Increasing adoption of a vegan diet is fueling the egg replacers market
Egg replacers are ingredients that can be used to replace eggs in cooking or baking or as an ingredient. There are many substitutes such as dairy products, starches, soy products, algal flour, pea protein, and rice protein that are used to avoid the usage of eggs. Egg replacers are mostly used to avoid the addition of eggs, while retaining their nutritional profile and/or functional properties in a food product. The obesity crisis and the consequent desire among consumers to become healthier is a key growth driver for manufacturers who better align their offerings to consumer needs and desires for healthier food. Due to these factors, consumers are more inclined toward egg replacers, which has resulted in its increased demand. Furthermore, egg replacers such as dairy proteins, starches, soy-based products, algal flour, pea proteins, and rice proteins are natural and safe to consume. They are, however, classified as allergens that can isolate certain parts of the consumer base.
Request Sample of this Report:
https://www.marketsandmarkets.com/requestsampleNew.asp?id=206833920
Growing Awareness Among Consumers Regarding Healthy Eating Practices To Drive The Egg Replacers Market Growth
e – Estimated; p – Projected
Source:
Secondary Research, Primary Interviews, Related Research Publications, Press
Releases, Industry Journals, Government Publications, and MarketsandMarkets
Analysis
The global market for egg replacers is projected to reach USD 1,283.0 million by 2022, at a CAGR of 6.2%
Growing health concerns such as obesity and cardiovascular diseases are compelling the food industry to develop healthy varieties of food products using healthy ingredients. The growth of the egg replacers industry is driven by product developments in applications such as dairy products, starches, soy products, algal flour, pea protein, and rice protein. cereal desserts, confectionery; the rising health-consciousness among consumers and awareness regarding veganism in emerging economies of Asia Pacific are expected to drive the market for egg replacers.
Rising egg prices to bolster the market outlook for egg replacers
The egg replacers market poses positive growth potential, as their consumption continues to witness growth, driven by the market positioning of egg replacers as a healthier and less expensive alternative to eggs. Moreover, eggshells are easily breakable; eggs also spoil quickly. Hence, eggs require a well-equipped supply chain for transportation without wastage. In countries with high egg consumption but not very well-developed logistical chain, egg wastage during the transportation is high. All these factors lead to a higher cost of production of food products such as bakery & confectionery products, savories, snack products, sauces, salad dressings, and spreads. On the other hand, egg replacers such as starches, vegetable proteins, dairy proteins, and soy-based products are often available at a lesser price than that of eggs. Using egg replacers completely or partially in final products can often result in reduced costs of final products.
The bakery & confectionery segment dominates the application segment of the egg replacers market
The application segment of the egg replacers market is estimated to have dominated by the bakery & confectionery segment, which accounted for the largest share in 2016. Egg replacers impart food products with resilient structure, uniform crumb, aid in enhancing the volume, and retaining the moisture. Thus, these products are widely utilized as functional ingredients in several bakery and confectionery products such as cakes, muffins, frozen snacks, donuts, cookies, pastries, and brownies. Key players such as Cargill (US), Ingredion Incorporated (US), and Glanbia PLC (Ireland) developed various egg replacers to cater to the needs of bakery manufacturers. For instance, Ingredion Incorporated offers egg replacers such as VITESSENCE Pulse and N-CREAMER, which are plant-based and are used in various bakery applications.
The fastest-growing application in egg replacers includes sauces, dressings & spreads. Egg substitutes are utilized in various popular sauces such as Béarnaise sauce, spreads, mayonnaise, and different salad sauces. Due to the outbreak of avian flu in the US in late 2014, various food manufacturers in the North American region have been demanding egg-free ingredients. Therefore, resulting in a substantial increase in demand for egg replacers in sauces and dressings was observed in the North American market, where sauces, spreads, and dressings are widely used in food & salad dishes. Furthermore, the high demand for eggless mayonnaise and other sauces, due to concerns regarding potential allergens and the growing vegan population, is expected to supplement the demand for egg replacers in the sauces, dressings, and spreads segment.
Geographical Prominence
North America accounted for the largest share in the global market in 2016, followed by Europe, which was the second-largest region for egg replacers in the same year. The major factors that drive the growth of the egg replacers market in North America are the outbreaks of avian flu and the growing prices of eggs. Additionally, heightened concerns among North American consumers regarding flu outbreaks, which, in turn, resulted in a reduction in demand of eggs over a period of time and an increase in demand for egg replacers. Hence, food manufacturers are shifting toward the use of egg substitutes and are driving the demand for egg replacers for use in various egg-based food applications such as bread, cakes, and muffins, among others. They do not have adverse effects on health, apart from a few exceptions of allergies. These factors are also boosting the demand for egg replacers.
Projected Growth Rate Of The Egg Replacers Market, By Region, 2015–2022 (USD Million)
Source: Secondary Research, Primary Interviews, Related Research Publications, Government Publications, Press Releases, Industry Journals, MarketsandMarkets Analysis
The Asia Pacific region is the fastest-growing market in the global egg replacers market. Key factors that are driving the demand for egg replacers in Asia Pacific are the increasing number of people preferring vegetarian diets and the rising prices of eggs. Additionally, health benefits such as low cholesterol and high protein content offered by egg replacer products are expected to drive the demand for these products in this region.
Make an Inquiry:
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=206833920
Conclusion
The global market for egg
replacers witnessed strong growth in 2016. North America dominated the market
for egg replacers, followed by Europe and Asia Pacific. Rising awareness among
consumers about the benefits offered by a vegan diet is one of the chief factors
that are propelling the demand for egg replacer products across the world. A
substantial increase in the vegan population has been witnessed in many major
economies, such as the US and the UK. For instance, in 2016, according to data
suggested by a survey by The Vegan Society, the vegan population has risen by
360% over the last decade. Around 542,000 people aged 15 or over adopted a
vegan diet, up from 150,000 in 2006. Further, it has mentioned that the health
benefits of vegan diets are the driving trend for an increase in adoption.
Considering this rapid growth of the vegan population, various food
manufacturers are now demanding vegan food ingredients, which is expected to
lead to an increase in the demand for egg replacers in the coming years.
