The global egg replacement ingredients market is on a trajectory to reach a valuation of US$4 billion by the end of 2030, up from approximately US$2.3 billion in recent years, according to the latest research from Fairfield Market Research. The market is expected to grow at a promising compound annual growth rate (CAGR) of 6.5% from 2023 to 2030, driven by several key factors.
Increasing Demand for Convenience and Ready-to-Use Products
One of the primary trends fueling the growth of the egg replacement ingredients market is the rising demand for convenience and ready-to-use products. Consumers are increasingly seeking hassle-free alternatives that simplify cooking and baking processes. Egg replacement products that eliminate the need for time-consuming preparatory steps, such as breaking and whisking conventional eggs, are gaining popularity in various recipes.
Expanding Functional Egg Replacements
The market is also witnessing rapid expansion in functional egg replacements. Many available egg substitutes are enriched with vitamins, minerals, and other nutrients to enhance the nutritional profile of food products. This appeals to health-conscious consumers seeking nutrient-rich alternatives.
Dominance of Starch and Mayonnaise Categories
In 2022, the starch category dominated the market, particularly in soups, sauces, and fillings, with arrowroot starch being used as a natural thickening agent in lieu of eggs. Mayonnaise, in particular, saw significant use of egg replacement ingredients, with some vegan mayonnaise recipes featuring pea protein isolate for its emulsifying properties and allergy-friendliness.
Growth of Powder Category and Regional Insights
The powder category is expected to experience the fastest growth, driven by versatile powder egg substitutes like soy flour, commonly used in recipes for muffins, cakes, and cookies. In terms of regions, Asia Pacific is anticipated to witness the fastest growth, driven by cultural practices, religious convictions, and health considerations encouraging the adoption of vegetarian and plant-based diets. Meanwhile, North America is set to dominate the egg replacement ingredients market throughout the forecast period, with a vibrant and diverse food sector offering a wide range of products.
Key Growth Determinants and Barriers
Several factors are propelling the markets growth, including growing health and dietary concerns, the rising popularity of vegan and plant-based products, and increased demand from the food industry. However, prohibitive costs and taste and texture challenges pose significant barriers to widespread adoption.
Trends and Opportunities
Notable trends include the rising preference for clean label and natural ingredients, as consumers seek transparency in food labeling, and the increasing demand for allergen-free solutions due to the prevalence of food allergies. Customized solutions for food manufacturers are also gaining traction.
Regulatory Framework
The regulatory framework for egg replacement ingredients includes laws and regulations governing safety, labeling, and marketing. Bodies like the Food and Drug Administration (FDA) in the United States and the European Food Safety Authority (EFSA) in the European Union play critical roles in evaluating the safety and efficacy of these ingredients.
Regional Frontrunners
North America is expected to dominate the market due to a growing emphasis on health-consciousness and plant-based diets, while the Asia Pacific region is poised to witness significant growth, driven by changing dietary preferences and expanding food industries.
Competitive Landscape
The market for egg replacement ingredients is highly competitive, with numerous well-known manufacturers actively expanding their distribution networks and introducing new products to gain a competitive edge. Further market consolidation is expected in the coming years.
Global Egg Replacement Ingredients Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 (By Ingredients Coverage, By Application Coverage, By End User Coverage, By Form Coverage, By Geographic Coverage and By Company) https://www.fairfieldmarketresearch.com/report/egg-replacement-ingredients-market
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COMTEX_443574576/2840/2023-11-16T14:24:21
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