PUBLISHER: The Business Research Company | PRODUCT CODE: 1425427
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425427
Egg Replacers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on egg replacers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for egg replacers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The egg replacers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Egg replacers are commercial products designed to substitute for eggs in baking, catering particularly to individuals with egg allergies. These products are formulated to mimic the functions of eggs in recipes.
The primary ingredients in egg replacers include dairy proteins, starch, algal flour, soy-based products, and others. Dairy proteins encompass milk proteins like alpha-lactalbumin, beta-lactoglobulin, bovine serum albumin, and various forms of casein. Egg replacers often use whey protein isolate (WPI) and whey protein concentrate (WPC) as alternatives to eggs, available in dry and liquid forms. These replacers are derived from both plant-based and animal-based sources. Egg replacers are distributed through supermarkets, convenience stores, online platforms, and retail stores, and find applications in various food products, including bakery and confectionery, savories, sauces, dressings, spreads, and more.
The egg replacers market research report is one of a series of new reports from The Business Research Company that provides egg replacers market statistics, including egg replacers industry global market size, regional shares, competitors with an egg replacers market share, detailed egg replacers market segments, market trends and opportunities, and any further data you may need to thrive in the egg replacers industry. This egg replacers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The egg replacers market size has grown strongly in recent years. It will grow from $1.37 billion in 2023 to $1.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to rising egg prices, growing consumer concerns, egg shortages and supply chain disruptions, dietary restrictions and allergies, sustainable and ethical consumption, functional properties of egg replacers, and consumer education on egg replacers.
The egg replacers market size is expected to see strong growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The projected growth in the forecast period can be attributed to the expanding adoption of plant-based diets, the continued rise in veganism, advancements in protein alternatives, economic considerations in food production, the increasing popularity of convenience foods, the demand for egg-free baking options, and improvements in flavor and texture mimicry. Key trends expected in this period include technological innovations in food production, the use of clean label ingredients, advancements in food science, collaborations with culinary experts to enhance product development, and an increased focus on digital marketing and e-commerce strategies within the industry.
The egg replacers market is set to experience significant growth, propelled by the increasing adoption of vegan diets in developed economies. Vegan diets, centered around plant-based foods and ingredients, are gaining popularity due to their perceived health benefits and alignment with healthy lifestyles. Egg replacers, often comprising plant-based ingredients, cater to the needs of individuals adhering to vegan diets. A survey covering 930 Americans revealed that approximately 10% of individuals over 18 consider themselves vegan or vegetarian. With a growing preference for plant-based diets, the adoption of egg replacers is expected to surge, driving market expansion.
The egg replacers market is anticipated to witness substantial growth due to the increasing prevalence of food allergies. Food allergies, characterized by abnormal immune responses to specific proteins, are a significant concern. Egg replacers play a crucial role in addressing egg allergies by offering alternative ingredients that mimic the functional properties of eggs. Statistics from the Centers for Disease Control and Prevention indicate that about 31.8% of adults in the United States had seasonal allergies, eczema, or food allergies in 2021. This rise in the number of people with food allergies is a key factor driving the demand for egg replacers.
Product innovations emerge as a prominent trend shaping the egg replacers market. Major companies in the industry are focusing on developing innovative egg replacers that cater to diverse consumer preferences and needs. These innovations include clean-label egg substitutes, organic products, and unique ingredients. An illustrative example is Plant B, a Germany-based producer, launching the world's only lupin-based liquid egg product. This vegan egg alternative mimics the functionality and structure of traditional eggs while offering nutritional benefits and calorie savings. The emphasis on product innovation allows companies to differentiate themselves and meet the evolving demands of consumers.
Major players in the egg replacers market, such as Ardent Mills, are strategically innovating to maintain a competitive edge. Ardent Mills introduced the Ardent Mills Egg Replace, a 1:1 replacement for dried and liquid whole eggs. This product is designed to provide long-term cost efficiency and supply stability in various bakery applications. With four ingredients, gluten-free and vegan attributes, Ardent Mills Egg Replace stands out as a versatile and cost-effective egg alternative. This strategic product innovation positions companies like Ardent Mills to meet market demands and secure a competitive advantage in the dynamic egg replacers market.
In February 2022, Upfield Holdings BV, a Netherlands-based food company, successfully acquired a minority stake in Alternative Foods London Limited for an undisclosed sum. This strategic investment positions Upfield to diversify its product offerings into the plant-based protein segment, aligning with the growing demand for alternative food choices. Alternative Foods London Limited, based in the UK, specializes in plant-based egg alternatives and sweet treats, making it a valuable addition to Upfield's portfolio.
Major companies operating in the egg replacers market report are Cargill Incorporated, Archer Daniels Midland Company, Arla Foods Ingredients Group P/S, DuPont de Nemours Inc., Kerry Group plc., Ingredion Inc., Glanbia Plc., Tate & Lyle Plc., Puratos corporation, MGP Ingredients Inc., Fiberstar Inc., Florida Food Products LLC, All American Foods Inc., Orgran Health & Nutrition, Ener-G Foods, Wacker Chemie AG, E.I. du Pont de Nemours and Company, Follow Your Heart, Hampton Creek Foods Inc., Terra Vegane, The Neat Company, Bob's Red Mill Natural Foods Inc., Dr. Oetker GmbH, Pinnacle Foods Group LLC, Hodgson Mill Inc., Edward & Sons Trading Co. Inc., Namaste Foods LLC, Enjoy Life Foods, Daiya Foods Inc., and KMC Ingredients.
North America was the largest region in the egg replacers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the egg replacers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the egg replacers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The egg replacers market consists of sales of egg replacers made from tofu, banana, nuts, yogurt, flaxseeds, chia seeds, and chickpeas. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.