Global Egg Replacers market trends 2024, Forecast To 2033
4 Mar, 2024
The egg replacers market has experienced strong growth, anticipated to rise from $1.37 billion in 2023 to$1.46 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. This growth is attributed to various factors such as rising egg prices, consumer concerns regarding health and sustainability, shortages in egg supply chains, dietary restrictions, and increased awareness of allergen-free products. Forecasts indicate continued strong growth, with the market projected to reach $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. This expansion will be fueled by the expansion of plant-based diets, the rise in veganism, advancements in protein alternatives, economic considerations in food production, and increased demand for egg-free baking. Major trends include technological innovations, clean label ingredients, advancements in food science, collaboration with culinary experts, and the rise of digital marketing and e-commerce.
Global Egg Replacers Market Key Driver
The egg replacers market is poised for growth, driven by the increasing adoption of vegan diets in developed economies. A vegan diet, comprising plant-based foods, has gained popularity due to its perceived health benefits and alignment with healthy lifestyles. Egg replacers, typically comprising plant-based ingredients, cater to the needs of individuals adhering to vegan diets. As indicated by a March 2022 online survey encompassing 930 Americans, approximately 10% of adults over the age of 18 identify as vegan or vegetarian. This trend reflects an increasing preference for plant-based diets, underscoring the growing demand for egg replacers in developed economies.
Get A Free Sample Of The Global Egg Replacers Market ReportGlobal Egg Replacers Market Segments
The global egg replacers market covered in this report is segmented –
1) By Ingredients: Dairy Proteins, Starch, Algal Flour, Soy-Based Products, Other Ingredients
2) By Form: Dry, Liquid
3) By Source: Plant-Based, Animal-Based
4) By Distribution Channel: Supermarkets, Convenience Stores, Online Platforms, Retail Stores
5) By Application: Bakery And Confectionery, Savories, Sauces, Dressings And Spreads, Other Applications
By Geography: The regions covered in the egg replacers market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
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.
Major Egg Replacers Industry Players
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., KMC Ingredients
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Egg Replacers Market Overview
The egg replacer refers to a commercial product designed specifically to replace eggs in baking or is also defined as an ingredient or combination of ingredients that work to mimic the action of eggs in a recipe. The egg replacers commonly cater to those customers who have an allergy to egg products.
Egg Replacers Global Market Report 2023 provides data on the global egg replacers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The egg replacers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.