NEWARK, Del, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The egg replacement ingredients market is anticipated to thrive at an average CAGR of 6.0% between 2023 and 2033. The market is expected to have a market share of US$ 2.19 billion by 2033, while it is likely to be valued at US$ 1.26 billion in 2023.
The growing vegan population and the rising animal-loving population are garnering market growth. People getting more aware of animal commercialization and the disadvantages of the livestock industry is choosing to go with plant-based alternatives.
New food businesses delivering similar taste and texture of meat have now introduced eggs with plant-based yolk, helping the end-users with low-fat cooking arrangements. The faux eggs are another concept that helps the market expand its roots.
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The egg replacement ingredients include nutritional and ethical benefits such as no cholesterol and higher heart benefits. Additionally, people allergic to eggs and any dish made from eggs are also a big consumer force in the market.
The lower fat in a vegan egg also serves lower calories and protein, but the lower protein levels are comparatively limited. Hence, it becomes a better alternative to chicken eggs. Lastly, the strong force of authorities not supporting the mass breeding and fertility-supporting medications due to their adverse effects on animal and human health as well.
Key Points
- The United States market leads the North American egg replacement ingredients market in terms of market share in North America. The United States held a market share of 21.1% in 2022. The factors attributed to the regional growth are the rising vegan movement and new brands launching enhanced and nutritious alternatives to meat and eggs. The growth is also due to the rising heart health concerns due to meat and egg consumption.
- The German egg replacement ingredients market held a market share of 4.3% in 2022. The market growth is caused by highly aware citizens, successful vegan campaigns, and higher performance of e-commerce platforms.
- The Indian market thrives at a steady CAGR of 9.7% between 2023 and 2033. The growth is attributed to higher consumption, increased demand for mixtures that can be used as an egg alternative, and easy availability of these ingredients is propelling the market growth.
- The Chinese market also thrives at a CAGR of 4.8% during the forecast period.
- Based on the ingredients type, the proteins segment leads the market as it held a market share of 21.7% in 2022
- Based on the application segment, the mayonnaise segment is leading, as it held a market share of 29.8% in 2022.
- Based on form, the powder segment dominates as it held a market share of 48.4% in 2022.
"The Egg Replacement Ingredients Market may face challenges in rural areas where limited awareness and access hinder the consumption of such products, potentially impacting market growth in those regions," opines Nandini Roy Choudhury, Client Partner at Future Market Insights.
Competitive Landscape
The key vendors focus on delivering accurate taste and texture. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Kerry Group has introduced the Hyfoama for egg white and gelatin applications. The plant and dairy-based protein hydrosalts are specially created to replace eggs in food and beverage applications.
- Archer Daniels Midland Company has launched its series of functional plant proteins that are likely to replace eggs or dairy.
Key Players
- Glanbia Plc.
- Kerry Group
- Archer Daniels Midland Company
- Ingredion Incorporated
- DuPont Nutrition & Health
- Cargill Incorporated
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Key Segments Covered
By Form:
- Dry
- Liquid
By Ingredient:
- Dairy Proteins
- Starch
- Algal Flour
- Soy-based Products
By Application:
- Bakery & Confectionery
- Savories
- Sauces
- Dressings & Spreads
By Distribution Channel:
- Convenience Stores
- Hypermarkets
- Departmental Stores
- Others
Key Regions Covered
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Middle East and Africa (MEA)
Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Have a Look at Related Reports of Food and Beverage Domain:
- The global egg emulsifier market size is expected to reach a market valuation of US$ 216.2 Million by 2022, with sales growing at a CAGR of 6.5% over the assessment period.
- The egg white powder market share is projected to settle at US$ 1,768 million by the end of 2023. As per Future Market Insights (FMI), the growth rate for the forecast period is estimated to be 11% CAGR. By 2033 end, the market is assessed to surpass the market valuation of US$ 5,071.5 million.
- The global Scrambled Egg Mix market trend is expected to reach a market valuation of US$ 832 million by 2033, recording a CAGR of 3.5% from 2023 to 2033.
- The global sales of sugared egg yolk market demand are anticipated to grow at a CAGR of around 4.5% to 6% during the forecast period from 2022 to 2032. Growth in the market is driven by rising demand for sugared egg yolks across various industries such as foodservice, dairy, frozen desserts and household.
- The global plant-based eggs market growth is expected to be valued at US$ 122.8 million in 2023 and to reach a valuation of US$ 684.3 million by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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