In recent times, the food industry is experiencing a drastic shift as most of the consumers are inclining towards vegan diet. This is facilitated with the outbreak of various bird diseases such as flu that has been causing a downfall in the poultry egg business. With the adverse effects of non-vegetarian diet on the human health the egg substitutes market is witnessing profitable growth. The egg alternatives are big business nowadays with the emergence of plant-based egg replacements. Plant-based and vegan foods are in trend among people as they are completely free of animal products. The enterprises are targeting the vegetarian and flexitarian audience for increasing their product sales. Food manufacturers such as JUST Inc., an American plant-based food manufacturing company, in 2017 launched JUST Egg product which was the company’s latest innovation. JUST Egg, a liquid egg product made from mung bean. The company claims to have sold 10 million eggs in a year after its launch. Lately, the JUST announced that The Kroger Co., a retail company, has signed a definitive agreement with them after which the product will be available across the country in 2,100 grocery stores.
As of 2018, the global egg substitutes market size was evaluated to be $1.5 billion. Evidently, high egg prices, an increase in the exports, and growing demand for egg replacement products are some of the other factors that are bolstering the growth of the egg substitute market. Opportunities in the market are poised to grow at a CAGR of 5.9% during the forecast period 2019-2025.
Bakery and Confectionery Segment in the Egg Substitutes Market Expanding Their Production
Aquafaba, silken tofu, flaxseed, chia seeds, mashed banana, and applesauce are the well-known egg replacements in the food and beverage industry. With so many egg alternatives available in the marketplace, the horrid egg industry is experiencing negative growth worldwide. Subsequently, the egg substitutes market is segmented as bakery and confectionery, savories, sauces, dressings, spreads, and dips. The bakery and confectionery segment is the largest market for egg alternatives. These alternatives possess several functional properties such as emulsification, binding, flavor-enhancing, and foaming. The outbreak of avian flu in regions such as Europe and North America influenced the bakery manufacturer to use egg replacer products. Moreover, the bakery and confectionery segment is growing at a CAGR of 5.5% through to 2025. Owing to this, the egg substitute market is gaining tremendous traction in this segment.
Alternative Egg Product to Surge its Availability in North America
As of 2018, North America is among the fastest-growing regions of the egg substitutes market with a regional revenue share of 34%. North America plant-based egg products accounted for 48% in 2016. North America is reckoned to be the most lucrative marketplace with the United States and Canada leading the regional market. In the U.S., the potential market size of the egg alternatives is precisely contemplated by the total egg market size that approaches $10 billion every year. The country’s per capita consumption of egg was 279 in 2018 as compared to 275 in 2017. A larger portion of the country are adopting a vegan and plant-based diet owing to this, there is an increase in the demand for egg substitutes compared with egg consumption. Almost 39% of the American population are trying to switch to plant-based egg substitutes. Besides this, change in lifestyle of the population in the region is creating profitable opportunities for the players of the egg substitutes market.
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Major Frontrunners in the Egg Substitutes Market
Some of the major companies in the egg substitutes market are The Archer Daniels Midland Company, Corbion N.V., TerraVia Holdings, Inc., Puratos Group, Orchard Valley Foods Limited, Glanbia PLC, Ener-G Foods, Inc., Natural Products, Inc., Tate & Lyle PLC, and Ingredion Incorporated. These pioneering companies are utilizing extensive resources on developmental and innovational activities to deliver essential products and solutions to global customers, deliberately strengthening their brand image and setting new trends for the global market.
Ingredion Invests in Biotech Start-up Clara Foods
In 2019, Ingredion Incorporated is investing in Clara Foods, a US-based biotech start-up producing egg whites without chickens and aiming at animal-free animal protein. Clara Foods is also being funded from SOS Ventures, Hemisphere Ventures, and B37 which is a strategic partner of Grupo Bimbo S.A.B de C.V, a Mexican multinational bakery product manufacturing company. Ingredion signed another agreement with Clara Foods to distribute, market, and develop different types of proteins from yeast that were found in eggs. This will help the F&B manufacturers to produce more products by utilizing egg substitutes and increase egg substitutes market revenue.
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