Egg Replacement Market Will Top US$ 1.5 Bn by 2032 As Demand for Vegan Alternatives Bolsters. According to the recent FMI report, the sales for egg replacers are expected to surpass a valuation of US$ 1.5 Bn in 2032, rising at a CAGR of around 5.4% through the end of 2032.
Food preferences have shifted considerably around the world in the last decade. Vegan food is becoming more popular as health problems related to meat-based foods are becoming more prevalent in various countries.
Taking cues, manufacturers are launching egg replacement products with similar nutritional benefits across plant-based food chains. In addition to supply chain issues such as tainted eggs, the egg market is becoming more fragile, prompting customers to switch to egg substitutes.
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Contaminated egg cases like traces of a pesticide called fipronil can be found in eggs that are used in food chains and the food processing industry, which is limiting sales of eggs. Fipronil is prohibited in the preparation of food products as it is hazardous to human health if consumed in large quantities. This factor is expected to fuel the adoption and sales of egg substitutes over the forecast period.
“Rising demand for functional food ingredients is anticipated to boost sales of egg replacement products among the vegan population. In addition to this, growing demand for vegan alternatives across the globe will widen the scope of adoption of egg replacers in the forthcoming years,” says an FMI analyst.
Key Takeaways:
- Based on form, sales of dry egg replacers will continue gaining traction through 2032.
- In terms of ingredients, incorporation of dairy proteins in egg replacers will remain high.
- By applications, demand in the baking and confectionery segment is anticipated to increase at a considerable pace.
- The North America egg replacer market is expected hold 48.2% of the total market share by 2032.
Competition Landscape
Some of the leading companies offering egg replacers are Corbion NV, Tate & Lyle Plc., Glanbia plc., Ingredion Incorporated, MGP Ingredients, Ener-G Foods, Inc., Dupont De Nemours and Company, Fiberstar, Puratos, and Danone Nutricia.
Key players operating in the global egg replacer market are focusing on reaching a large consumer base by implementing various strategies such as product innovations, marketing & promotional activity, strengthening distribution channels, and adopting sustainable production. For instance:
- Zero Egg, an egg replacement producer, raised $5 million in a Series A fundraising round headed by Powerplant Ventures in November 2020. Zero Egg’s plant-based product is made from a blend of plant proteins and is aimed for foodservice and food makers. It is said to taste, look, and operate like an average egg.
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