Egg Replacers Market Size Forecast to Reach $1.62 Billion by 2027

Egg Replacers Market Size Forecast to Reach $1.62 Billion by 2027
Egg Replacers Market | IndustryARC
The outlook for the egg replacers market is quite astonishing as the cost of the eggs is proliferating, and replacer ingredients exhibit longer shelf life as compared to eggs which makes them more opportune to use

Egg Replacers Market size is estimated to reach $1.62 billion by 2027, growing at a CAGR of 5.47% during the forecast period 2022-2027. Egg replacers belong to a category of food products that are widely used as an alternative to eggs in culinary. There are many foodstuffs used as a replacement of eggs in food such as plant-based dairy such as soya milk, dairy proteins like whey and casein, yeast. The majority of egg replacers are fabricated from starch, wheat gluten, and yeast extracts or are soy products. The primary function of all these aforementioned replacers is to add and enhance the flavor of food. The outlook for the egg replacers market is quite astonishing as the cost of the eggs is proliferating, and replacer ingredients exhibit longer shelf life as compared to eggs which makes them more opportune to use. The soaring trend of veganism, and augmenting prices of eggs are factors set to drive the growth of the Egg Replacers Industry for the period 2022-2027.

Egg Replacers Market Segment Analysis – By Ingredients

The Egg Replacers Market based on ingredients can be further segmented into Calcium Lactate, Modified cellulose, Dairy Proteins (whey, casein), Soya products, Yeast extracts, Wheat gluten. The dairy protein segment held the largest share in 2021. The growth is owing to the rising demand for dairy proteins such as whey and casein as egg replacers. Furthermore, dairy protein is rich in nutrients that extend amino acids which are necessary to preserve muscle mass. Besides its calcium and phosphorous-rich nature thwart many bone abnormalities and osteoporosis. Osteoporosis affects 17% of Mexican women while also affecting 9% of Mexican men above the age of 50. Similarly, the dairy protein segment is estimated to be the fastest-growing with a CAGR of 6.1% over the forecast period 2022-2027. This growth is owing to factors such as widespread application in various beverages, confectioneries, and desserts as an emulsion stabilizer that promotes suspension between liquids and foaming agents.

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Egg Replacers Market Segment Analysis – By Distribution Channel

The Egg Replacers Market based on distribution channel can be further segmented into Supermarkets, Convenience Stores, Online platforms, Retail stores. The supermarkets’ segment is held the largest share in 2021. The growth is owing to a rise in Supermarket/Hypermarkets channels all over the world. According to a report around 42000 to 45000 supermarkets outlets are present in the US in 2021. Likewise, the number is expected to boost as the Biden administration got the Senate approval for its $ 1 trillion infrastructure rebuilding plan. On another hand, supermarkets extend options of convenient and comfortable shopping which saves the time of consumers. Sweeping increase in urbanization, migration of people from pastoral to urban areas for a better lifestyle. Moreover, the supermarket and hypermarket segment are estimated to be the fastest-growing segment with a CAGR of 6.3% over the forecast period 2022-2027. This growth is owing to soaring spending on infrastructure building. The Indian government recently announced that it will spend a total sum of $1.4 trillion to improve infrastructure across the nation. On another hand, augmenting competition in the retail sector is driving the overall market growth as activities of mergers and acquisitions have been soared to gain a competitive edge over the competitors.

Egg Replacers Market Segment Analysis – By Geography

The Egg Replacers Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 37% of the overall market in 2021. The growth in this segment is owing to the factors such as breakthroughs in food processing technologies. On another hand, Due to high purchasing power, a greater number of consumers are adopting vegan principles. A study shows that there are more than 500,000 people who adopted veganism in 2021 which is 25% more than 2020. However, the Asia-Pacific is expected to offer lucrative growth opportunities over the forecast period 2022-2027. This growth is owing to the rising demand for nutrition as chronic illnesses are prevailing throughout the continent. The cost of the eggs is soaring slightly, and putting weight on the consumer’s pocket. Therefore, people are adopting cheaper and more convenient options available. On another hand, with expanding modernization in Asian countries people’s tastes and preferences are witnessing a change ascribing to western influence.

Egg Replacers Market Drivers

Elevating the vegan population is Anticipated to Boost Product Demand.

The faction of the vegan population around the world is accruing. Around 8% that is approximately 79 million people out of the total world population is estimated to be vegan as of 2021. The number has witnessed a slight increase as compared to 2020 as there were around 71-74 million vegans’ previous year. Furthermore, the far-reaching campaigns run by animal welfare organizations like People for Ethical Treatment of Animals (PETA) are anticipated to shoot up the market growth.

Molding taste and preferences, several benefits besides health is Expected to Boost Product Demand.

Swift modernization in developing countries like India, China, Indonesia, etc. ascribing to industrialization gravitating people from pastoral areas to happening cities. Therefore, taste and preferences are changing at a quick pace, and gravitating people toward convenient options like egg replacers. According to a report, around 481,980,332 number of Indians were living in urban areas in 2020. The number has soared by 2.32% compared to the previous year. Moreover, the projection of the National Commission on Population (NCP) claims that over 35-36%of Indians will be habituating in cities as of 2036.

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Egg Replacers Market Challenges

Unusual taste and heightening inflation post-COVID-19 is Anticipated to Hamper Market Growth.

Egg replacers have more useful than harmful but still, there are a few factors that are anticipated to strangle the growth of the respective market. The tase of egg replacers is rather acquired and different from the actual egg which may turn many consumers aversive toward it. Besides, broadening inflation around the globe can strangle the growth of the aforementioned market. According to IMF inflation may rise to 6.9% by the end of 2021 ascribing to surging demand and lower supply after lockdowns.

Egg Replacers Market Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Egg Replacers Market. The top-10 egg-replacers market companies are-

Corbion N.V

Tate & Lyle

Kerry Group

Dupont de Nemours and Company

MGP Ingredients

Arla Foods

Ingredion Incorporated

Glanbia Plc

Archer-Daniels-Midland Company

Puratos Corporation

Recent Developments

December 1, 2021, the United Kingdom-based food and beverage company Tate & Kyle which is headquartered in London has acquired leading stevia ingredients corporation “Sweet Green fields” which is based in Bellingham, Washington. Tate & Kyle commenced its partnership with a Washington-based leaf extract firm back in 2017 and with the acquisition of 15% shares in 2018.

July 28, 2021, Canada-based plant food company Nabati Foods has made pure vegan eggs by making use of lupin beans the yellow-colored legume seeds consumed as snack food in Latin America. The eggs are named “Nabati Plant Eggz.” The company is also filing patents for its newly fabricated product in three different countries US, Canada, and Australia. The product also includes high levels of protein, fiber, vitamin B12, vitamin e, and Vitamin A. Additionally, the said product would be free from soy-gluten, which allows itself to position differently than the counter products.

April 19, 2021, with a goal to expand its business and make a presence all around the globe within the next 5 years Mumbai-based egg replacer company Evo Foods has raised Rs 6.2 crores in the first round of funding that is Pre-Seed funding. Major investors are the founder of “Beach House Group” Shaun Neff, Anil Advani (founder of Inventus Law), Sweden’s Kale United, etc.

Key Takeaways

Geographically, the North America Egg Replacers Market accounted for the highest revenue share in 2021. However, Asia-Pacific is poised to dominate the market over the period 2022-2027.

Accruing the vegan population and changing the taste and preferences of people are said to be preeminent drivers driving the growth of the Egg Replacers Market. Furthermore, lower nutrition complication is said to reduce market growth.

Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Egg Replacers Market report.

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