The market for egg substitute market is growing quickly, with a stunning 17.5% compound annual growth rate predicted to reach $654.3 million by 2033. Nutritional benefits, greater understanding of health benefits, and a rise in the demand for healthy meals are driving this trend. The increasing shortage of eggs, which is pushing consumers towards egg substitutes, is another factor contributing to the industry’s growth.
The market for egg substitutes is predicted to grow rapidly, reaching $654.3 million by 2033 at a projected CAGR of 17.5%. The nutritional benefits of egg substitutes are driving up their popularity. They are rich in vitamins A and B12 and low in cholesterol. The growing popularity of healthful foods and increased consumer awareness of these benefits are driving the growth of this sector. Due to a shortage of eggs, it is projected that the global market for egg substitutes will expand even further in the years to come.
It is anticipated that the size of the worldwide egg substitute market would exceed US$ 118.5 million in valuation by 2023. By 2033, it is projected to be valued at US$ 654.3 million. Over the course of the 2023–2033 forecast period, the market is anticipated to grow at an astonishing 17.5% CAGR.
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Egg substitutes are loaded with vitamins, including Vitamin B12 and Vitamin A, just like actual eggs are. Additionally, they are gluten-free and cholesterol-free. Due to consumers’ increased knowledge of the nutritional benefits of egg alternatives and preference for nutritious food, this industry is developing. The paucity of eggs is anticipated to cause the global market for egg substitutes to expand significantly during the following few years.
Due to the increased demand for items manufactured from vegetables and the high cost of eggs, the market may grow over the coming years.
North America is anticipated to maintain its dominance during the predicted period. Customers are under pressure to lead healthy lifestyles because to the rising prevalence of health problems including diabetes, high blood pressure, and obesity. They enjoy non-GMO, gluten-free, and plant-based products. In response to this demand, producers are developing and releasing gluten- and GMO-free products.
The major businesses in the area are probably going to enhance their R&D activities, which would raise the market’s potential for growth.
Key Takeaways:
- In 2018, the global egg substitute Industry 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 Industry accounted for 29.0% of the total market share in 2022.
- The United Kingdom egg substitute Industry captured a 6.0% market share in 2022.
- In 2022, India’s egg substitute Industry 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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Key Players:
- Cargill Inc.
- DuPont Nutrition & Health
- Kerry Group
- Glambia Plc.
- Tate and Lyle and Ingredion Inc.
- Corbion Puratos
- Danone Nutricia
- Flordia Food Products LLC
- FIberstar Inc.
- MGP Ingredients
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
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