A rising pool of consumers who are susceptible to egg allergies, the growing trend of vegan consumption, adoption of vegetarian eating habits, the emergence of plant-based alternatives, and a high rate of investments in R&D among others are a few factors that are expected to drive the market growth. According to Knowledge Sourcing Intelligence, the market pertaining to Global Egg Replacers is expected to reach US$1,433.310 million by 2025, from US$991.808 million in 2019. A range of substitutes that are inclusive of but not limited to banana, chickpea powder, china seeds, tofu as well as other soy-based products is used as egg replacers. Other ingredients that are considered as replacement comprise yeast extract, wheat gluten, starch, soy flour, dairy proteins, among others simulates. The increasing global population and rural-urban migration are also expected to result in the growth of the global egg replacers market.
Rapid Urbanisation is expected to, in part fuel the growth of the egg-replacer market
In view of the aforesaid context, the rapid adoption of a way of living that essentially deviates from the erstwhile trends of lifestyle is poised in part increase the demand for consumption of processed food in the immediate as well as distant future also because the evolution of consumption tendencies is an ongoing process. The aforesaid expected to partly arise from the growing availability of disposable income which is estimated to lead to the palpable transitioning from the traditional way of living to lifestyles that are mostly adhered to by urban dwellers. Conversely, the high rate of urbanization is also expected to result in the receipt of higher and enhanced education. This would by default result in the ability to earn more income by a comparatively greater pool of population, resulting in a conscientious investment in the integration of fast food and convenience snacking tendencies every day, among others.
Moreover, the rising proclivities to consume food products that are manufactured with ingredients derived from plants and other non-traditional alternatives and the concomitant rising pool of vegans are expected to lead to higher investments in new product developments supported high proportion of R&D which would enable businesses to remain relevant to the market thus effectively resonating with evolving consumer preferences and ultimately aiding the expanding their respective market share. In view of the above, it is pertinent to note that 1.7 billion people i.e. around 23% of the world population lived in a city in 2016 and 45 % of the world’s population resided in rural areas which are expected to fall by 40% by 2030 as per United Nations (UN). Moreover, the increasing pool of female population who are engaged in earning a livelihood has reportedly led to increased purchase of processed food products around the world through both offline and online channels around the world. The aforesaid along with the trend of at-home-consumption which has been reinforced by the closure of food and beverage establishments due to lockdown measures put in place by various national governments due to the advent of COVID 19 is expected to market share of online distribution channel during the next few years. As of 2018, the overall product sales over eCommerce channels were reported to the tune of 25 trillion USD which was equivalent to 30% of the global GDP (gross domestic product) of 2018 as per UNCTAD. The B2B eCommerce was valued at $21 trillion which reportedly translates to 83% of all eCommerce and the value of B2C eCommerce was $4.4 trillion. Further, the highest B2C sales were China followed by the USA and the UK.Additionally, as of 2018 cross-border B2C e-commerce sales have been estimated to be in the order of $404 billion.
On the other hand, it is important to note that countries that are experiencing rapid industrialization in recent times are witnessing an increased presence of online retailers that are facilitating the expansion of the retail food industry apart from factors Viz. growing middle-income group and the growing population of working women. In the case of China, contrary to the predecessors the current consumers are in search of the quickest swiftest, and the most convenient methods to meet their demands. This desire is being increasingly facilitated by the options of purchasing via mobile payment apps likeWeChat Pay and AliPay. Conversely, organizations across the world are capitalizing on the data pertaining to individual consumer preferences which are derived from their data-centric operation model. Thus, market players are equipped to understand diverse segments of the consumers and appropriately target the concerned segment through the better placement of products which is expected to impact the marketing strategies effectuating higher revenue returns and ensure repeat business. Thus, with such magnitude of consumption, the degree of conscientious experimentation is expected to be buttressed by the investments in new product development, among others that would lead to the surge in demand for egg replacers consequently leading to the growth of the market during the forecast period.
A few salient market developments that further reaffirms the upward growth trajectory of the egg-replacers market.
To boot, the food and beverage market has been subjected to constant development since time immemorial. Further, the impact of COVID-19, climate change, and food insecurity have accelerated the consumption of plant-based proteins which are further going to augment the growth of the egg replacer market. A few recent market developments pertaining to this space are being mentioned below:
May 2020 – Product Launch
The UK based Vegan cake brand Oggs was reported to launch “the world’s first” patented plant-based liquid egg alternative that is intended for baking made from aquafaba
September 2020 – Product Innovation
A realistic, multi-functional vegan egg that fries like a chicken’s egg and can be used in both baking and cooking were reportedly created by France based Les Merveillœufs
October 2020 – Product Launch
India based EVO Foods has been reported to launch its plant-based liquid egg made from legumes, reportedly its first product in India, by the end of the year with plans to enter the US market next year. This year the product will be made commercially available to the consumers in India through its website.
October 2019 – Product Launch
A start-up based in Israel has reportedly developed an all-encompassing plant-based egg replacement intended for food manufacturers which as per the company is reportedly identical to the tastes and functions and looks of a real egg. Food preparations such as omelets, baked goods, pasta, and sauces are can be prepared with the aid of these plant-based egg-replacers.
June 2019 – Product Launch
DuPont reportedly announced that it was about to unveil its Grinsted Plant-Tex egg white replacement system with three different formulae which have been developed to cater to the vegan alternatives to preparations like cold cuts, cooked sausages, and burger patties.