According to a recent report by Fact.MR, sales of vegan eggs are expected to reach a value of close to $3.3 billion by 2031, rising at a CAGR of around 8.3%.
The vegan egg industry is significantly supported by disease spread due to the consumption of animal-based food, says Fact.MR. For instance, salmonella germs can be carried by chickens and transmitted to eggs before the shells have formed. Salmonella is responsible for an estimated 1 million instances of food-borne illnesses in the United States each year. Antibiotic treatment of egg-laying hens has also been connected to the development of antibiotic-resistant salmonella bacteria.
Although liquid egg products are normally pasteurized to kill pathogens before being marketed, they still pose a concern due to their high potential for bacterial contamination and a moisture and nutrition profile that encourages bacterial development. As such, vegan eggs are preferred by some consumers, says Fact.MR.
Additionally, the need for plant-based egg substitutes is driven by a variety of causes, some of which are more important to consumers and others that are more important to food makers, according to the research. Notably, hardly any consumers seek eggs as an ingredient in processed goods, despite the fact that many seek egg-free labels, which bodes well for the market for vegan eggs.
Key Takeaways from Market Study
- The U.S. is estimated to account for more than 85.4% of the North American market in 2021, supported by increased demand for processed food.
- According to Fact.MR analysis, China is estimated to account for more than 43% of the East Asian market share in 2021, on the back of increased online retailing of vegan eggs.
- Germany is one of the prominent countries in the European market with a share of 19.5% in 2021, mainly due to increased demand for convenient food and packaged food products.
- Powder vegan eggs are estimated to account for 48.9% market share in 2021 on the back of their wide range of application.
“Manufacturers are working on continuous innovations to improve the quality of food items. They are adapting numerous technologies, including biotechnology and nanotechnology, to make the process of producing vegan eggs even easier,” says a lead analyst at Fact.MR.
Why is Egg Substitutes One of the Most Profitable Plant-Based Businesses?
Vegan eggs are one of the most profitable growth potential in the industry, with strong demand, particularly in countries such as the UK, U.S., Germany and the Netherlands, where the bakery industry is growing. However, getting the right formulation can be difficult because vegan eggs do not have the same flavor as fresh eggs or poultry eggs.
Eggs have a wide range of roles in the food industry, including binding, foam stabilization, coagulation, crystallization control, thickening, emulsification and gelation. They also add flavor, increase protein content, and improve the look of baked foods. A wide range of application of vegan eggs is helping the market grow at a decent pace.
According to a survey by The Plant-Based Foods Association, vegan egg consumption in the U.S. increased 168% in 2020. Despite the rising business, there are still a few players, as they try to develop vegan eggs that can thicken, leaven, bind and aerate just like chicken eggs while preserving a similar taste and texture.
For instance, Eat Just is the market leader in the U.S., having recently announced that it had sold the equivalent of 100 million eggs. Eat Just sells pre-cooked patties, bottled scramble and sous vide egg bites that are nearly comparable to chicken eggs in terms of protein and calories.
- Mumbai-based EVO foods, UK-based CRACKD and Israeli Zero Egg are among the other emerging worldwide companies. All are predominantly liquid egg producers, with nutritional characteristics and foundation components ranging from pea protein to chickpeas.
- The first vegan hard-boiled egg, made of fungus mycoprotein, a key ingredient of plant-based meat, Quorn, was just released by Singaporean OsomeFood.
- Vegan egg manufacturing is one of the last frontiers in plant-based cuisine, with fake eggs threatening to destabilize the chicken egg market over the coming years.