The global egg replacers market size is set to swell in the forthcoming years on account of the rising adoption of vegan diets, especially in developed economies, highlights Fortune Business Insights™ in its report, titled “Egg Replacers Market Size, Share and Industry Analysis, By Source (Plant, Animal), By Types (Soy-Based Products, Aquafaba, Starch, Dairy Proteins, Algal Flour), By Application (Bakery, Confectionery, Dressings and Spreads, Dairy Products)and Regional Forecast, 2019-2026”. Veganism is on the rise worldwide, with celebrities and common people alike actively following non-animal-meat-based diets. According to the Vegan Society, for instance, there were 600,000 vegans in the United Kingdom in 2018, rising from 150,000 in 2016. Moreover, the Vegan Society has also estimated that sales of meat-free foods stood at £740 million in 2018. In the US, a survey conducted by Ipsos Retail Performance revealed that over the last fifteen years, the number of vegans has increased by 9.6 million, which is around 3% of the country’s population. The evolving food consumption trends have created several opportunities for companies developing plant-based alternatives, such as egg replacers. The introduction of such clean-label offerings is, therefore, benefiting the growth of this market.
List of Key Players Covered in the Egg Replacers Market Report:
- Ingredion Inc.
- Tate and Lyle PLC
- Corbion N.V.
- Archer Daniels Midland Company
- Puratos Corporation
- Arla Foods
- Glanbia Plc
- Kerry Group
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The COVID-19 pandemic has deeply impacted the food and beverage industry, with lockdowns, social distancing, trade restrictions, and supply chain disruptions severely hampering production and sales activities. The sudden announcement of lockdowns, for instance, led to the closure of several food outlets and retail stores, which struggled to get back into action after the restrictions were lifted and have limped on ever since. However, despite the dire circumstances in the food industry, the demand for plant-based foods, such as egg-free mayo, has surged, even amid the pandemic, owing to the variety of health benefits offered by these foods.
Based on source, the market has been segmented into plant and animal. By type, the market categories include soy-based products, aquafaba, starch, dairy proteins, and algal flour. In terms of application, the market has been grouped into bakery, confectionery, dressings and spreads, and dairy products. On the basis of geography, the market has been divided into North America, Europe, Asia Pacific, South America, and the Middle East and Africa.
Salient Features of the Report:
The report contains an unparalleled analysis of the current and upcoming market trends, drivers, and restrains, along with an elaborative overview of the general industry outlook. Further, the report offers a piecemeal study of the various segments constituting the market. In addition, the report provides a holistic understanding of the profiles of the key market players and their leading growth strategies, as well as a comprehensive assessment of the regional developments influencing the progress of the market.
Common Occurrence of Egg Allergy in Children to Favor the Market
A major driver for the egg replacers market growth is the high incidence of egg-related allergies in children, affecting 1% to 2% of children around the globe. According to research conducted by the Mount Sinai School of Medicine, New York, the egg is one of the most crucial allergens in early childhood nutrition and its allergy can affect the quality of life of the child. Moreover, many children are unable to get rid of their allergies naturally until after they hit puberty. A study by researchers from the Johns Hopkins University School of Medicine found that it may take until the age of 16 for children to outgrow their egg allergies.
To compensate for the lack of egg intake in such children, and also adults, egg replacers have emerged as an efficient alternative and have garnered roaring popularity. For example, one-fourth cup of applesauce, which is derived from cooked apples, can replace one egg in most recipes. Moreover, these alternatives are also being increasingly utilized in making baked goods. In cake-making, for instance, mashed bananas are used instead of eggs to make the final product dense and wet.
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North America to Get Energized by a Steadily Expanding Vegetarian Population
North America is expected to dominate the egg replacers market share in the forthcoming decade due to the steadily rising adoption of vegetarian diets in the US and Canada. The increasing prevalence of lifestyle diseases, such as diabetes and obesity, is also pushing consumers to follow intense plant-based diets.
In Europe, the evolving trend of veganism is anticipated to stoke the demand for egg replacers. Additionally, a growing focus on the nutritional content of packaged foods is also supporting the market’s growth in the region.
The market in Asia Pacific, on the other hand, is being driven by the rising prevalence of egg allergies and widening utilization of plant ingredients in bakery products.
Growing Presence of Startups to Open New Dimensions for the Market
The competitive dynamics governing this market are being altered by the entry of startups. These entities are developing imaginative egg replacers to meet the broadening demand for plant-based foods. In response, large food companies, such as Ingredion and Glanbia, have been ramping up their investments in innovation and enhancing their RandD to fortify their market position.