Throughout the forecast period, the Egg Replacement Ingredients Market is expected to grow at a moderate rate of 5.8%. In 2022, the market will be worth US$ 1,228.36 million. By the year 2032, it is predicted that the market for egg substitute ingredients would reach a peak of US$ 2,138.33 million. According to data from the base year, the historical CAGR was 3.4%, according to professional analysts at Future Market Insights.
An unprecedented surge has been witnessed in the sales of egg replacement ingredients over the past few years, owing to rising veganism and vegetarianism in various parts of the world. Obesity rates are rising all around the world, and health concerns, including high blood pressure, diabetes, asthma, and others, are on the rise. Raising consumer health awareness and the medical fraternity is a major fueling the growth of egg replacement ingredients.
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The experts at FMI have analyzed that rising health concerns for non-veg food encourage consumers to opt for vegan diets. It has been observed that high egg consumption can lead to various heart-related diseases. As a result, people are opting for egg alternatives. The egg alternatives also offer many functional features to the food they are added in, such as binding, foaming, aeration, and emulsification.
The analysts have revealed that egg replacement ingredients facilitate the reduction of egg content in the food without compromising the taste, appearance, and nutritional benefits. They are being increasingly utilized across various applications, such as bakery products. However, the increase in the cost of the final product will likely deter the market’s expansion during the forecast period.
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Key Takeaways from the Egg Replacement Ingredients Market
- North America is expected to remain the dominant market for egg replacement ingredients with a share of 47.8% between 2022-2032.
- North America is estimated to advance at a CAGR of 7% during the forecast period.
- Europe is projected to account for a moderate-paced CAGR of 6.5% through 2032.
- The Mayonnaise segment is likely to domineer in the product type category with a value share of 38.2% during 2022-2032.
“Increasing prevalence of bird flu and influenza, high egg prices due to egg shortage, and rising awareness about a healthy lifestyle are likely to create lucrative growth opportunities for the manufacturers in the egg replacement ingredients market.” – Says an FMI analyst.
Competitive Landscape in the Egg Replacement Ingredients Market
To expand their global presence, players are investing in mergers and acquisitions. Players are also investing in research and development to expand their product portfolios.
Key players operating in the market are continuously introducing new products to cater to the rising demand from various industries. They have adopted various organic and inorganic strategies such as mergers and acquisitions, advanced product development, and collaborations to gain a competitive edge in the market.
It is also identified that food manufacturers across the globe are adopting egg replacement ingredients on large scales in order to coup up with the rising egg prices and egg shortage.
Corbion NV, Glanbia Plc, Tate & Lyle Plc, Ingredion Incorporated, Ener-G Foods, Inc., Natural Products, Inc., Orchard Valley Foods Limited, Puratos Group, TerraVia Holdings, Inc. are some of the key players in the market.
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Recent Developments in the Egg Replacement Ingredients Market
- In February 2018, Korner Starkem a German Company, launched a clean-label egg replacer, REGG-EX. The REGG-EX is produced from selected quality wheat flour and untreated spring water and can be used for various applications.
- In January 2018, Puratos, UK, launched the Satin brand with Plain and Chocolate Creamy Vegan Cake Mix.
- In January 2020, Noblegen Inc. launched plant-based whole egg powder under their Eunite brand.
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