The ‘Global Vegan Egg Substitute Market Report, Size, Share, Trends, Outlook and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global vegan egg substitute market, assessing the market on the basis of its segments like forms, types, applications, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5.6%
The changing lifestyles of consumers and growing awareness pertaining to animal cruelty is leading to an increased consumption of healthy vegan alternatives. Vegan egg substitutes can reduce the risk of heart-disease and meet the protein needs of active adults. The fat content of these substitutes can be varied according to specific type, which is usually less than that of egg yolk. This is a major advantage of the product leading to an escalation of the vegan egg substitute market growth.
Meanwhile, vegan egg substitutes can also influence climate change positively by eradicating the need for space and farm energy, while also reducing animal waste. In this regard, the stringent regulations aimed towards encouraging environment-friendly and cost-effective food processing methods are shaping the market dynamics.
Over the forecast period, the anticipated increase in the popularity of vegan bakery and confectionary products including apple sauce, firm tofu, and tapioca starch, among others, is likely to bolster the demand for vegan egg substitutes.
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In terms of regions, North America and Europe are the continents witnessing a large consumption of vegan egg substitutes due to the developed food and beverage industry in the region which is enabling easy accessibility of vegan egg substitutes. The vegan egg substitute market in these regions is likely to be aided by the growing expansion of major companies such as JUST Egg. In 2022, JUST Egg announced that the company received an approval from the European Union to launch chicken egg alternative products.
Vegan Egg Substitute Industry Definition and Major Segments
A vegan egg substitute is defined as a food item which is used as an egg alternate. It is mainly derived from plant sources. Vegan egg substitutes are made up of ingredients which mimic the taste of eggs. These are considered healthier than poultry eggs due to zero cholesterol.
Based on form, the market can be segmented into:
The market can be broadly categorised based on type into:
The significant applications of the vegan egg substitute market include:
On the basis of region, the market can be categorised into:
Middle East and Africa
Vegan Egg Substitute Market Trends
The key trends in the vegan egg substitute market include increasing investments in research and development activities by major food and beverage companies aimed towards producing high end protein substitutes. The growing rivalry between these companies to gain a competitive edge amidst the changing economic dynamics in the emerging economies is likely to be a crucial trend in the market.
In October 2021, Nestle, a food and beverage processing company based in Switzerland, made an announcement regarding the testing of its new plant-based alternatives derived for vegan eggs and shrimp. These alternatives can be used in regular cooking recipes. Moreover, the key nutrients included in the products are omega-3 fatty acids and soy proteins.
Over the forecast period, an increasing pressure from consumers and government on food producing companies to reduce the unhealthy content from their products is expected. This can be attributed to the rising cases of obesity and cardiovascular diseases. Hence, leading food companies have started focusing on healthy plant-based bakery and confectionery products, leading to a greater growth of the vegan egg substitute market.
Meanwhile, the increasing preference of cooking and preparing vegan alternative products is likely to propel the demand for vegan egg substitute from the household sector in the coming years. However, the high costs associated with the products is likely to be a challenging trend in the market.
Key Market Players
The major players in the vegan egg substitute market report are Glanbia plc, Ingredion Incorporated, Cargill, Incorporated, Bob’s Red Mill Natural Foods, Inc., and House Foods America Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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