The global egg substitute market size is projected to surpass a valuation of US$ 130.5 million in 2023. It is estimated to reach a valuation of US$ 654.3 million by 2033. During the forecast period from 2023 to 2033, the market is expected to record an astounding CAGR of 17.5%.
Egg substitutes contain ample vitamins such as Vitamin B12 and Vitamin A, similar to regular eggs. Additionally, they are gluten-free and cholesterol-free. This market is growing as a result of increasing consumer awareness of the nutritional benefits of egg substitutes and their predisposition to eating healthy cuisine. Due to the scarcity of eggs, the global market for egg substitutes is anticipated to expand significantly over the coming years.
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In the upcoming years, this market’s growth may also be aided by the rising demand for vegetable ingredients and high egg prices.
North America is anticipated to hold dominance during the forecast period. Consumers are being compelled to adopt a healthy lifestyle due to the rising prevalence of health problems like diabetes, blood pressure, and obesity. They are opting for products that are plant-based, gluten-free, and non-GMO. In response to this demand, manufacturers are developing and launching products that are gluten and GMO-free.
The increasing research and development activities by the key players present in the region are expected to amplify the North America egg substitute market’s growth potential.
Key Takeaways from the Egg Substitute Market:
- In 2018, the global egg substitute market size stood at US$ 984.5 million.
- The market size stood at US$ 1,123.60 million in 2022.
- The market size increased at a CAGR of 3.4% from 2018 to 2022.
- The dry segment under form captured 72.40% market share in 2022.
- In 2022, the animal-based source segment captured 36.70% market share.
- The dairy protein segment under ingredients accounted for 37.80% market share in 2022.
- In 2022, the bakery & confectionery segment occupied 34.60% of the market share worldwide.
- The United States egg substitute market accounted for 29.0% of the total market share in 2022.
- The United Kingdom egg substitute market captured a 6.0% market share in 2022.
- In 2022, India’s egg substitute market accounted for 3.6% of the global market share.
Recent Developments Observed by FMI:
- In October 2022, AcreMade introduced Plant-based Egg Substitute, a product that replaces eggs by using yellow field peas, a component of PURIS. This powder is intended for baking or scrambling and is shelf-stable.
- In November 2022, Nestle’ introduced a new plant-based egg substitute in Latin America; the first batch of this product is manufactured from recycled peas. The new shelf-stable plant-based protein powder blends go well with egg dishes without sacrificing nutrition or price.
- In February 2022, Plant-B introduced a brand-new liquid vegan egg alternative based on Lupin. The company asserts that its egg substitutes have 50% few calories while yet being equal to regular eggs.
- In March 2021, Evo Foods introduced the first liquid vegan egg alternative in Asia. The business asserts that its egg substitutes have higher protein content than regular eggs.
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Egg Substitute Market Segmentation
By Form:
- Dry
- Liquid
By Source:
- Plant
- Animal
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
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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