The egg replacers Market is projected to grow at a CAGR of 6.33% to reach US$1,433.310 million by 2025, from US$991.808 million in 2019.
Prevalence of individuals and children with egg allergies
According to the statistics provided by FARE (Food Allergy Research & Education), about 200,000 people require emergency medical care for allergic reaction to food in the US. According to research, it is estimated that approximately 30 million Americans have food allergies including children and 18. Studies suggest that approximately 2.6 million individuals in the US are allergic to egg. Food allergies are prevalent in other parts of the globe and according to the information provided by Allergy and Anaphylaxis, food allergies is common in Australia, specifically among the younger population, affecting above 80% of the infants aged 12 months. So in order to mitigate the risk the consumption of eggs poses to the individuals, the authorities have released regulations in order to check before consumption of a particular food item whether it contains eggs or not and must not be consumed by the allergic individuals. Therefore, these factors are leading to increased demand for egg replacers or egg substitutes and boosting the market growth.
Rising Trend of veganism and the awareness among the individuals to lead a healthier lifestyle is leading a surge in the demand of egg replacer.
The awareness among the individuals is rising to cut down the fat and cholesterol content in their diet to lead a comparatively healthier lifestyle. There are fats and cholesterol present in the egg yolk which can lead to ill effects on the health. In addition, the rapidly rising trend of veganism in different countries over the globe is gaining popularity and encouraging them to shift to plant-based egg alternatives and also providing an option to the vegetarian communities to consume eggs and reap the health benefits and proteins eggs provide. These factors are therefore leading to an increased demand for egg replacer sand are bolstering the market growth over the forecast period.
Product Launches by Major Market Players in the Egg Replacers Market Space
The launch of better and advanced varieties of egg replacers with enhanced as excellent product quality and nutritional contents among other properties by existing and new players in different markets are estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product launches are as follows:
The North American region to hold a considerable market share and the Asia Pacific region to witness a significant growth
The North American region is expected to hold a considerable share over the forecast period owing to the increasing number of vegan individuals in the countries such as the US and Canada and the simultaneous surge in efforts to increase the awareness of alternative proteins.
The Asia Pacific region is anticipated to witness stable market growth over the forecast owing to the slow-moving trend of veganism. Moreover, there are initiatives being taken by college students in order to support the ongoing trend of veganism and cater to the increasing demand and vegan population in countries such as India. For example, In September 2019, Students from IIT-Delhi, which is one of the most prestigious engineering colleges in India, announced that they have developed a plant-based egg in order to replace the poultry eggs. The egg has been made using moong daal (which are split green gram pulses), is free from cholesterol and gluten. This product was showcased at the Industry Day event being held at IIT-Delhi, which is graced by the presence of over 100 industry players.