Vegan Egg Substitute: Market Outlook
The ingredients which are used to replace the Egg in cooking and baking are called as Egg Substitute ingredients. There are many ingredients in the market which can be used as the Egg Substitutes. Most of these products are free from all animal products, and hence they are considered as the Vegan Egg Substitute ingredients and they also contain no cholesterol. Consumers are also using homemade ingredients for egg replacements such as, fruits, potato starch, baking powder, chia seeds, ground seed etc.
In last few years the outbreaks of various flus in the poultry industry has made major impact on the prices of eggs. Also the limited production of eggs has impacted the fluctuation in the prices of eggs. This leads to the need for producers an food technologies to come up with the probable solution for the egg. This has been resulted in the exponential growth for the Vegan Egg Substitute industry. This vegan egg substitute industry has a great opportunities for the manufacturers due to its increasing growth trends.
Global Vegan Egg Substitute Market: Segmentation
On the basis of Form, the vegan egg substitute market has been segmented as,
On the basis of Type, the vegan egg substitute market has been segmented as,
On the basis of Application, the vegan egg substitute market has been segmented as,
Global Vegan Egg Substitute Market: Market Participants
Some of the market participants operating in the global vegan egg substitute market identified across the value chain includes Glanbia Plc., Archer Daniel Midland Company, Cargill Incorporated, Kerry Group, Ingredion Incorporation, Renmatix, Bob’s Red Mill, House Foods America Corporation, Nayosa Foods Inc., TIC Gums, BI Nutraceuticals, AEP Colloids, WestSoy, Tate & Lyle, Grain Millers, MGP Ingredients, Fuchs North America, and others.
Opportunities for Market Participants in the Global Vegan Egg Substitute Market
The growing demand for vegan processed food products has boosted the demand for products like vegan egg substitutes. The factors like increasing allergenicity, grown awareness about environmental sustainability as well as the shift of consumers towards vegan diets are prime drivers of global vegan egg substitutes market. Other factors like increased shelf life as compared to eggs, as well as rising prices of eggs, owing to increased poultry diseases, are some of the secondary drivers of global vegan egg substitutes market. Vegan egg substitutes show potential to replace the egg in various food products like cakes, muffins, biscuits, mayonnaise, noodles, etc.
The increasing occurrence of the health-related issues like obesity as well as heart-related diseases has increased the consumer’s inclination towards low cholesterol food ingredients, thus increasing demand for vegan egg substitutes. The factors like, taste, as well as lower availability of untapped market are some the factors that are hindering the market. However, owing to increasing demand from the growing vegan population as well as increasing applications, the global vegan egg substitutes market is expected to grow positively over the forecast period.
The increasing trend of low-calorie products surged to the demand for vegan egg substitute products. Vegan egg substitute helps rise to vegan food companies. The growing demand for clean-label as well as vegan products from the consumers especially from developed countries is a positive factor for the market. The manufacturers are investing in R&D in order to launch new vegan egg substitutes, to be utilized for various applications as well as mimic the egg flavor in various products.
Kroner-Starke launched a vegan egg substitute product called REGG-EX in Europe. The product is formulated for vegan food companies to prepare baked food products without using eggs. Clara Foods, which manufactures specific egg white proteins using planned yeast with the mission of copycatting the functionality of normal egg whites.
Global Vegan Egg Substitute: Regional Outlook
On the basis of region, the global vegan egg substitute market has been segmented as Oceania, Latin America, East Asia, North America, South Asia, and the Middle East & Africa. The vegan egg substitutes market is expected to grow at a rapid pace in developed regions. In the vegan egg substitutes market, North America region is expected to dominate over the other regions due to a large number of vegan population. However, with growing awareness, regions like Europe and East Asia are expected to exhibit a growth with rapid pace over the forecast period.