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: This trend is being driven by increased demand for nutritious meals, increased awareness of health benefits, and nutritional advantages. Another reason boosting the industry’s expansion is the growing scarcity of eggs, which is driving consumers to egg alternatives.
At a projected CAGR of 17.5%, the market for egg substitutes is expected to rise quickly, reaching $654.3 million by 2033. Egg replacements are becoming more and more popular because of their nutritional advantages. They have little cholesterol and are high in vitamins A and B12. The industry is expanding as a result of consumers becoming more aware of the advantages of eating healthier foods and their growing popularity. Due to a shortage of eggs, it is projected that the global market for egg substitutes will expand even further in the years to come.
By 2023, it is projected that the global market for egg substitutes would be valued at more than US$ 118.5 million. It is expected to be worth US$ 654.3 million by 2033. The market is expected to develop at an astounding 17.5% CAGR during the forecast period of 2023–2033.
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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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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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