Egg Substitutes Market to Reach $5.2 Billion Globally by 2032 at 16.6% CAGR: Allied Market Research

The increasing number of people opting for vegan & vegetarian lifestyles and advances in food technology leading to innovative plant-based ingredients are the factors projected to drive the global egg substitutes market's growth during the forecast period. The North America region held a major market share in 2022.

WILMINGTON, Del., April 17, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Egg Substitutes Market Size, Share, Competitive Landscape and Trend Analysis Report by Form, by Application, by Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global egg substitutes market generated $1.1 billion in 2022, and is anticipated to generate $5.2 billion by 2032, rising at a CAGR of 16.6% from 2023 to 2032.

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Prime Determinants of Growth

The rising number of people adopting vegetarian & vegan lifestyles and the growing consumer consciousness regarding ethical, environmental, and health concerns are the factors expected to drive the growth of the global egg substitutes market in the forecast period from 2023 to 2032. However, the complexity in achieving taste and texture like real eggs may hamper market growth. On the contrary, advanced technologies in ingredient innovation and the development of healthier egg substitutes meeting specific dietary requirements are expected to offer remunerative opportunities for the expansion of the egg substitutes market during the forecast period.

Report Coverage & Details:

Form: Dry Sub-segment to be the Most Dominant During the Forecast Period

The dry sub-segment accounted for the largest global egg substitutes market share of 58.3% in 2022 and is expected to grow at the highest CAGR of 16.8% during the forecast period. Dry egg substitutes offer a longer shelf life compared to liquid alternatives, making them convenient for storage and transportation. Their versatility allows for use in various recipes, appealing to food manufacturers seeking flexible ingredients. Additionally, their resilience during global distribution makes them an attractive option for companies looking to supply diverse markets efficiently.

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Application: Bakery & Confectionery Sub-segment to Flourish Immensely During the Forecast Period

The bakery & confectionery sub-segment accounted for the largest market share of 44.4% in 2022 and is expected to grow at the highest CAGR of 17.2% during the forecast period. This is mainly owing to the growing adoption of vegan and vegetarian lifestyles. As more individuals seek plant-based alternatives, the demand for egg substitutes in bakery and confectionery products has surged. These substitutes cater to consumers with dietary restrictions, allergies, or health concerns, while also aligning with preferences for clean-label, natural products. Additionally, ethical and environmental considerations prompt consumers to opt for plant-based options, further boosting the market.

Distribution Channel: Supermarkets & Hypermarkets Sub-segment to Hold Major Market Share by 2032

The supermarkets & hypermarkets sub-segment accounted for the largest market share of 31.0% in 2022 and is expected to continue to hold major share by 2032. This is majorly because supermarkets and hypermarkets accommodate varied consumer preferences, with egg substitutes serving as essential plant-based alternatives for these diverse dietary needs. Besides, as retailers prioritize maintaining consistent product availability, the egg substitutes market, which is less vulnerable to disruptions than traditional egg production, could experience increased adoption in supermarkets and hypermarkets.

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Region: North America Market Held Major Market Share in 2022

The egg substitutes market in the North America region accounted for the largest share of 32.9% in 2022 and is predicted to witness significant growth by 2032. This growth is mainly owing to the growing preference of consumers in the region for healthier food alternatives, including plant-based egg substitutes, to reduce cholesterol intake and embrace a healthier lifestyle. Besides, the rising popularity of vegan and vegetarian diets, driven by ethical, environmental, and health concerns, contributes to the demand for plant-based egg substitutes. Moreover, the prevalence of egg allergies prompts consumers to seek allergen-free alternatives is further boosting the adoption of egg substitutes made from plant-based ingredients.

Leading Players in the Egg Substitutes Market:

• MGP INGREDIENTS
• Glambia Plc.
• DuPont Nutrition & Health
• Arla Foods Ingredients Group P/S
• Flordia Food Products LLC
• Tate and Lyle PLC
• Cargill Inc.
• FIberstar Inc.
• Danone Nutricia
• Corbion Puratos, Kerry Group

The report provides a detailed analysis of the key players of the global egg substitutes market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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