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Market Overview:
The Egg Substitute Market is projected to reach $5.2 billion by 2030, growing at a CAGR of 10.4% from 2024 to 2030, according to a recent report published by IndustryARC, titled, “Egg Substitute Market - By Type (Plant-Based, Starch-Based, Algae-Based, Others), By Application (Bakery & Confectionery, Processed Foods, Dairy & Frozen Desserts, Others), By Distribution Channel (Offline and Online), By Geography - Opportunity Analysis & Industry Forecast, 2024-2030.”
As consumers increasingly prioritize health-conscious and sustainable dietary choices, the demand for egg substitutes has surged in recent years. The market is driven by rising awareness of the benefits of plant-based and allergy-friendly foods, with egg substitutes offering alternatives to traditional animal-based egg products. Innovations in egg replacement products such as plant-based proteins, algae-based solutions, and microbial fermentation are propelling the growth of this market. Moreover, the growing demand for vegan and gluten-free foods is expected to continue boosting the market over the next decade
North America Dominated the Market in 2024:
North America held the largest market share in 2024 in the Egg Substitute Market driven by the growing vegan population and increasing health consciousness. The region has witnessed a surge in demand for plant-based and allergen-free foods, supported by strong distribution networks and innovative product launches. Companies in the U.S. and Canada are focusing on expanding their product portfolios and increasing consumer awareness, which is expected to sustain the market's growth in the region. In June 2024, Protein Industries Canada, in collaboration with partners like Roquette and Prairie Fava, launched a $24.5 million project to advance plant-based food innovation. The initiative focuses on developing new ingredients and food products, enhancing process efficiencies, and exploring new market opportunities, thereby strengthening Canada's position in the plant-based sector.
Egg Substitute Market: Key Takeaways
Growing Demand for Plant-Based Alternatives
The growing demand for plant-based alternatives is driving the egg substitute market. Consumers are increasingly seeking plant-based foods due to health concerns, ethical reasons, and environmental awareness. Products derived from sources such as soy, mung beans, and chickpeas are gaining popularity due to their similar texture and nutritional profile to eggs. Companies like JUST Inc. have developed plant-based egg substitutes that mimic the taste and functionality of traditional eggs, catering to the rising demand for vegan and allergen-free food options. This trend is bolstered by the rising number of health-conscious consumers and the growing awareness of the environmental benefits of plant-based diets. In August 2023, UNLIMEAT partnered with JUST Egg to introduce various plant-based egg products, expanding their offerings in the alternative protein market.
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The Need for Egg Substitutes in the Baking Industry:
The baking industry is one of the largest consumers of egg substitutes, as eggs are commonly used in baked goods for texture, structure, and flavor. The rise in demand for vegan, dairy-free, and allergen-free options has resulted in an increased focus on egg replacement products for cakes, muffins, cookies, and other baked items. These substitutes are particularly important in the production of vegan and gluten-free pastries, where traditional eggs are not an option. Egg substitutes used in baking are designed to replicate the binding and leavening properties of eggs, often utilizing plant-based proteins and gums. As the demand for health-conscious and allergen-free products rises, the use of egg substitutes in the baking industry is expected to continue to grow, presenting significant opportunities for market expansion. In October 2022, AcreMade introduced a plant-based egg substitute derived from yellow field peas. This shelf-stable powder is designed for both baking and scrambling applications, offering a versatile alternative to traditional eggs.
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Recent Developments in the Market
• In June 2024, Awevo Foods, a Spanish plant-based egg startup based in Madrid, launched its first product the Awevo liquid eggs, made from potato protein, in 400 and 1000 ml formats.
• In May 2023, Zero Egg, an innovative plant-based egg startup, announced a new partnership with Plantega, a New York City-based startup on a mission to make plant-based food accessible everywhere through a plant-based deli in-store model.
Egg Substitute Market: Competitive Landscape
Key companies profiled in the Egg Substitute Market are Eat Just, Inc., Yo Egg, The EVERY Company, The Vegg New York, LLC, OGGS, Ener-G Foods, Bob’s Red Mill Natural Foods, Inc., Roma Food Products, EVO Foods, Lovely Day Foods GmbH and Others.
Related Reports:
Global Milk Substitutes Market- The Global Milk Substitutes Market size is estimated to reach $36.6 billion by 2027. Furthermore, it is poised to grow at a CAGR of 11.2% over the forecast period of 2022-2027. Milk substitutes are foods and drinks that can be used in place of dairy.
Vegan Food Market- The Vegan Food Market is anticipated to attain a market value of $54.8 billion by the year 2030, exhibiting a steady compound annual growth rate CAGR of 8% during the forecast period spanning from 2023 to 2030.
Vegan Wine Market - Vegan Wine Market size is estimated to reach $5 billion by 2030, growing at a CAGR of 9.8% during the forecast period 2024-2030. Health consciousness among consumers, Environmental concerns, including climate change and sustainable living are propelling the Vegan Wine Market growth.
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