Egg Replacements Market: Market Outlook
Eggs are used for baking and are considered to be healthy. However, some consumers avoid eggs for various reasons. Allergic to egg and preference for a vegan diet are the two most common reasons for which eggs are avoided. Egg replacers are the food products which can eliminate the use of egg in cooking and baking. There are plenty of egg replacements available that make it easy for vegan consumers to stick to their wish to avoid eggs. Some of the common egg replacements may include soy-based products, starch, and yeast extracts.
Consumers following a vegan diet always tend to prefer plant-based products due to various health benefits and ethical reasons. One of the main reasons for the growth of the egg replacements market is the high level of cholesterol content in the whole egg. An increase in trends like veganism and clean-label trend and owing to the rising prices of fresh eggs has led to the development of the egg replacements market. Egg replacements can provide consumers with the same nutrients as an egg but they fail to provide the consumers with the taste they expect. This can prove to be a restraining factor for the egg replacements market.
Egg Replacements Market: Market Dynamics
Variety in products to drive the egg replacements market
Manufacturers are continuously working towards the taste that is best suited for their consumers. They are concentrating on the unique characteristics of egg replacements such as texture, taste, flavor, and others to attract consumers. The tailor-made solutions will enable them to produce egg replacements that appeal directly to the target market. The different egg replacements such as sweetened applesauce, mashed banana, silken tofu, and others are expected to drive the egg replacements market.
Adaption of veganism to drive the egg replacements market.
One of the most prominent factors leading to the growth of the egg replacements market is the adaptation of vegan bakery products. Consumers across the globe are demanding for a plant-based alternative in various food categories. Salmonella bacteria present in the eggs can survive most of the cooking procedures. This bacteria is the top cause of food poisoning. Owing to the increasing awareness regarding animal rights, environmental concerns, and inclination for products with low cholesterol, consumers are opting for plant-based alternatives instead of meat-based products. This had led to the inclination in the egg replacements market.
Egg Replacements Market: Market Segmentation
Based on the source, the global egg replacement market can be segmented as follows
Based on the form, the global egg replacement market can be segmented as follows
Based on the application, the global egg replacement market can be segmented as follows
Based on the region, the global egg replacement market can be segmented as follows
Egg Replacement Market: Key Players
Some of the leading companies operating in the egg replacements market are Puratos, Archer Daniels Midland Company, Ingredion Incorporated, Tate & Lyle, Florida Food Products, Cargill, Arla Foods amba, Glanbia plc, Fiberstar, Ener-G foods, and others.
Egg Replacement Market: Opportunities
Some of the key players are continuously investing huge amounts in research and development for the development of new egg replacement products. Product developments by some players encourage competitors to come up with more innovative ideas to sustain in the market. Some of the companies are coming up with special training and technical seminars for the increase in opportunities for their egg replacement products. Apart from this, the global surge in the egg prices is expected to boost the growth of global egg replacements market.
Egg Replacement Market: Regional Outlook
Owing to the growing consumption of a vegan diet, Europe is expected to show the highest growth in the egg replacements market. With the surge in demand for plant-based food products due to the rising consciousness for nutrition diet, North America holds the second-largest egg replacements market. The growth of the egg replacements market is considerably slow in the Asia Pacific region. This can be due to the lack of awareness about the egg replacements available in the market.
Impact of Covid-19 on Egg Replacements Market.
The outbreak of Covid-19 has adverse effects on the food sector. The pandemic has led to disrupted supply chains and affected the manufacturing processes. The foodservice industry that uses egg replacements as an ingredient in its products has come to a standstill. A reduced workforce has affected the productions. Egg replacement is considered to be a premium ingredient in various food products. The reduced cash flow has led to a decline in demand for egg replacements. Hence, it can be estimated that the impact of Covid-19 on the egg replacements market can be severe.