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Aquafaba Market by Form (Liquid and Power) Liquid Aquafaba Market is expected to grow at a CAGR of 13.1% from 2023 to 2033.
Newly-released Aquafaba Market analysis report by Persistence Market Research reveals that global sales of Aquafaba in 2022 were held at US$ 38.8 Million. With 13.2% projected growth from 2023 to 2033, the market is expected to reach a valuation of US$ 224 Million by the end of the forecast period. Liquid aquafaba is expected to be the highest revenue-generating type, which is projected to grow at a CAGR of over 13.1% from 2023 to 2033.
| Attributes | Details |
|---|---|
| Aquafaba Market Size (2023) | US$ 65 Million |
| Aquafaba Market Size (2033) | US$ 224 Million |
| Aquafaba Market CAGR (2023 to 2033) | 13.2% |
| U.S. Aquafaba Market CAGR (2023 to 2033) | 12% |
| Key Companies Covered |
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As per the research of Aquafaba Market by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of the Aquafaba Market increased at around 68.2% CAGR. With an absolute dollar opportunity of US$ 159 Million, the market is projected to reach a valuation of US$ 224 Million by 2033.
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Get a Customized VersionThe key drivers influencing Aquafaba Markets are its growing uses as a plant-based, vegan, and gluten-free substitute for eggs and its applications in making pancakes, waffles, and various bakery desserts.
People are following the vegan trend globally with increased awareness about climate change, the health benefits of plant-based diets, and cruelty-free trends. For instance, in 2022, the sign-ups for the Veganuary campaign, where people from around the world signed up for a vegan diet in January were around 629 thousand which grew by 47 thousand registrations from the previous year. This significant growth in the consumer’s preference towards veganism is likely to influence them toward aquafaba as a vegan alternative to eggs.
Covid-19 has significantly influenced consumer buying habits with an inclination toward healthier, organic, and vegan food products. For instance, in 2021 vegan foods market generated revenue of around US$ 16 billion. In the same year, the sales of organic foods in the U.S. went up to US$ 58 Billion accounting for 4% of total food sales. These growing trends in the market are anticipated to gain the demand for organic and vegan aquafaba as an egg substitute.
Egg allergies are among the most typical food allergies all over the world. It was noted that between 0.5% and 2.5% of children have an egg allergy. Its prevalence is notably high in Australia, as parents make water beans a choice for egg replacement in desserts to avoid health complications due to eggs in children.
In 2020, global sales of plant-based dairy and meat totaled over US$29 billion and are expected to continue to grow. With the increase in plant-bas popularity, more people are adopting a plant alternative to eggs.
The companies marketing aquafaba are featuring its uses in various recipes and influencing public opinion about the environment by launching websites. By way of example, UK-based OGGS says that a 1-liter carton of the aquafaba saves 20 eggs and over 20kg of CO2 emission.
North America is a prominent market for Aquafaba with a market size of US$ 15.4 Million in 2022. It is projected that North America will have a market worth US$ 88.9 Million by 2033.
In 2022, the number of people in the U.S. following a vegan diet went up to 3.6% with significant growth from 0.4% in 2020. In the same year, it was estimated that around 5% of the population was vegetarian with the number rising up to 15.5 million.
The egg consumption per capita in the U.S. was over 288 eggs in 2022. As eggs are one of the most common ingredients in the most popular desserts in the U.S. like pancakes, waffles, meringues, and many more. The need to substitute eggs in these recipes is essential for the vegan population. This can influence the demand for aquafaba as it is an excellent substitute for eggs for these recipes.
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United States Aquafaba Market Analysis:
The United States market is expected to grow to be worth US$ 69.4 Million with an absolute dollar growth of US$ 47 Million from 2023 to 2033. The market in the United States has grown at a CAGR of 65.8% from 2018 to 2022 and is expected to grow at a CAGR of 12% from the year 2023 to 2033.
In 2021, according to U.S. retail data plant-based food sales grew by 6% with an estimated revenue of US$ 7.4 Billion. Veganism is also significantly catching on with around 2 million Americans being vegan in 2021. This growing preference of Americans towards vegan and plant-based foods is expected to gain demand for aquafaba in the market.
United Kingdom Aquafaba Market Analysis:
The United Kingdom market is expected to grow to be worth US$ 12 Million with an absolute dollar growth of US$ 8.2 Million. The market in the United Kingdom has grown at a CAGR of 66.3% from 2018 to 2022 and is expected to grow at a CAGR of 12.3% from 2023 to 2033.
