggs are also easier to store and transfer as they mostly come in liquid or powder form, which is among the other reasons propelling the plant-based eggs market ahead.

By source, legumes hold the largest share in the market, though other plant sources are being experimented with. By form, liquid eggs are prevalent in the market as they are easier to cook and used by food and gastronomic enthusiasts widely. Geographically, North America dominates the plant-based eggs market due to the presence of a large number of players in the region, food safety norms, allergen reduction, easier handling & storage, & environmental sustainability.

Growth Factors

Healthy lifestyle choices

People around the world are improving their lifestyle choices as it tends to benefit them over the long run making them stronger and less prone to disease. The presence of a wide range of products and advancement in food products connected to plant-based eggs will continue to generate new opportunities for the plant-based eggs market. The risk of obesity among the younger generation has also propelled the plant-based egg market as people consciously make an effort to change their eating habits often pushed by nutritionists and dieticians and the growth of health-related web content. The influence of socialites and media personalities also aids the growth of the market significantly.

Veganism

Plant-based dietary choices are growing worldwide as it often claims to be a healthy way of life. The increasing sympathies for animals refrain people from consuming regular eggs, in turn, benefiting the plant-based egg market. As the demand increases, the market has been lucrative for investment opportunities and the entrance of new players. Additionally, the increase of the product line and distribution channel is helping the market for plant-based eggs flourish.

Restraints

While eggs are an affordable choice of protein among the population, plant-based eggs are priced at a higher value discouraging people from regular consumption. The market is thriving in first-world countries and gradually seeping into the developing nations. The highly populous middle-class section of the society still depends on eggs as their main source of protein and there has been a marginal shift to plant-based products, thus restricting the market.

Impact of COVID-19 on the Plant-Based Eggs Market

The pandemic has affected the food industry negatively due to the lack of raw materials and immobility of the factors of production on the supply side. The distribution channels also witnessed lags due to the restrictions and lockdowns imposed. But studies prompting lower risk among vegans in COVID-19 have led to a change in food habits and increased the demand marginally. Despite the pandemic US-based Just, the manufacturer of plant-based egg products is seeking expansion in China which has a huge market for plant-based products.

Competitive Insights

The market leaders in the Plant-based Eggs Market are Vegg, Conagra Brands Inc, Bob's Red Mill Natural Foods, Just, Zero Egg, Float Foods, Evo Foods, Crack'd, Orgran, Earth Island. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, to gain a competitive advantage over their competitors. For Instance,

• In 2021, Just launched Just Egg Sous Vide Plant Egg Bites which were developed by Just Egg and leading sous vide food manufacturer and distributor Cuisine Solutions.
• In 2020, Evo Foods launched its first liquid egg alternative in India through its direct-to-consumer website and restaurants and in 2021, secured INR 6.2 crores (US$845,000) for its launch in the Indian market as well as scale its R&D and marketing team to prepare for an international launch in 2022.
• In 2021, Earth Island was acquired by Danone SA, multi-local food and beverage company.
• In 2020, Zero Egg raised $5 million in Series A funding led by Powerplant Ventures and was joined by existing investors Unovis Asset Management-New Crop Capital and Strauss Group-The Kitchen Hub.
• Float Foods in 2021 received grant funding from the Temasek Foundation, a nonprofit, philanthropic arm of Singapore sovereign investment fund Temasek.

Segmentation:

By Source

• Legumes
• Other Plant sources

By Form

• Liquid
• Powder

By Sales Channel

• Offline
• Supermarket
• Convenience Store
• Specialty Store
• Online

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• Indonesia
• Taiwan
• Thailand
• Others