Tails Wagging and Whiskers Purring: The Fish-Based Pet Food Boom |...

Tails Wagging and Whiskers Purring: The Fish-Based Pet Food Boom

نشر بتاريخ 2023-10-31 09:12:51

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The global egg substitute market is expected to develop quickly, with a projected CAGR of 17.5% taking it to $654.3 million by 2033. Because of their nutritional advantages, egg alternatives are becoming more and more popular. They are low in cholesterol and high in vitamins B12 and A. The popularity of wholesome foods and greater customer knowledge of these advantages are fueling this industry’s expansion. The global egg substitute industry is anticipated to grow even more in the upcoming years due to a lack of eggs.

The global egg substitute market size is projected to surpass a valuation of US$ 118.5 Million in 2023. It is estimated to reach a valuation of US$ US$ 654.3 million by 2033. During the forecast period from 2023 to 2033, the market is expected to record an astounding CAGR of 17.5%.

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Egg substitutes are loaded with vitamins, including Vitamin B12 and Vitamin A, just like actual eggs are. Additionally, they are gluten-free and cholesterol-free. Due to consumers’ increased knowledge of the nutritional benefits of egg alternatives and preference for nutritious food, this industry is developing. The paucity of eggs is anticipated to cause the global market for egg substitutes to expand significantly during the following few years.

Due to the increased demand for items manufactured from vegetables and the high cost of eggs, the market may grow over the coming years.

North America is anticipated to maintain its dominance during the predicted period. Customers are under pressure to lead healthy lifestyles because to the rising prevalence of health problems including diabetes, high blood pressure, and obesity. They enjoy non-GMO, gluten-free, and plant-based products. In response to this demand, producers are developing and releasing gluten- and GMO-free products.

The major businesses in the area are probably going to enhance their R&D activities, which would raise the market’s potential for growth.

Key Takeaways:

In 2018, the global egg substitute market size stood at US$ 984.5 Million.
The market size stood at US$ 1,123.60 Million in 2022.
The market size increased at a CAGR of 3.4% from 2018 to 2022.
The dry segment under form captured 72.40% market share in 2022.
In 2022, the animal-based source segment captured 36.70% market share.
The dairy protein segment under ingredients accounted for 37.80% market share in 2022.
In 2022, the bakery & confectionery segment occupied 34.60% of the market share worldwide.
The United States egg substitute market accounted for 29.0% of the total market share in 2022.
The United Kingdom egg substitute market captured a 6.0% market share in 2022.
In 2022, India’s egg substitute market accounted for 3.6% of the global market share.

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Recent Developments Observed by FMI:

In October 2022, AcreMade introduced Plant-based Egg Substitute, a product that replaces eggs by using yellow field peas, a component of PURIS. This powder is intended for baking or scrambling and is shelf-stable.
In November 2022, Nestle’ introduced a new plant-based egg substitute in Latin America; the first batch of this product is manufactured from recycled peas. The new shelf-stable plant-based protein powder blends go well with egg dishes without sacrificing nutrition or price.
In February 2022, Plant-B introduced a brand-new liquid vegan egg alternative based on Lupin. The company asserts that its egg substitutes have 50% few calories while yet being equal to regular eggs.
In March 2021, Evo Foods introduced the first liquid vegan egg alternative in Asia. The business asserts that its egg substitutes have higher protein content than regular eggs.

Key Players: