The global egg replacement ingredient market is on a trajectory of robust growth, with market value projected to increase from USD 1,399.2 million in 2024 to USD 2,478.2 million by 2034, expanding at a CAGR of 5.9% over the forecast period. This growth is fueled by several key trends and drivers, positioning the market for a significant transformation in the coming decade.
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Key Drivers of Market Growth:
- Increasing Application in Diverse Food Sectors: Egg replacement ingredients are increasingly being utilized in bakeries, mayonnaise, chocolates, and pasta, driven by their versatility and functional benefits.
- Rising Vegan and Vegetarian Population: The global shift towards plant-based diets is a major factor driving the demand for egg substitutes. Veganism and vegetarianism continue to grow, particularly in regions like North America and Europe.
- Health and Allergy Concerns: The rising incidence of egg allergies and health concerns related to cholesterol intake are prompting consumers to seek egg-free alternatives.
- Economic Factors: Soaring egg prices have led food manufacturers to seek cost-effective alternatives, further boosting the adoption of egg replacement ingredients.
Key Points
- The United States is expected to remain the leading consumer of egg replacement ingredients during the forecast period. As per the latest analysis, the United States egg replacement ingredient market size is expected to reach US$ 732.3 million in 2034.
- Germany and the United Kingdom are set to record high CAGRs of 7.7% and 7.1%, respectively, through 2034.
- Global sales of egg replacement ingredients recorded a compound annual growth rate (CAGR) of 6.1% from 2019 to 2023. Over the next ten years, the global market for egg replacement ingredients is expected to surge at a CAGR of 5.9%.
- Based on ingredient type, the milk protein formulation segment is projected to hold a dominant market share in 2034.
- Egg replacement ingredients are gaining immense traction in the commercial sector, and the trend is expected to continue through 2034.
Market Segmentation Highlights:
- Ingredient Type: Milk protein formulations are projected to dominate the market due to their excellent functional properties and nutritional benefits.
- End-User: The commercial sector, including large-scale and small-scale food manufacturers, is expected to see significant adoption of egg replacement ingredients to meet diverse consumer preferences and manage production costs.
- Form: Powdered egg replacements are preferred for their convenience, longer shelf life, and versatility in various culinary applications.
Regional Insights:
- United States: The U.S. is anticipated to remain the leading consumer of egg replacement ingredients, driven by a growing vegan population and the prevalence of egg allergies. The market in the U.S. is expected to reach USD 732.3 million by 2034.
- India: Steady growth is expected in India, with market value projected to reach USD 77.3 million by 2034. Factors such as rising food allergies and increasing demand for plant-based products are key drivers.
Competitive Landscape and Innovations:
Leading players like Cargill, Arla Foods, and Corbion are at the forefront of innovation, developing new and improved egg substitutes. Recent developments include the launch of Nabati Plant Eggz in Canada and Next Egg 1.0 in Japan, catering to the growing vegan population.
Emerging companies are also making significant strides by focusing on cutting costs and offering innovative natural ingredients. Partnerships, such as the one between Shiru and Puratos to develop next-gen egg replacements, highlight the ongoing efforts to enhance product offerings.
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.
Conclusion:
The global egg replacement ingredient market is poised for substantial growth, driven by the rising demand for plant-based and allergen-free alternatives. As consumer preferences continue to evolve, the market will see increased innovation and diversification, providing numerous opportunities for manufacturers to meet the growing demand.
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