Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Egg Processing Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global egg processing market is on the rise, expected to reach $28.55 billion in 2023, growing at a compound annual growth rate (CAGR) of 3.1% from $27.69 billion in 2022. The market is anticipated to continue its growth trajectory, reaching $31.95 billion in 2027 with a CAGR of 2.9%. In 2022, North America emerged as the largest region in the egg processing market.
Technological Advancements Driving Growth in the Egg Processing Market
Technological advancements have become a key trend in the egg processing market, as major companies aim to enhance yield and offer better egg products while gaining a competitive edge. For instance, Denmark-based egg processing company, Sanovo, launched the HatchPerformance Line in November 2022. This egg-handling solution, tailored for fertile, vulnerable eggs, includes an electronic egg grader, an egg packer, and a trolley loader that work together to provide eggs of the highest quality and increase hatchability rates. The system minimizes the risk of contamination, safeguarding the embryo and other eggs.
In September 2021, Germany-based Symrise acquired Michael Foods' egg processing plant, enabling IsoNova, a part of Symrise Flavor and Nutrition segment, to meet growing customer demands and free up capacity for future expansion.
Growing Demand for Ready-to-Eat and Convenience Foods Favors Market Growth
The rising demand for ready-to-eat and convenience foods is bolstering the egg processing market. Consumers' preference for shelf-stable and convenient products has led to increased consumption of ready-to-eat (RTE) foods. Egg processing plays a crucial role in producing specialty egg products used in convenience foods for both consumers and restaurants. In the US, sales of RTE snacks rose by 5% in the first half of 2021 compared to the same period in 2020. Sales of refrigerated lunch products and frozen novelties also increased significantly during the same period. This surge in demand for convenient food options is driving growth in the egg processing market.
Major Players in the Egg Processing Market
Key players in the egg processing market include:
- Actini Group
- Sanovo Technology Group
- Cal-Maine Foods
- Moba B.V.
- Eurovo S.R.L.
- Igreca S.A.
- Interovo Egg Group B.V.
- Pelbo S.p.A.
- Bouwhuis Enthovan
- Avril SCA
- Groupe Glon
- Ovopol
- Weko Polska
- Ovobel Foods Limited
- Adriaan Goede B.V.
Conclusion
Despite challenges posed by geopolitical tensions and economic uncertainties, the global egg processing market is projected to continue its growth, fueled by technological advancements and the increasing demand for convenient food options. The market is poised to reach $28.55 billion in 2023, and further expand to $31.95 billion by 2027, creating ample opportunities for key players to innovate and gain a competitive advantage.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $28.55 Billion |
| Forecasted Market Value (USD) by 2027 | $31.95 Billion |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Egg Processing Market Characteristics
3. Egg Processing Market Trends And Strategies
4. Egg Processing Market - Macro Economic Scenario
4.1. COVID-19 Impact On Egg Processing Market
4.2. Ukraine-Russia War Impact On Egg Processing Market
4.3. Impact Of High Inflation On Egg Processing Market
5. Egg Processing Market Size And Growth
5.1. Global Egg Processing Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Egg Processing Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Egg Processing Market Segmentation
6.1. Global Egg Processing Market, Segmentation By Product Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Whole Egg
- Egg Yolk
- Egg White
6.2. Global Egg Processing Market, Segmentation By Product Form, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Dried Egg Products
- Liquid Egg Products
- Frozen Egg Products
6.3. Global Egg Processing Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Bakery And Confectionery
- Dairy Products
- Ready-To-Eat
- Soups And Sauces
- Other Applications
7. Egg Processing Market Regional And Country Analysis
7.1. Global Egg Processing Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Egg Processing Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/342pme
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