Global Egg Replacement Ingredients Market was valued at US$ 1,228.7 Mn in 2022 and is estimated to reach US$ 2,135.6 Mn by 2030, exhibiting a CAGR of 7.1 % during the forecast period (2023-2030). According to Global Egg Replacement Ingredients Market Report, By Ingredient (Starch, Milk Protein Formulation, Soy Products, Algal Flour, Proteins, Others), By Application(Chocolates, Biscuits & Cookies, Cakes/Pastries/Muffins/Bread, Mayonnaise, Noodles & Pasta), By End user (Commercial (Large Scale Food Manufacturers, Small Scale Food Manufacturers), Household), By Form (Liquid, powder), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) as highlighted in a new report published by Coherent Market Insights.
Egg Replacement Ingredients are a type of food product that is commonly used as an egg substitute in cooking. Many items are utilized as egg substitutes in meals, including plant-based dairies such as soy milk, dairy proteins such as whey and casein, and yeast. The majority of egg substitutes are made from starch, wheat gluten, and yeast extracts, or they are soy products. All of the aforementioned replacers' principal role is to add to and enhance the flavor of food. The forecast for the Egg Replacers Market is rather impressive, as the cost of eggs is rising, and replacer ingredients have a longer shelf life than eggs, making them more convenient to use
Drivers
- Rapid modernization in developing countries
Rapid modernization in developing countries such as India, China, Indonesia, and others is attributed to industry, which is attracting people from rural areas to the bustling metropolis. As a result, people's tastes and preferences are changing quickly, pulling them towards convenient solutions like egg replacers. According to research, approximately 481,980,332 Indians will be living in urban areas by 2020. When compared to the previous year, the figure has increased by 2.32%. Furthermore, the National Commission on Population (NCP) predicts that by 2036, more than 35-36% of Indians will be living in cities.
Market Opportunities
- Growing bakeries & cafes
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.
Market Restraints
- The taste of egg replacement ingredients is very acquired and distinct
Although egg replacers are more beneficial than harmful, a few challenges are anticipated to restrict the growth of the respective market. The taste of egg replacement ingredients is very acquired and distinct from that of the original egg, which may turn off many consumers. Furthermore, global inflation may stifle the growth of the aforementioned sector. According to the IMF, inflation might reach 6.9% by the end of 2021 because of rising demand and reduced supply following lockdowns.
Global Egg Replacement Ingredients Market- COVID-19 Impact
The COVID-19 pandemic had a negative impact on the development of the food and beverage industry. The demand and supply of eggs have been constantly disrupted as a result of COVID-19. Global trade has been interrupted, resulting in a lack of eggs. This has created an opportunity for the egg replacement sector, which will propel it forward. Also, because eggs are scarce, people may want to stockpile them, but eggs do not have a lengthy shelf life. Egg substitutes, on the other hand, have a longer shelf life than regular eggs. This will propel the market forward. As a result, we may conclude that COVID-19 has had a favorable impact on the egg replacement market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/egg-replacement-ingredients-market-3667
Key Takeaways
- On the basis of application, in 2022, mayonnaise accounted for the largest market share of 39 % in terms of revenue, followed by end user and form, respectively.
- Key players active in the Global Egg Replacement Ingredients market are Corbion NV, Glanbia Plc, Tate & Lyle Plc, Ingredion Incorporated, Ener-G Foods, Inc., Natural Products, Inc., Orchard Valley Foods, Puratos Group, Solazyme, Inc., and Archer Daniels Midland Company
- In November 2021, San Francisco-based food start-up Hampton Creek launched a new vegan egg substitute called “Just Scramble.” The company already avoids eggs use in its best-known product, Just Mayo, a vegan mayonnaise product, and in other Just food items, such as cookie dough
Recent Developments
- In July 2021, Japanese food tech Next Meats increased its selection of alternative proteins with the addition of the Next Egg 1.0 egg substitute. The 100% vegan replacement for eggs will soon arrive in Japan via B2B channels.
In 2021, Sweet Green Field, the leading stevia ingredients company was bought by the food and beverage business Tate & Kyle in the UK.
