Egg Replacement Ingredients Market to reach US$ 1,622.1 Mn by end of 2027, Says Coherent Market Insights

SEATTLE, Dec. 15, 2021 /PRNewswire/ -- According to Coherent Market Insights, The global egg replacement ingredients market is estimated to account for 1,622.1 Mn in terms of value by the end of 2027, witnessing a CAGR of 5.6% in the year 2021-2027.

There are various types of egg replacement ingredients that can replace the function of eggs. These substitutes can include whole algal protein, gelatin, and nutritional yeast. Other egg replacement ingredients include mayonnaise and chocolate. With the increase in popularity of vegan and vegetarian food products, the demand for these products is growing. Most egg replacement products are available for retail sale and include a variety of ingredients such as tapioca flour, potato starch, and modified cellulose. In the food industry, egg replacement ingredients are primarily used for baking and confectionery products. In the food industry, egg replacement ingredients are primarily used for baking and confectionery products. Most commonly, milk proteins are used in biscuits, muffins, and bread.

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Market Drivers:

Growing demand for plant-based ingredients is driving growth of the egg replacement ingredients market. For instance, in October 2021, Nestle has launched plant-based substitutes for eggs and shrimp that closely mirror the taste, nutrition, and performance of the originals. It contains soy protein and omega-3 fatty acids.

Growing shortage of eggs due to growing prevalence of avian flu is fostering growth of the market. For instance, egg shortage is mostly felt in cities like Pune and Mumbai with avian influenza affecting 21 of the total 29 layer poultry farms at Navapur in Nandurbar, prompting the authorities to plan culling of all poultry birds in 25 farms, taking the number of total birds culled here to over 6 lakh.

Market Opportunities:

The rapid expansion of bakeries and cafes is expected to provide lucrative growth opportunities to the market of egg replacement ingredients. According to The American Bakers Association, The baking industry generates more than $30 billion in revenue each year. The industry includes 6,000 retail bakeries and nearly 3,000 commercial bakeries. The economic impact of baked goods produced and sold in the U.S. totals $423 billion. Retail bakeries generate around $3 billion in revenues, and commercial bakeries sell $31 billion in products.

Growing cost of eggs due to flue is expected to bring bright opportunities in the near future. According to data released by the Central Statistics Office, India's CPI for Egg in Mar 2020 was pegged at 148.1, compared to 140.3 reported in the corresponding period last year. The CPI in Mar 2020 for urban areas was 148.9 and for the rural areas was 148.9.

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Market Trends:

The increasing trend of veganism is expected to uplift growth of the egg replacement ingredients market in the near future. According to the Waitrose Food and Drink Report 2018 – 19, 33.5% of the population are cutting down – or cutting out – meat with 3% of the British public identifying as vegan, which equates to roughly two million people. 60% of vegans and 40% of vegetarians have adopted the lifestyle over the past five years. 55% of those surveyed became vegetarian or vegan because of animal-welfare concerns, 45% because of health, and 38% because of environmental concerns.

Continuous launch of a new product by key players is expected to augment growth of the egg replacement ingredients market. For instance, in October 2020, Israeli startup Zero Egg enters the US market with b2b launch of plant-based egg replacement for CPG manufacturers and foodservice operators that it claims to blow rivals out of the water in terms of taste, versatility, and affordability. Similarly, in July 2021, ChickP Ltd announces the launch of different mayonnaise recipes as a one-to-one replacement for egg yolk.

Competitive Landscape:

Key players operating in global egg replacement ingredients market are Tate & Lyle Plc, Corbion NV, Glanbia Plc, Ingredion Incorporated, Ener-G Foods, Inc., Natural Products, Inc., Puratos Group, Orchard Valley Foods, Solazyme, Inc., and Archer Daniels Midland Company.

Market segmentation:

By Application

• Chocolate
• Biscuits & Cookies
• Cakes/Pastries/Muffins/Bread
• Noodles & Pasta
• Mayonnaise

By Form

• Liquid
• Powder

By Ingredient

• Milk Protein Formulations
• Algal Flour
• Proteins
• Starch
• Soy Products (Lecithin, Tofu & Tahini)
• Others (Fruit Purees & Vinegar)

By End-user

• Commercial
• Large Scale Food Manufactures
• Small Scale Food Manufacturers
• Household

By Region

• North America
• Latin America
• Asia Pacific (APAC)
• Europe, Middle East & Africa (EMEA)

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SOURCE Coherent Market Insights