The egg replacers market is projected to grow at a CAGR of 6.2% from 2017 to 2022, to reach USD 1,283.0 Million by 2022. The base year considered for the study is 2016 and the forecast years include 2017 to 2022. The main objectives of the report are to define, segment, and project the global market size for egg replacers on the basis of application, ingredient, source, form, and region. It also helps to understand the structure of the market by identifying its various subsegments. Other objectives are analyzing the opportunities in the market for stakeholders, providing a competitive landscape of market trends, and analyzing the macro and micro indicators of this market to provide factor analysis and to project the size of the market and its submarkets, in terms of value and volume.
Key players identified in the egg replacers market include Cargill (U.S.), E. I. du Pont de Nemours and Company (U.S.), Kerry Group (Ireland), MGP Ingredients (U.S.), Glanbia Plc (Ireland), Corbion (Netherlands), and Ingredion Incorporated (U.S.) with a strong presence in the global egg replacers market. Other companies such as Florida Food Product (U.S.), Puratos (Belgium), Tate & Lyle plc (U.K.), Arla Foods (Denmark), also have a significant market share in the egg replacers market.
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The key market players focused on various growth strategies such as new product launches, and merger & acquisitions. The major companies which introduced various egg replacers products with multiple functionalities are Glanbia Plc (Ireland), Corbion (Netherlands) and MGP Ingredients. Whereas the companies such as Cargill (U.S.), E. I. du Pont de Nemours and Company (U.S.) and Kerry Group (Ireland) are the companies with strong distribution network across the globe.
The leading player in the egg replacers market Cargill (U.S.) successfully adopted expansions & investments as a key strategy to tap potential markets. This company has a wide geographic reach along with strong distribution network across the globe.
Archer Daniels Midland Company (ADM) (U.S.) is one of the kay market participants in the egg replacers market. The company has an excellent end user coverage as egg replacers provided by this company are utilized in various food industries such as savory, bakery, and confectionery. Acquisition is the key strategy adopted by this company, which aided ADM to maintain its position in the egg replacers market. For instance, in February 2016, ADM purchased a controlling stake in Harvest Innovations (U.S.), which helped ADM to strengthen its existing product portfolio and offer customers better service and fulfil their needs.
Another leading and important player in the egg replacers market is Kerry Groups (Ireland). It has strengthened its product portfolio by offering cost-effective and multifunctional egg replacers. The company has a robust distribution network and supplies its products across several countries in the world. New product development has been witnessed to be a major strategy adopted by this company. For instance, in January 2017, Kerry Group introduced an egg substitute called Hyfoama in response to the increase in the prices of eggs and to provide bakery manufacturers with cost-effective egg substitutes.
Other prominent companies in the egg replacers market are Glanbia Plc (Ireland) and Corbion (Netherlands), which have various and multifunctional egg replacer products in their portfolio. These companies successfully adopted new product launches as a key strategy to meet the rapidly growing demand for egg replacers. In 2015, Corbion developed and launched four different egg replacer products to offer food producers with cost effective and multifunctional solution for egg substitutes.