Vegan Egg Market to reach USD 3.38 Bn at a CAGR of 8.4 percent- Says Stellar Market Research

PUNE, India, July 25, 2024 /PRNewswire/ -- Vegan Egg Market was valued at USD 1.92 Bn in 2023 and is expected to grow at 8.4 percent CAGR through the forecast period by reaching nearly USD 3.38 according to Stellar Market Research report. People are switching to plant-based diets on account of ethical concerns about animal suffering, which contributes to increased vegan eggs demand. They are looking for cruelty-free alternatives because of the frequent criticism of the circumstances used to keep laying hens in traditional egg production. Vegan eggs provide an ethical option that aligns with these values and eliminates the use of animals in their production.

Global Vegan Egg Market 2023-2030: Key Highlights:

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• Past Market Size and Competitive Landscape (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Vegan Egg Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Vegan Egg Market Segmentation – A detailed analysis By Product Type, Nature, End-Use Industry, and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Vegan Egg Market Segmentation Overview

The Liquid Segment is expected to dominate during the forecast period

In 2023, the Liquid Segment dominated the vegan egg market and is expected to continue its dominance during the forecast period. Liquid vegan eggs are gaining popularity among consumers due to their ease of use in both baking and cooking, appealing to both home cooks and professional chefs alike. According to SMR, about 65% of consumers prefer liquid vegan eggs over powdered or shelled options. The rise of plant-based diets is contributing to this trend, with a 45% increase in sales of plant-based food in 2023. Major brands like JUST Egg are experiencing significant growth in the liquid vegan egg market, owning more than 99% of the plant-based egg market. This growth is supported by the nutritional value of liquid vegan eggs, which often contain similar or higher protein content compared to traditional eggs. For example, JUST Egg offers around 5 grams of protein per serving, similar to conventional eggs. Additionally, the liquid vegan egg segment growth is driven by its appeal to environmentally conscious consumers, as it typically requires 77% less water and emits 40% fewer greenhouse gases during production than traditional eggs.

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The Retail/Household Segment is expected to be the fastest-growing during the forecast period

The Retail/Household Segment is experiencing rapid growth due to the increasing consumer awareness and the surging popularity of plant-based diets. According to SMR, in 2023 39% of households in the United States are now regularly purchasing plant-based alternatives. The availability of these products in retail stores has played a significant role in their growth, as consumers look for convenient and healthy options to traditional animal products. Vegan eggs provide health benefits, such as being cholesterol-free and lower in saturated fats. A study published in the Journal of Nutrition & Food Sciences revealed that regular consumption of plant-based foods, including vegan eggs, is linked to a 25% decrease in the risk of cardiovascular diseases. The retail market is witnessing advancements in packaging and product development, making vegan eggs more user-friendly and attractive. For example, liquid vegan eggs are offered in easy-to-pour bottles, while powdered versions provide a longer shelf life and convenience. Manufacturers are dedicating resources to research and development to enhance product quality and variety, while retailers are growing their vegan product offerings to meet the growing demand.

Detailed segmentation values for each segment and explanations for growth are provided in the final report.

Europe is expected to be a significant during the forecast period

Europe is expected hold a significant position on the vegan egg market during the forecast period due to the increasing focus on health, environmental issues, and supportive regulations. With a population of 748 million, Europe is witnessing a growing interest in plant-based diets, with around 10% of the population recognizing as vegetarians or vegans. Additionally, in countries like Germany about 44% of Germans have actively reduced their meat consumption in recent years. The European Union's strict regulations on animal welfare and the environment are driving the shift towards vegan alternatives. Almost 94% of Europeans are concerned about animal welfare, in line with the EU's Farm to Fork Strategy promoting sustainable food systems. The availability of vegan products in major supermarket chains like Tesco and Carrefour is making it easier for consumers to access these products. Also, the hospitality sector in Europe with over 200,000 hotels is catering to the increasing demand for vegan-friendly options.

Competitive landscape

The Vegan Egg market is highly competitive with the key players including Mantiqueira (N.Ovo), JUST Inc., Orgran Foods, Terra Vegane, Free and Easy, Follow Your Heart, The Vegg among others.

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Plant Based Protein Market: The market size was valued at USD 14.88 Bn. in 2023 and the total Plant Based Protein Market size is expected to grow at a CAGR of 7.83% from 2024 to 2030, reaching nearly USD 25.22 Bn. by 2030.

Plant-based beverages Market: The market size was valued at US$ 19.39 Bn. in 2023. The global Plant-based Beverage Market is estimated to grow at a CAGR of 12.2% over the forecast period.

Vegan Food Market: The market size was valued at US$ 18.44 Bn in 2023. Global Vegan Food Market is estimated to grow at a CAGR of 9.2% over the forecast period.

Vegan Supplements Market: The market size was valued at USD 9.45 Bn. in 2023 and the total Global Vegan Supplements revenue is expected to grow at a CAGR of 7.64% from 2024 to 2030, reaching nearly USD 15.82 Bn. by 2030.

Plant-Based Burger and Patties Market: The market size Was Valued at USD 4.98 Bn. in 2023 and the total Plant Based Burger and Patties revenue is expected to grow at a CAGR Of 15.7% from 2024 to 2030, reaching nearly USD 13.82 Bn. by 2030.

Vegan butter market: The market is expected to grow at a CAGR of 5.7% during the forecast period. The Vegan butter market is expected to reach US$ 4.42 Bn in 2030 from US$ 3.00 Bn in 2023.

Organic Spice Market: The market size was valued at USD 34.88 Bn in 2023 and is expected to reach USD 59.35 Bn by 2030, at a CAGR of 7.2%.

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SOURCE Stellar Market Research