The plant-based eggs market is anticipated to be worth US$ 1613.1 million in 2023 and US$ 3984.5 million by 2033. The United Kingdom, the United States, China, and India are expected to emerge as major producers, with the demand for plant-based eggs predicted to increase at a steady 10.6% CAGR.
In an effort to create more delicious and real plant-based egg products that mimic the flavour and texture of conventional eggs, companies are investing more money in research and development. A few of the cutting-edge ingredients that some companies are looking at in order to produce more authentic plant-based egg products are peas, soy, and legumes.
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The rise of veganism has created lucrative new markets for plant-based products.
There has been a rise in the number of health-conscious and vegan consumers in recent years. The expansion of both product offerings and distribution options bodes well for the market’s future growth.
Eggs, which have one of the highest protein contents of any food, are essential for maintaining adequate protein levels, and the expanding fitness industry presents a massive opportunity for suppliers. But it’s not easy for vegans to find a replacement for eggs that provides the same amount of protein. Therefore, there is a lucrative plant-based eggs market. More importantly, the protein content of vegan eggs is rapidly catching up to that of real eggs. Consumers’ growing fascination with animal-derived goods has temporarily increased demand.
Key Takeaways
- The plant-based eggs market is driven by growing health consciousness, environmental concerns, economic factors and technological advancements.
- The market is expected to grow due to an increase in the number of people adopting a vegetarian or vegan lifestyle, food allergies and intolerance, and government initiatives.
- The plant-based eggs market is highly competitive, with many players operating globally, and is dominated by a few large players with a wide product portfolio and a strong distribution network.
- Companies are focusing on product innovation, research and development, strategic partnerships and marketing and advertising to increase consumer awareness and expand their market share.
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Competitive Landscape
The plant-based eggs market is a highly competitive market with many players operating globally. The market is dominated by a few large players, with a significant number of small and medium-sized enterprises also present. The large players have a strong market presence, a wide product portfolio and a strong distribution network, which allows them to dominate the market. Some of the top companies in the market are Just Egg, Beyond Eggs, Follow Your Heart, The Veggie Goodness, Good Catch, Nellie’s Free-Range Eggs, Hampton Creek, and Better Body.
These companies are focusing on product innovation, research and development, and strategic partnerships to expand their market share. Companies are also investing in marketing and advertising to increase consumer awareness and attract new customers. Additionally, companies are also focused on expanding their distribution networks and increasing their presence in new regions to increase their market share.
However, the plant-based eggs market is also witnessing the entry of new players, who are focusing on developing innovative products and expanding their market presence through strategic partnerships and collaborations. This is expected to increase the competition in the market and drive innovation in the industry.
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Key Segments
Product type:
- Tofu
- Legume-based
- Pea-based
Distribution channel:
- Supermarkets
- Grocery stores
- Online
Region:
- North America
- Latin America
- Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
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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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