The increasing number of people opting for vegan &
vegetarian lifestyles and advances in food technology leading to
innovative plant-based ingredients are the factors projected to
drive the global egg substitutes market's growth during the
forecast period. The North America
region held a major market share in 2022.
WILMINGTON, Del., April 17,
2024 /PRNewswire/ -- Allied Market Research has
recently published a report, titled, "Egg
Substitutes Market Size, Share, Competitive Landscape
and Trend Analysis Report by Form, by Application, by Distribution
Channel: Global Opportunity Analysis and Industry Forecast,
2023-2032." According to the report, the global egg
substitutes market generated $1.1
billion in 2022, and is anticipated to generate $5.2 billion by 2032, rising at a CAGR of 16.6%
from 2023 to 2032.
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Brochure: https://www.alliedmarketresearch.com/request-sample/A13750
Prime Determinants of Growth
The rising number of people adopting vegetarian & vegan
lifestyles and the growing consumer consciousness regarding
ethical, environmental, and health concerns are the factors
expected to drive the growth of the global egg substitutes market
in the forecast period from 2023 to 2032. However, the complexity
in achieving taste and texture like real eggs may hamper market
growth. On the contrary, advanced technologies in ingredient
innovation and the development of healthier egg substitutes meeting
specific dietary requirements are expected to offer remunerative
opportunities for the expansion of the egg substitutes market
during the forecast period.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$1.1 billion
|
Market Size in
2032
|
$5.2 billion
|
CAGR
|
16.6 %
|
No. of Pages in
Report
|
308
|
Segments
covered
|
Form, Application,
Distribution Channel, and Region
|
Drivers
|
- Increasing number
of individuals adopting vegan & vegetarian
lifestyles
- Rising health
consciousness and a focus on a healthier lifestyle
|
Opportunities
|
- Technological
advancements in ingredient innovation
- Formulation of
substitutes free from common allergens
|
Restraints
|
Complexity in achieving
taste and texture like real eggs
|
Form: Dry Sub-segment to be the Most Dominant During the
Forecast Period
The dry sub-segment accounted for the largest global egg
substitutes market share of 58.3% in 2022 and is expected to grow
at the highest CAGR of 16.8% during the forecast period. Dry egg
substitutes offer a longer shelf life compared to liquid
alternatives, making them convenient for storage and
transportation. Their versatility allows for use in various
recipes, appealing to food manufacturers seeking flexible
ingredients. Additionally, their resilience during global
distribution makes them an attractive option for companies looking
to supply diverse markets efficiently.
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Application: Bakery & Confectionery Sub-segment to
Flourish Immensely During the Forecast Period
The bakery & confectionery sub-segment accounted for the
largest market share of 44.4% in 2022 and is expected to grow at
the highest CAGR of 17.2% during the forecast period. This is
mainly owing to the growing adoption of vegan and vegetarian
lifestyles. As more individuals seek plant-based alternatives, the
demand for egg substitutes in bakery and confectionery products has
surged. These substitutes cater to consumers with dietary
restrictions, allergies, or health concerns, while also aligning
with preferences for clean-label, natural products. Additionally,
ethical and environmental considerations prompt consumers to opt
for plant-based options, further boosting the market.
Distribution Channel: Supermarkets & Hypermarkets
Sub-segment to Hold Major Market Share by 2032
The supermarkets & hypermarkets sub-segment accounted for
the largest market share of 31.0% in 2022 and is
expected to continue to hold major share by 2032. This is majorly
because supermarkets and hypermarkets accommodate varied consumer
preferences, with egg substitutes serving as essential plant-based
alternatives for these diverse dietary needs. Besides, as retailers
prioritize maintaining consistent product availability, the egg
substitutes market, which is less vulnerable to disruptions than
traditional egg production, could experience increased adoption in
supermarkets and hypermarkets.
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Region: North America Market Held Major Market Share in
2022
The egg substitutes market in the North America region accounted for the largest
share of 32.9% in 2022 and is predicted to witness significant
growth by 2032. This growth is mainly owing to the growing
preference of consumers in the region for healthier food
alternatives, including plant-based egg substitutes, to reduce
cholesterol intake and embrace a healthier lifestyle. Besides, the
rising popularity of vegan and vegetarian diets, driven by ethical,
environmental, and health concerns, contributes to the demand for
plant-based egg substitutes. Moreover, the prevalence of egg
allergies prompts consumers to seek allergen-free alternatives is
further boosting the adoption of egg substitutes made from
plant-based ingredients.
Leading Players in the Egg Substitutes Market:
- MGP INGREDIENTS
- Glambia Plc.
- DuPont Nutrition & Health
- Arla Foods Ingredients Group P/S
- Flordia Food Products LLC
- Tate and Lyle PLC
- Cargill Inc.
- FIberstar Inc.
- Danone Nutricia
- Corbion Puratos, Kerry Group
The report provides a detailed analysis of the key players of
the global egg substitutes market. These players have adopted
different strategies, such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain their dominance in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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