Description
The plant-based egg substitute market was valued at USD 192.76 billion in 2023 and is estimated to increase at a CAGR of 16.8% from 2023 to 2030, reaching USD 571.63 billion by 2030.
Market Overview
Vegan eggs are prepared with a combination of plant-based ingredients and food science techniques to emulate the taste, texture, and functionality of real eggs. Any product created from plants meant to substitute for popular animal-based products even their flavour, texture, or appearance referred to as plant-based. Sales or consumption of meat, egg and dairy product substitutes made from plants has increased in the last several years in various food sectors and uses. These substitutes are mainly consumed by those people who are on vegan diets and do not consume any product that is produced by an animal or by a person having egg allergies.
The opportunities for the use of plant-based egg replacements are quite diverse, and it is not only possible to use them for baking and cooking but also as a product ingredient for carrying all the ingredients like a meatball or a vegetable burger. The quality and likeness to a traditional egg of plant-based egg substitutes are constantly increasing since the contemporary progress in food technology makes such products convenient and reasonable alternatives for customers willing to replace standard eggs with substitutes.
A Roadmap of COVID-19
In the pandemic, people were health conscious and wellness has led to a growing interest in plant-based diets, including the use of egg substitutes. Many people were finding alternatives to animal products. With a growing emphasis on bolstering immune systems and maintaining overall well-being, many individuals sought out alternatives to traditional animal products. The desire to accept nutritious meals and reduce dependency on animal-based items was the driving force behind this change in dietary preferences. Plant-based alternatives, such as egg substitutes, grew more and more popular as people became more health conscious because they provided a sustainable and nutritious option.
Global Plant-Based Egg Substitute Market: Growth Drivers
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Innovation in food technology drives the growth of the market
Progress in food technology has made it possible to create plant-based ingredients that taste and work like eggs, giving consumers more choices.
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Health and Wellness Trends
Growing awareness about health and wellness, coupled with increasing concerns about cholesterol levels and animal welfare, are driving consumers towards plant-based diets, including plant-based egg substitutes.
Global Plant-Based Egg Substitute Market: Restraining Factors
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High Costs Hinder the Market Growth
Using natural components like meat, poultry, and vegetables can have an impact on supply chain disruptions and these ingredients’ availability. This can lead to shortages and raise the price of goods.
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Availability issues may hamper the market
As compared to poultry eggs, vegan eggs have limited availability in certain regions or establishments. This lack of accessibility is expected to hinder sales as consumers are not able to easily find or purchase vegan egg products.
Global Plant-Based Egg Substitute Market: Opportunity Factors
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Concerns about health and sustainability
Concerned consumer and customers are becoming increasingly conscious and want to know information about the source of foods and the environment to which the food is being raised. Plant-based eggs have no cholesterol compared to eggs and as well fewer calories as well as fat is considered more sustainable.
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Expansion of market
With the prevalence of better and more sustainable sources of protein in different countries across the world growing and demand for plant-based egg replacement higher in different regions there are opportunities for companies to enter and develop their products in countries across the globe and expand their international markets for plant-based egg replacements.
Global Plant-Based Egg Substitute Market: Challenges
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Consistency in texture and flavour
Achieving consistent texture and taste that closely resemble traditional eggs across different plant-based egg substitute products can be challenging. Consumers often have high expectations for the sensory experience of eggs, and any deviation in texture or taste may impact their acceptance of plant-based alternatives.
Global Plant-Based Egg Substitute Market: Segmentation
Based On Product: The market is segmented into liquid and powder. Among these, liquid form dominates major revenue contributors.
Based On End User: The market is divided into the food processing industry, food service providers, and households. The household is the most preferred option.
Based On Distribution Channel: The market is divided into Supermarkets, Grocery stores, and Online. Supermarkets hold the highest share.
Based On Region: Based on Region, the market is segmented into five key geographical regions namely – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Plant-Based Egg Substitute Market: Regional Insights
The largest prominent region in this industry is North America where the demand for vegan food is on the rise in the USA due to numerous reasons which include health, environmental, economical, technological and changing consumption behaviours among other factors. The market of plant based food in the USA is currently one of the fastest growing food markets with numerous new companies and products appearing as well as a constant extension of the existing offers.
In Europe for plant-based egg substitutes varies greatly with a range of products that fit into different regional dietary intentions as well as gastronomic cultures across the continent. The development of this market in Europe is traced from the programs encouraging the environment-friendly food production and consumption and from the stringent norms governing food safety in this area.
Other region that is experiencing a growing market for plant-based egg substitutes are also due to the increasing number of people who are adopting vegetarian and vegan diets, including in countries in the Asia-Pacific region, including India and China. Various factors such as the growth in the number of consumers with high disposable income, growing urban population, rising awareness about animals and the environment, and others, lead to the consumption of plant-based alternatives in the region. However, some scholars have been able to note that the market of the Asian pacific countries have been developed and there is still scope for innovation and market extension.
Global Plant-Based Egg Substitute Market: Competitive Analysis
Orgran Foods, Terra Vegane, The Vegg, Nature’s Charm, Daiya Foods, JUST, Inc., Namaste Foods, Hampton Creek, Bake Good, Organ Egg Replacer.
Global Plant-Based Egg Substitute Market: Recent Developments
- Daiya Foods: March 14 2024 – Daiya, known for pioneering dairy-free cheese alternatives, has introduced a new line of Dairy-Free Cheese Shreds designed specifically for food service providers.
