Market Challenges And Opportunities

Global Egg Replacement Ingredients Market: Market Restraints

Taste of Egg replacement ingredients

Egg replacement ingredients do not deliver the same taste as an egg does is projected to hamper the market growth of egg replacement ingredients. Moreover, these ingredients do not provide the color, same lift, and mouth feel. Hence, the issue associated with the taste and the flavor is expected to hinder the market growth of egg replacement ingredients.

Egg substitutes are less functional and have high final product costs

Global Egg Replacement Ingredients Market - Impact of Coronavirus (COVID-19) Pandemic

Prior to the pandemic COVID-19 outbreak, consumers were gradually shifting toward healthier food alternatives such as plant-based egg alternatives and other similar ingredients. The outbreak of the COVID-19 pandemic encouraged consumers to include healthy food products, such as plant-based, in their diet. As a result, sales of plant-based products increased significantly during the pandemic. Several companies took advantage of the situation and created new products to meet the growing demand for healthy products.

Global Egg Replacement Ingredients Market: Growth Drivers

Rising demand for plant-based ingredients

Around the world, more and more flexitarian consumers are looking for alternatives to dairy products. Plant-based proteins are the first choice of the vegan population. The growing demand for egg replacers led to the use of Potato isolate protein that has nearly similar gel strength to an egg. Manufacturers have also come up with soy-based egg replacement systems, which tend to be hydrophilic, even more so than eggs. Thus, the required quantity of these replacers over eggs is lesser for yielding the same properties. This is a major factor driving the growth of the global Egg Replacement Ingredients market.

Low availability of eggs

Furthermore, Due to the low availability of eggs, the world market for egg replacers is expected to grow rapidly in the coming years. The growing demand for vegetable ingredients and high egg prices are other factors that are expected to drive the global market for egg replacement ingredients during the estimated period. Egg replacement ingredients promote a decrease in egg content without affecting the appearance and taste of food. Such egg substitutes are prepared using various ingredients, such as modified food starch, milk, and the like. As consumers changed their preferences for egg replacers, manufacturers began to produce egg substitutes. Global egg manufacturers face several problems related to egg production, including handling and storage, allergen separation and cleaning, price, and sustainability. Egg replacers provide better functionality than eggs with no related issues, which could be a better opportunity for egg replacement manufacturers in the future. However, the introduction of a variety of egg replacement products, vegan products, especially in emerging economies, can create huge profit opportunities for players in the target market

Global Egg Replacement Ingredients Market: Market Opportunities

Growth in a number of vegan populations around the globe

Growth in a number of vegan populations around the globe is projected to propel the market growth of egg replacement ingredients. In 2018, the U.K. launched more vegan products than any nation. According to the Vegan Society, the demand for meat-free food in the UK increased by 987% in 2017, and going vegan was predicted to be the biggest food trend in 2018. Moreover, the U.K. plant-based market was worth £443m in 2018.

Growing bakeries & cafes are expected to create huge demand for eggless cakes

Growing bakeries & cafes are expected to create huge demand for eggless cakes which in turn propel the market growth of egg replacement ingredients. According to the University of British Columbia (UBC), the Canadian bakery product market is expected to grow at a compound annualized rate of 3.4% from 2018-2022. Moreover, bread sales accounted for the largest portion of baked goods sales each year. In 2017, bread sales accounted for $3.5 billion (US$), or almost 63% of total sales that year.