APAC to Dominate the Global Egg Replacers Market
The Egg Replacers market is projected to achieve a revenue of around USD 1472.2 million, with a Compound Annual Growth Rate (CAGR) of about 6.6% During the forecast period of 2022-2030.
Market Research Future (MRFR) report on the global market for egg replacers 2017-2023 has been prepared on the basis of an extensive market review with feedback from industry experts. The study examines the market environment and growth opportunities for the coming years. The report also provides a list of the leading producers operating in this Egg Replacers Market Overview.
Egg replacers are used as alternatives for fresh eggs to reduce or remove the cholesterol content present in whole eggs. Egg replacer is a food product that can be used to replace the egg in baking and cooking. There is a range of egg alternatives available: mashed banana, apple sauce, ground flaxseed or chia seed, yogurt, buttermilk, silk tofu, vinegar, baking soda, aquafaba, arrowroot powder, almond butter, and many others. There are many reasons to avoid eggs: allergies and dietary preferences are the most important among the other factors, including health, ethical reasons, and environmental concerns.
Regional Analysis
The Egg Replacers Market has been segmented into North America, Europe, the Asia Pacific, and the Middle East & Africa.
Europe Egg Replacers Market is expected to rise at the fastest pace in the coming years due to the growing demand for natural and plant-based food additives.
The Asia Pacific region is expected to be the fastest-growing market during the study period, due to the increasing demand for egg replacers in the bakery and other industries and the low level of cholesterol provided by egg replacers. Given the risk of cardiovascular disease and the growing concern about the adverse effects of eggs, China is glad to embrace the concept of egg replacers in its recipes.
The availability of cheap raw materials and low cost of production combined with liberal regulations make the Asia Pacific region a better place to set up manufacturing units. Thus, the manufacturers of these egg replacers will supply the products at reasonable prices.
Market Dynamics
Growing consumer awareness regarding healthy eating habits is expected to increase the market growth. Some other factors, such as increased use of vegan diet, increased use of plant-based ingredients in egg replacers, increased demand for a cleaner & natural product, and high cost of eggs, are expected to increase the market for egg replacers in the forecast period.
Increasing demand for egg-based foods and functional limitations on egg replacers are expected to impede market growth in the forecast period.
Segmentation
The global Egg Replacers Market Overview has been segmented on the basis of ingredients, form, and application.
Based on ingredients, the market is further classified into dairy protein, starch, soy-based products, algal flour & yeast extracts, and others. Dairy proteins dominate the industry, although the most growing segment will be soy-based products during the forecast era due to the growing demand for gluten-free and vegan food products.
Based on form, the market is segmented into powder, liquid, and others. Liquid egg replacers will dominate the market as it is easy to use in different food processes.
Based on the application, the market for egg replacers is segmented into bakery & confectionery, savories & snacks, sauces & spreads, and others. The bakery & confectionery segment is expected to be the largest market for egg replacers. Various functional properties such as better binding, emulsification, foaming, and flavor enhancement provided by egg replacers products are expected to drive their demand from the bakery and confectionery segments. In addition, the outbreak of avian flu in major geographical regions such as North America and Europe has made it possible for bakery manufactures to use egg substitute products as a result of an increase in the risk of avian flu-affected eggs among consumers.
According to the MRFR reports, the global Egg Replacers Market Size is likely to attain a over USD 1472.2 million by the end of 2030 while flourishing at a healthy CAGR of over 6.6% during the forecasted era.
Key players
The leading market participants in the global egg replacers market are Ingredion Incorporated (U.S.), Puratos (U.S.), Arla Foods (Denmark), Archer Daniels Midland Company (U.S.), Ingredion Incorporated (U.S.), Tate & Lyle PLC (U.K.), E.I. Dupont De Nemours and Company (U.S.), and Corbion (Netherlands).
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