New Jersey, NJ, Jan. 21, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global egg replacement ingredients market is expected to grow from USD 1.4 billion in 2018 to USD 2.1 billion by 2026, at a CAGR of 6.01% during the forecast period from 2019-2026.
Egg replacement ingredients are the ingredients that can act as a substitute for eggs in fine bakery and other food products. Several health concerns are associated with egg consumption: the cholesterol content with its negative influence on heart health, the 2017 Fipronil scandal and the recurring outbreaks of avian influenza. These egg concerns have created a whole new egg ingredients category dedicated to finding functional and cost-effective egg replacers. These eggs replacement ingredients offer numerous benefits such quality of the finished food product as well as cost-saving benefits. The egg replacement ingredients can provide consumers with better health opportunities. It can also be a nutritional alternative for people on special diet restrictions or ethical concerns, such as vegans.
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Global Egg replacement ingredients Market Key Findings:
- Factors such as rising prices of eggs, shortage of eggs, various diseases related to the eggs are driving the growth of egg replacement ingredient market during the forecast period.
- The volatility in egg replacement is expected to hinder the market growth. In addition to this, less functionality of egg replacement ingredients as compared to the egg, may hamper the global egg replacement ingredient market growth.
- The type segment is divided into dairy protein, starch, algae flour, soy-based products, and others. The starch segment held 39.6% of the total market share in the year 2018. Many bakery manufacturers are preferring starch as a replacement, due to high prices of eggs. With the rising demand for starch as an egg replacement ingredient, many companies are developing new starch products in the market.
- The form segment includes liquid and powder form. Powder segment is anticipated to grow at the highest CAGR of 6.8% during the forecast period, owing to its high shelf life and easy mixing with the bakery dough and other products. Unlike the liquid egg substitutes which are made with eggs, these egg replacement ingredient powders do not contain eggs, making it safe for people with egg allergies and suitable for people who do not consume eggs.
- The application segment is fragmented into bakery & confectionery, mayonnaise & sauces, and others. The bakery & confectionery segment is expected to grow at a CAGR of 5.5% over the forecast period. Egg replacement ingredients in bakery and confectionaries have been driven by many factors such as considerable fluctuations in global egg supply and pricing as well as health concerns including cholesterol content, avian influenza outbreaks, etc.
- The regions analyzed for the global egg replacement ingredients market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America emerged as the largest market for the egg replacement ingredients and held a market share of 44% in the year 2018.
- Factors such as increasing demand for products with an enhanced shelf life and rising concerns related to health and diet, adoption of vegan bakery food are driving the growth of the market.
- Major players in the global egg replacement ingredients market are Corbion N.V., Puratos Group, Glanbia PLC, Natural Products, Inc., DuPont, Ingredion Incorporated, Tate & Lyle PLC, Ener-G Foods, Inc., Orchard Valley Foods Limited, TerraVia Holdings, Inc., and Archer Daniels Midland Company among others. Many companies have adopted key strategies such as merger and acquisition, geographical expansion, new product development, and innovation in product offering to gain a competitive advantage in the global egg replacement ingredients market. Vendors are regularly developing new products by investing significantly in R&D. Product developments by some vendors are expected to encourage competitors to come up with innovative products to sustain in the market.
- In the year 2017, TerraVia and Univar, a distributor of food ingredients and provider of value-added services across Europe, Middle East and Africa (EMEA), announced distribution agreement across Europe for the AlgaVia brand of Whole Algae Ingredients.
- In the year 2019, Just Inc. launched Just Egg, a plant-based egg product, and will be sold in 26 grocery stores across the U.S.
- In the year 2019, DuPont developed a new egg white replacement system for plant-based meat alternatives. The Grindsted Plant-Tex Solution has characteristics similar to egg whites and can be added directly into the mix during the production of vegan meats such as burgers, sausages, and cold cuts.
- In June 2018, Ingredion launched two new organic-certified corn starch ingredients, Novation Prima 309 and 609 starches.
- In April 2018, Archer Daniels Midland launched Versity, an alternative protein source for pets.
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About the report:
The global egg replacement ingredients market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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