CHICAGO, July 25, 2024 /PRNewswire/ -- The global egg replacers market is estimated at USD 2.3 billion in 2024 and is projected to reach USD 3.3 billion by 2029, at a CAGR of 8.0% from 2024 to 2029 according to a report published by MarketsandMarkets.
Here are some of the key reasons that contribute to the great demand for egg replacers. According to the Food Allergen Labeling and Consumer Protection Act, egg is one of the eight major food allergens required to be declared on labels. This is very important, as it is estimated that 0.5 - 2.5% of young children are affected by an egg allergy, which can cause very mild rashes at best or very serious anaphylaxis at worst. The presence of eggs in food products deters consumers seeking allergen-free options, as often just one family member with an allergy leads an entire family to follow a restricted diet. In correspondence with the trend gaining ground, there seems to be a great deal of awareness towards flexitarian diets and sustainable eating, all of which has been a major reason for boosting the demand for plant-based alternatives to meat, egg, and dairy products. These have exponentially enhanced the market for egg replacers across a wide spectrum of food applications and categories.
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By form, the dry segment is estimated to hold the largest market share during the forecast period.
This is because dry egg substitutes have a number of benefits that attract both manufacturers and customers. They are useful and also affordable because they have a longer lifespan, simple to store and transport, and moreover there is no need to be refrigerated. Dry egg replacements are very easy to work with and incorporate into a variety of recipes by simply adding water, so they may still be used in baking and cooking applications. The previously mentioned benefits create dry egg substitutes a favored option in the food processing sector, driving their significant expansion and dominance.
By source, plant source is estimated to grow at the highest CAGR during the forecast period.
One of the key drivers is the rising health and sustainability awareness on the part of consumers, with millions of people turning to plant-based diets daily in order to make a lesser impact on the environment and for all-around healthier lives. Second, plant-based egg replacers target many different dietary needs, from vegan to vegetarian and even those with an allergy to eggs, further broadening their market appeal. This demand is also being driven by the trend of clean labeling, through which consumers move toward products with simple and recognizable ingredients, and plant-based options are viewed as healthier with more of a natural feel. Advancements in food technology have significantly improved the taste, texture, and functionality of plant-based egg replacers, hence making the option considerably more attractive both for the consumer and the manufacturer. Of late, the trends-flexitarian diets, in particular-are gaining huge popularity among people who try as much as possible to reduce their consumption of meat and animal products without going into complete avoidance. And this forebodes an upsurge in the demand for plant-based alternatives.
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By ingredient, the starch segment is estimated to hold second position in terms of market share in the egg replacers market versatile functional properties and widespread availability.
Starches, derived from corn, potato, and tapioca, among others, are excellent at replicating binding, thickening, and gelling properties of the egg in a broad spectrum of food applications, thus potentially replacing them in such a wide array of foods as bakery, sauce, and dressings. Not only that, but starches are also considerably inexpensive as compared to other egg replacer ingredients; hence, they become quite appealing to any manufacturer who wants to curtail the cost of production without jeopardizing quality. Having a neutral taste by themselves ensures that they do not alter the flavor profile of the final product, and this forms a huge advantage to maintain the desired taste of various foodstuffs. The starch-based egg replacers have also benefited from this battleground of growing demand for clean-label products, as most customers viewed these ingredients as natural and wholesome. Along with the continuous development of food processing technology, functionality, and performance of starches as egg replacers definitely increase, thus helping to strengthen their market position.
The egg replacers market in the Asia pacific region is expected to grow constantly during the forecast period.
The increasing urbanization in the Asia Pacific region and the rising middle-class population with higher disposable incomes boosts the consumption of convenience foods and bakery products where egg replacers are majorly consumed. The food industry push for sustainable and ethical sourcing is a major driver because like manufacturers, consumers also look to reduce the environmental impact associated with traditional egg production. Innovations in food technology have helped to develop egg replacers with the closest functional properties of eggs, such as binding, emulsification, and leavening, without any detrimental effect on taste or texture. A favorable regulatory regime that encourages government initiatives for betterment in food safety and quality standards indeed is encouraging for the adoption of egg replacers across the region. With multinational companies expanding further and increasing their presence, as well as domestic players entering the market, the competitive landscape also becomes dynamic enough to further give a boost to the growth in the market.
Key players in the egg replacers market are Cargill, Incorporated (US), ADM (US), Kerry Group plc (Ireland), Ingredion (US), Tate & Lyle (UK), Puratos (Belgium), Corbion (Netherlands), Arla Foods Ingredients Group (Denmark), Glanbia plc (Ireland), Dupont (US), MGP Ingredients (US), Danone (France), Fiberstar, Inc (US), J&K Ingredients (US), and AAK Foods (Sweden).
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