Egg Substitutes Market - Forecast(2021 - 2026)
The global Egg Substitutes Market is estimated to surpass $1.1 billion by 2023, growing at an estimated rate of 6% during 2018 to 2023 majorly driven by the rising adoption of veganism and increased demand for products made without animal source materials. Outbreaks of flu and other diseases among the hen population are causing egg shortage, thus providing an opportunity for egg substitutes.
What are Egg-Substitutes?
Egg substitutes are the nourishments which can be utilized for replacing eggs in cooking and bakeries. These products are mostly preferred by vegans. Most of these substitutes are free from animal products and contain no cholesterol. These substitutes do not influence the taste and appearance of the end product. Owing to the extensive application of egg substitutes in the end products such as cakes, muffins, mayonnaise, chocolates, custard, ice cream, cookies and others, market is experiencing a noteworthy growth rate. In terms of nutritional values, egg substitutes are no less than eggs and moreover, egg substitutes are cholesterol free, gluten free with high amount of Vitamin A and B12 and others. Increasing awareness among consumers regarding nutritional values of egg substitutes is a key factor driving the market. The market is facing challenges owing to soaring prices of products in some regions, thus hindering the market growth.
This report incorporates an in-depth assessment of Egg Substitutes Market by form, type, application, distribution channel and geography. The market is segmented based on applications as well. The demand for egg substitutes in major applications such as bakery and confectionary, savories, dips, sauces, dressings and spreads and others are incorporated in the report.
The report includes analysis of the market by geography considering North America, Europe, Asia Pacific and Rest of the World for Egg Substitutes along with analysis of prominent countries across these regions. North America region evolved as the largest market for egg substitutes, owing to the wide outbreaks of flu in the U.S., and strong presence of veganism. Egg Substitutes Market in Europe is forecast to grow at a CAGR of 5.9% during the forecast period.
Market Research and Market Trends of Egg Substitutes Ecosystem
- Rising awareness among consumers regarding healthy eating habits coupled with changing lifestyles and increase in the adoption of a vegan diet is likely to be the major driving factor for the growth of global egg substitutes market.
- Egg shortage crisis due to avian influenza, growing demand for plant based ingredients and increased cost of eggs are some of the factors expected to fund the growth of the global egg substitutes market over the forecast period.
- Bakery and confectionery application is estimated to dominate the egg substitutes market owing to the numerous functional properties offered by egg substitutes such as better binding, emulsifications, foaming and flavor enhancement thus set to drive their demand in bakery and confectionery segment.
- Dairy protein segment is estimated to account for a revenue share of 29.6% in the global egg substitute market by the end of 2017 whereas the starch segment is anticipated to register CAGR of 5.2% in terms of value over the forecast period.
As per IndustryARC analysis, Europe is estimated to grow at a brisk CAGR of 6.5%,and the growth is majorly attributed to the growing players in the region and increasing consumption of plant-based ingredient food by consumers
Who are the Major Players in Egg Substitutes Market?
The companies referred in this market research report as major players include Cargill Inc., DuPont Nutrition & Health, Kerry Group, Glambia Plc., Tate and Lyle and Ingredion Inc.
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