Plant-based options are getting progressively closer to their original replicas, particularly in the realm of egg substitutes. Today, consumers can buy alternatives to eggs that work in all kinds of kitchen applications, including baking, scrambling, frittatas, sauces, and more. Since the last decade, plant-based or vegan foods have impacted the market share in both, the meat and dairy sectors, with alternative versions of various meat and dairy products, which is creating ample opportunities for the plant-based eggs market.
California-based company ‘JUST’ has gained major success and recognition in the plant-based eggs market. The company mainly uses mung bean protein for the production of plant-based eggs. Moreover, the Food and Drug Administration (FDA) has estimated that, more than 79,000 Americans get sick due to tainted eggs every year. The rising bakery industry is also expected to create lucrative opportunity for the plant-based eggs market. However, the right marketing strategy is essential for growth in the plant-based eggs market during the forecast period.
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Global Plant-based Eggs Market is Likely to Grow with Double Digit CAGR Over Forecast Period
The global market of plant-based eggs is likely to increase during the forecast period, owing to growth in two end-use industries – food and bakery. According to Fact.MR, the market is likely to grow with a double digit CAGR (compound annual growth rate) during the forecast period. Europe dominated the global market for plant-based eggs in 2018. North America and South Asia are expected to witness a sizable rise in the overall sales of plant-based eggs.
Countries such as China, India, Japan, Canada, and France, among others, are expected to propel the demand for plant-based eggs over the forecast period. Prominent companies are significantly exploring various types of vegan additives to add in plant-based eggs and increase the overall volume sales of their products, thereby boosting the growth of plant-based eggs market, globally.
Plant-based Eggs Expected to Create Billion Dollar Opportunity during Forecast Period
Clara Foods, a San Francisco startup, is investing rigorously on research and developments, and has successfully recreated three different forms of egg protein. Increasing investments by prominent and emerging companies to develop an original kind of egg is also expected to drive the plant-based eggs market at a greater extent over the forecast period. However, shifting the habits of consumers will take time, and that’s why the market will surge at a higher pace in the coming years, as the trend of veganism is rising in both, developed and developing countries. In addition, emerging companies are planning the whole egg version of plant-based eggs to increase market opportunity in the coming years.
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Global Plant-based Eggs Market: Segmentation
The global plant-based eggs market can be segmented into form, packaging type, and sales channel. By form, the global market can be categorized into powder, liquid, and others. The global plant-based eggs market can be segmented by its packaging type, such as premium bottle pouches and tetra packaging. The global plant-based eggs market can also be segmented by sales channel, such as brick and mortar stores, online retailers, hyper & supermarkets, small retailers, and others. The global plant-based eggs market can be segmented on the basis of geographical regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa (MEA) and Emerging Countries.
Global Plant-based Eggs Market: Key Players
The global market for plant-based eggs comprises several developers who are primarily converging on developing advanced version of plant-based eggs. Companies engaged in the manufacturing and distribution of plant-based eggs are focused on expanding their business footprint by enhancing their product portfolios related to plant-based eggs. Some key market participants are JUST Inc., Conagra Brands, Inc., Enter-G, Follow Your Heart, Vegg, Bob’s Red Mill Natural Foods., The Neat Egg, and Orgran, among other emerging prominent players.
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