The U.K. is prominent in terms of allergies, around 20% of the population is affected by some form of allergy. Food allergies are most common with around 1-10% of adults and children affected by them. Egg allergy is a significant health concern in children with a prevalence of 1 in 20 children developing egg allergy. As eggs are widely used in many food products, the demand for egg substitutes is likely to gain demand.
In 2021, when the Veganuary campaign hit a record-breaking high with 500K registrations 125K of them were based in the UK. The poll by YouGov also estimated that around 4% of participants were hoping to participate in the Veganuary campaign in 2022. This accounts for estimated 2.7 million registers in 2022.
The U.K. is famous for its bakery products globally and its bakery industry is worth US$ 11.5 billion. As eggs are one of the prominent ingredients in bakery products their vegan substitutes are likely to gain demand with growing veganism in the UK, as aquafaba is used in several bakery products such as meringues, cookies, cupcakes, and various staple desserts.
China Aquafaba Market Analysis:
The market in China is expected to grow to be worth US$ 19.4 Million with an absolute dollar growth of US$ 14.3 Million from 2023 to 2033. The market has grown at a CAGR of 70.5% from 2018 to 2022 and is expected to grow at a CAGR of 14.2% from the year 2023 to 2033.
In 2022, it was estimated that 5% of China’s population was vegan and the plant-based protein market held at US$ 1.4 billion. This is associated with growing urbanization and economic growth and the awareness about the health benefits of a plant-based diet.
China has been also working towards decreasing carbon emissions due to the livestock industry. The government is taking initiatives to promote a vegan diet for Chinese consumers and encouraging them to eat less meat. This is likely to increase the vegan population in china creating a market opportunity for aquafaba.
Japan Aquafaba Market Analysis:
Japan's Aquafaba Market is expected to grow to be worth US$ 16.4 Million with an absolute dollar growth of US$ 11.4 Million from 2023 to 2033. The market in the country has grown at a CAGR of 67% from 2018 to 2022 and is expected to grow at a CAGR of 12.6% from 2023 to 2033.
According to a study, it was estimated that around US$ 2.5 million people in Japan transitioned towards vegan food in 2019 accounting for 2.1% of the total population with numbers being doubled since 2017. This significant adaption to veganism in Japan has also resulted in the growth of the plant-based food market, for instance, the market for plant-based food in Japan was worth US$ 135.6 million in 2019, which increase to become US$ 229 million in 2021. This general trend of veganism and plant-based food in Japan is expected to gain demand for vegan substitutes for eggs in various vegan recipes creating growth opportunities for aquafaba.
Which Type of Aquafaba Market is Projected to Witness Significant Growth?
Liquid aquafaba is projected to witness significant growth with a CAGR of 67.5% from 2018 to 2022 and is expected to grow at a CAGR of 13.1% from 2023 to 2033.
Liquid aquafaba has the consistency of egg whites, which makes them the perfect egg white substitute. They can easily be whipped to be used for desserts, such as meringues, and used in pancakes and cupcakes. This convenience of use is likely to gain demand for aquafaba liquid in the market.
Key players in the Aquafaba Market are Haden's Aquafaba, Vor Foods, Chickplease, OGGS (Alternative Foods), SOS Chefs, Saheli, and Elmhurst
The companies offering aquafaba in powder and liquid forms are working together for sustainable development by minimizing carbon footprints.
Some of the recent developments in the Aquafaba Market are:
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The global market size is estimated to be valued at US$ 65 Million in 2023.
The market was reported at US$ 38.8 Million in 2022.
The market is expected to reach a valuation of US$ 224 Million in 2033.
The market registered a CAGR of 68.2% over the last 4 years.
The market is projected to witness a CAGR of 13.2% from 2023 to 2033.
Liquid aquafaba is projected to witness significant demand from 2023 to 2033 with expected growth at a CAGR of 13.1% by 2033.
Online sales of Aquafaba are projected to witness significant demand and are expected to grow at a CAGR of 13%.
The United States is projected to witness a market size of US$ 69.4 Million and is expected to grow at a 12% CAGR till 2033.
Key players in the Aquafaba Market are Haden's Aquafaba, Vor Foods, Chickplease, OGGS, SOS Chefs, Saheli and Elmhurst
