The plant-based eggs market is expected to rise to $3984.5 million by 2033 from $1613.1 million in 2023. With a predicted 10.6% CAGR, China, India, the US, and the UK are anticipated to lead production. Businesses are spending money on research and development to create more authentic and savoury plant-based egg products with novel components like legumes, soy, and peas.
The market for vegan steak is expanding quickly as more people choose plant-based goods over traditional meat-based ones. It is reasonable to attribute the rising popularity of vegan steaks to ethical, health-conscious, and environmental factors. Market expansion is being driven by increasing product options and industry innovation.
Between 2023 and 2033, the vegan steak market is projected to rise at a 7.3% compound annual growth rate (CAGR), with a projected worldwide value of US$ 598.6 million in 2023. According to industry estimates, the market for vegan steak might reach a value of US$1,129.6 million by 2033.
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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)
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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