Plant
Based Eggs are Gaining Traction in Terms of
Rising Veganism & Environmental Awareness
The market's growth is primarily
due to rising consumption and awareness of plant based eggs. Demand for plant based
products is increasing as the vegan population grows around the world. As a
consequence of the COVID-19 pandemic, consumer demand and preference for
plant based eggs increased. Over the forecast period, the market is
expected to rise rapidly, owing to consumers' desirable perceptions regarding
plant based foods. The Vegan Society filed 16,439 products with the Vegan trademark
in 2021. The shift in consumer profile facilitates the growth of the online
distribution channel. Millennials and Gen Z are the most prominent
consumers in the plant based eggs market. This consumer segment is also
more technologically advanced and relies on e-commerce for everyday needs,
which will fuel the plant based eggs sale through online distribution channel. According
to the Sierra Club, the meat and animal products sector accounts for about 60%
of greenhouse gas emissions from food production. The market is expected to be
driven by rising concern about climate change and a growing trend toward plant based
diets.
Increasing Demand for Animal-Free Food
Alternatives Leads to Market Expansion
North America has the largest
market share in plant based products. The regional market is expanding due to
increased demand for plant based processed meals. Furthermore, factors
such as increased environmental sustainability concern and consumer preference
for vegan diets are all positively supporting the market growth. Plant
based eggs are becoming increasingly popular in the United States and
other parts of the world, as it is used in everything from healthy snacks
and drinks to plant based delights such as veggies burgers and meat
alternatives. According to Google Trends, the UK was the biggest source of
veganism searches in 2021, followed by Germany and Austria. Plant based
products are becoming more popular among European consumers. The presence
of major companies and established retail channels with a broader product
presence contributes to market growth in the region. This is due to increased
consumer awareness about plant based eggs. Asia Pacific region is expected to
grow over the forecast period. The emergence of new companies in the region, as
well as a consequent increase in awareness of plant-based products, are
expected to drive market expansion.
High Costs, Certain Allergies & Added
Preservatives of Plant Based Eggs are Bringing a Threat to Market Participants
One of the major
reasons restricting the market's expansion is the high cost of plant based
eggs. Apart from taste and texture, price is one of the most important aspects
for consumers. The significant difference between plant based egg and
regular egg limits the plant based eggs market expansion. Furthermore,
food allergies are anticipated to have an impact on market growth. Soy-based egg,
is an affordable choice but have significant limits due to the
allergy caused by an abnormal response to soy proteins. Another major drawback
of plant based eggs is the amount of additional preservatives, chemicals,
emulsifiers, binders, and sodium. These chemicals aid in the preservation,
texturization, and enhancement of the functionality and flavour of plant based
eggs. These are some challenges hampering the market growth.
Plant Based Eggs Market Expansion is
Encouraged by Novel Innovations
New product introductions,
increased awareness, and approvals from safety authorities are all major
elements influencing plant based eggs market growth. On World Egg Day
2020, ZERO EGG launched plant based egg powder in the United States. The
product is a protein blend of soy, pea, potato, and chickpeas, with
zero cholesterol, fat & calories. Eat Just, Inc. announced that
its mung bean protein, the fundamental ingredient in the global phenomenon JUST
Egg, has been approved by the European Commission, in 2022 thus, opening
the way for a European launch. Perfeggt, a German company, developed a plant based
egg made from fava beans in 2022. EVO Foods has partnered with
Ginkgo Bioworks in 2022 and launched animal-free egg products. With
this collaboration, the companies aim to develop animal protein replacements
that satisfy consumer tastes in response to increased consumer demand for
animal-free food alternatives.
Bob’s Red Mill Natural Foods,
Cargill, Incorporated, Follow Your Heart (Danone S.A.), Conagra Brands, Inc.,
Alternative Foods (OGGS), Glanbia plc, House Foods Group Inc. (House Foods
America Corporation), Ingredion Incorporated, Perfeggt, MyEy -The vegan egg
set, Nabati Foods Inc. (Nabati Plant Eggz), Atlantic Natural Foods, Inc. (Neat Egg),
Simply Eggless Inc., Vegg, The Every Company (EVERY EggWhite), Eat Just, Inc. (JUST
Egg), Eggcitables, Roma Food Products (Orgran), ZERO EGG are some of the
well-known market players that are operating in the global plant based eggs
market.
Plant Based Eggs Market
is Being Driven by the Nutritional Benefits
Algal flour resembles normal egg
in terms of protein and nutrient content, and it is an excellent source of
fibre and essential amino acids. Furthermore, algae include carrageenan and
algin compounds, that act as thickeners in algal flour. Plant based eggs made
from algal flour and algae protein are anticipated to expand rapidly in the
global market. The number of health-conscious and vegan consumers has
increased. The diversification of product offerings and distribution channels
bodes well for the market's growth. Eggs, which have one of the highest
protein contents of any food, are necessary for maintaining proper protein
levels, and the growing fitness industry gives a huge opportunity for suppliers.
However, identifying a plant based substitute for eggs that provides the same
amount of protein is difficult. As a result, there is a booming market for
plant based eggs. More importantly, plant based eggs are rapidly catching up to
regular eggs in terms of protein content. The growing consumer interest in
plant based products has raised demand significantly.
The report provides a detailed
overview of the plant based eggs market insights in regions including North
America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and
Africa. The country-specific assessment for plant based eggs market has been
offered for all regional market share, along with forecasts, market scope
estimates, price point assessment, and impact analysis of prominent countries
and regions. Throughout this market research report, Y-o-Y growth and CAGR
estimates are also incorporated for every country and region, to provide a
detailed view of the plant based eggs market. These Y-o-Y projections on
regional and country-level markets brighten the political, economic and
business environment outlook, which are anticipated to have a substantial
impact on the growth of the plant based eggs market. Some key country and region
included in the plant based eggs market report as follows:
North America (U.S., Canada)
Latin America (Mexico, Argentina,
Brazil, Peru, Chile)
Europe (Germany, France, Italy,
U.K., BENELUX, Nordics, Spain, Poland, Russia, CIS)
Asia Pacific (China, ASEAN,
India, Japan, South Korea)
Oceania (Australia, New Zealand)
Middle East and Africa (South
Africa, GCC Countries, Turkey, Israel, Iran)
The Plant Based Eggs Market Research Report
Covers In-depth Analysis on:
·
Plant based eggs market segments
·
Plant based eggs market dynamics
·
Plant based eggs market value and share analysis
·
Recent trends, restraints, opportunities in plant
based eggs market
·
Companies & competition involved plant based
eggs market
·
Latest technologies in plant based eggs market
·
Supply chain and value chain plant based eggs
market
·
Plant based eggs market sales and distribution
strategies
Plant Based Eggs Market Growth Highlights:
·
A comprehensive overview of parent market
·
Market dynamics, demand and trends in the
industry
·
Current, historical and anticipated market size
in terms of volume
·
In-depth market segmentation
·
Competition landscape
·
Key strategies of leading companies and product
portfolio
·
Plant based eggs industry trends and
developments
·
Potential and country, regions and segments
exhibiting future growth
·
A detailed viewpoint on plant based eggs market
forecast by countries
·
Essential information to enhance market position
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