Market Research Future (MRFR) expects the egg replacers market 2020 to perform significantly during the evaluation period (2020 to 2023). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Egg Replacers Market Facts
The egg replacers market value is boosted by the increasing egg prices across the world. Egg replacers are cost effective and are therefore, witnessing a strong demand in the market. With consumers increasingly focusing on preventive healthcare has helped set the tone for market growth across nations. Egg shortage in the wake of increasing burden of influenza and bird flu could also bolster the preference for egg replacers in the following years. Egg replacers products, especially the plant-based ones, are experiencing robust demand as a rising number of flexitarian individuals are looking for alternatives to dairy products. Plant-based protein sources are highly preferred by the expanding vegan populace worldwide.
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Increasing cholesterol levels among consumers and the growing need to bring them down bodes well with the egg replacers industry. The key reason behind rising cholesterol levels among people could be the consumption of egg yolk, which is steering their preference towards egg replacers. Also, the burgeoning vegan population has been favorable for the global market, with a mounting number of firms mostly targeting this demography to boost their sales. Vegans generally look for food products such as egg replacers that have the same health benefits as eggs.
The egg replacers market growth is also induced by the fact that manufacturers are progressively commercializing eggs replacers, in view of egg and egg products facing multiple supply and demand issues. Also, frequent introduction of various specialty egg replacer products with diverse applications could favor the global market in the years ahead. For instance, in October 2020, Zero Egg, an Israeli startup, entered the US market by launching plant-based egg replacers for foodservice operators and CPG manufacturers. These egg replacers boast of robust taste, affordability and versatility and are a blend of various plant proteins, including potato, soy, chickpea and pea, while containing no cholesterol.
Some of the highly affluent Egg Replacers Market participants are Tate & Lyle PLC (U.K.), PURATOS (U.S.), Ingredion Incorporated (U.S.), E.I. Dupont De Nemours and Company (U.S.), Corbion (Netherlands), Arla Foods (Denmark), Archer Daniels Midland Company (U.S.), to name a few.
Raw material, form and application are the top segments considered in the MRFR report, to present a comprehensive outline of the global market.
Egg replacers market, in terms of raw material, covers starch, dairy protein, algal flour & yeast extracts, soy-based products, and others. Dairy proteins are in the lead, while it is anticipated that soy-based egg replacers can attain the highest growth rate owing to the heightened preference for vegan and gluten free food products.
Various forms studied in the market study are liquid, powder and more. Liquid-based egg replacers should secure the leading position in the global market, since these are easy to use and therefore, have applications in multiple food processes.
Sauces & spreads, savories & snacks, bakery & confectionery, and others are the prominent industry applications. Bakery & confectionery segment can claim the top position, as a result of the escalating preference for vegan products.
Global Egg Replacers Market is spread out in throughout region of North America, Europe, China and Asia Pacific.
North America currently stands as the market leader for egg replacers, by virtue of the high disposable income and the surging awareness level regarding the health issues associated with high cholesterol. Given the rising cases of cardiovascular disorders and the fast-burgeoning obese population, the North American market should advance at a commendable rate in the ensuing years. Another factor fostering the demand for egg replacer products in the region could be the recent avian flu outbreak and its debilitating impact on the poultry industry.
APAC could project the fastest growth over the conjectured period, with the savory and bakery industries emerging to be key end-users generating massive product demand. Rising heart disease and diabetes cases in the region are prompting consumers to opt for egg replacers, given their low cholesterol property. China should emerge as the most lucrative market in the region, thanks to the abundance of lower priced raw materials and cheap production costs. Lenient regulations also make APAC an ideal region for setting up of manufacturing units, which can be a huge opportunity for the top firms in subsequent years.
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