Egg Substitute Market to Reach $3.07 Billion, Globally, by 2028 at 6.90% CAGR: Brandessence Market Research

LONDON, Oct. 17, 2022 /PRNewswire/ -- The Global Egg Substitute Market is anticipated to amplify at a CAGR of 6.90% over 2022-2028. The industry is further poised to reach a valuation of USD 3.07 Billion by 2028 from USD 1.92 billion in 2021.

Global Egg Substitute Market: Global size, trends, competitive, Historical & Forecast Analysis 2022 -2028: Rising allergenicity, more awareness about environmental sustainability and a movement in consumer preferences toward vegan diets are some of the major factors driving the growth of the global egg substitutes market.

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Egg Substitutes are referred to as edible products that can be used as alternatives for eggs. They are used in bakery products, mayonnaise, ice-cream, chocolates, and custard, among others. The most commonly used egg replacements are applesauce, chia seed, mashed banana, silken tofu, vinegar, yogurt, and aquafaba, among others. These egg alternatives are also enriched with various nutrients that help in reducing body cholesterol, thereby preventing several chronic disorders.

The rising trends of veganism, wide array of health benefits offered by egg substitutes, along with escalating demand for eggless bakery items are primarily augmenting the outlook of this market sphere.

Competitive Landscape

The Prominent Players Characterizing the Competitive terrain of this industry vertical are Ener-G Foods, Bob's Red Mill Natural Foods, Inc., Namaste Foods, LLC, Hodo, Inc., Just Inc., Simply Eggless, Inc., National Pasteurized Eggs, LLC, Yo Ho Food Products, L.L.C., Old Friends Holdings, LLC, The Aquafaba Company, LLC, ATLANTIC NATURAL FOODS, LLC, Healthy Food Brands Ltd, THE VEGG, Eggcitables, Happy Egg Co Farm, Nestlé, Britvic Soft Drinks Ltd., Yumello, Naturya, Windmill Oragnics, Wessanen UK, Pip & Nut, Sun & Seed, Kraft Foods Group Brands LLC, Thames Organic, Claire's Handmade.Ltd, Sainsbury's Supermarkets Ltd., Wm Morrison Supermarkets PLC, Corbion N.V., DuPont Nutrition & Health, Kerry Group, Florida Food Products, Glanbia Plc, MGP Ingredients, Archer Daniels Midland Company, Tate and Lyle and Ingredion Inc., Ingredion Incorporated, Cargill Inc., LLC Fiber star Inc., Puratos Corporation, and Others.

Furthermore, egg replacements are fat and cholesterol free in nature and decrease the possibility of heart diseases in consumers. This is adding momentum to the progression of this business vertical. Moreover, growing health consciousness of the masses, rising prevalence of egg-based allergies, and increasing R&D activities in the field are creating lucrative opportunities for the industry sphere to prosper.

Also, egg supply shortage in various nations, increasing geriatric population base, and rapidly changing lifestyle trends are stimulating the dynamics of global egg substitute market. On the flipside, high costs pertaining to these products and dearth of awareness regarding the advantages of egg replacements are hindering the remuneration scope of this industry.

Category-Wise Outlook

Which source segment is presently leading the business vertical?

The vegan eggs segment is growing substantially owing to the growing trends of veganism and their widespread availability across the globe.

Which is the fastest growing distribution segment in the global egg substitutes market?

The online stores segment has been expanding significantly over the assessment timeline. This is ascribed to the widespread internet proliferation, growing adoption of smart devices, and multiple benefits offered by e-commerce delivery channels such as doorstep delivery and lucrative discounts.

These players are extensively focusing on business expansion through the adoption of effective growth strategies. They are engaging in mergers & acquisitions, product launches, and strategies alliances, among others to enhance their remuneration scope.

Major Development

• In February 2022, Plant B announced the launch of its lupin-based liquid egg enriched with protein, fiber, amino acids, and minerals.

Global Egg Substitute Market Segmentation:

The Global Egg Substitute Market is Segmented based on Form, source, distribution channel, and region and country level. By product Form, the global egg substitute market is sub-segmented into Powder (solid), semisolid, and liquid. By Source, the global egg substitute market is sub-segmented into vegan eggs, apple sauce, black salt, egg substitute powder, chickpea flour, Tapioca starch, Nut butter, carbonated water, and others. By distribution channel, the global egg substitute market is segmented into Supermarkets & Hypermarkets, Online stores, Convenience Stores, Department stores, Cash and Carries & Warehouse Clubs, Food & Drinks specialists, Vending machines, On Trade, Others.

By Form:

• Powder (Solid)
• Semisolid
• Liquid

By Source:

• Vegan eggs
• Apple sauce
• Black salt
• Egg substitute powder
• Chickpea flour
• Tapioca starch
• Nut butter
• Carbonated water
• Others

By Distribution Channel:

• Online Stores
• Supermarkets & Hypermarkets
• Convenience Stores
• Department stores
• Cash and Carries & Warehouse Clubs
• Food & Drinks specialists
• Vending machines
• Others

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Market growth comparison pertaining to the historical years and forecast timeline of 2022-2028

The Global Egg Substitute Market has been witnessing notable gains over the stipulated time period of 2022-2028.

The widespread urbanization and industrialization have drastically changed the lifestyle of the masses. People have started adopted a highly sedentary lifestyle and unhealthy dietary habits. This has led to the occurrence of various chronic and lifestyle-based disorders. Since, egg substitutes are powered with various nutrients that are known to protect consumers against deadly chronic diseases, they are being adopted across various regions.

Moreover, increasing economic developmental activities has also resulted in the deterioration of environmental assets, thereby increasing pollution levels.

This has inculcated a sense of environmental awareness among people, thus refraining them from consuming animal-based products. Many individuals have adopted veganism as a step to prevent animal cruelty. These factors in turn have elevated the demand for egg substitutes.

Also, rising R&D activities in the field, growing consumption of vegan desserts, and surge in the elderly population base that is highly prone to chronic disorders are positively influencing the outlook of the global market.

The increase in the number of vegan restaurants and companies along with stringent environmental protection policies in several nations are aiding the expansion of the business vertical.

Region-wise Insights

What is North America's position in the Global Egg Substitute Market?

North America is presently leading the industry in terms of volume share and is reckoned to generate significant returns in the ensuing years. This is credited to the rising adoption of vegan lifestyle among the masses, increasing health and environmental consciousness, and growing disposable income levels.

Also, surging pervasiveness of chronic and lifestyle diseases, growing awareness on animal cruelty, and presence of leading players are further contributing to the growth of this regional market.

How is Europe faring in the industry?

The market in Europe has been witnessing robust momentum due to factors such as growing per capita income levels, rising popularity of vegan food, and increasing inclination of the masses toward nutrient dense diet.

On Special Requirement Egg Substitute Market Report is also available for below region:

North America

• U.S, Canada

Europe 

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America 

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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Related Reports:

• Global Dairy Alternatives Market is valued at USD 22.24 Billion in 2021 and expected to reach USD 50.73 Billion by 2028 with a CAGR of 12.30% over the forecast period.
• Global Plant Based Beverages Market is valued at USD 25.06 Billion in 2021 and expected to reach USD 67.62 Billion by 2028 with a CAGR of 14.32% over the forecast period.
• Plant Based Food Market is valued at USD 41.78 Billion in 2021 and is expected to reach USD 93.92 Billion by 2028 with a CAGR of 12.27% over the forecast period.
• The Vegan Cosmetics Market is valued at USD 15.93 Billion in 2021 and is expected to reach USD 24.76 Billion by 2028 with a CAGR of 6.5% over the forecast.

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