Revolutionizing Vegan Cuisine: Unveiling the Aquafaba Market's Plant-based Wonder Ingredient for Culinary Innovation and Egg-free Delights!

The revenues of the Aquafaba Market were estimated at US$ 38.8 Million in 2022 and are anticipated to grow at a CAGR of 13.2% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach a revenue of US$ 224 Million. The liquid type of Aquafaba dominates the market with a projected CAGR of 13.1% from 2023 to 2033.

Aquafaba is used as a plant-based and vegan substitute for eggs. It can widely be used to make various bakery desserts like meringues, cookies, cakes, and pancakes as a replacement for eggs.

The world is moving forward with the veganism trend with increased awareness about climate change, the health benefits of a vegan diet, and the cruelty-free trend. For instance, in 2022 the sign-ups for the Veganuary campaign where people pledge to eat vegan from the month of January 2022 hit an all-time high with 629 thousand participants, which significantly grew from the previous year with 47 thousand registrations. This global trend is likely to increase the demand for vegan replacements for eggs in various recipes.

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Covid 19 has also significantly influenced consumers to buy healthier, organic, and plant-based food. This has led to veganism adaption by people around the world. In 2021, the vegan foods market generated revenue of around US$ 16 billion and in the same year, the sales of organic foods in the U.S. went up to US$ 58 billion accounting for 4% of total food sales. These growing consumer preferences are likely to transition in the demand for aquafaba as an egg substitute.

Egg allergies are one the most common food allergies around the globe. It was estimated that 0.5% to 2.5% of children in have egg allergies around the world and the number is as high as 8.9% in Australia. To avoid health complications due to egg allergies, parents are likely to use aquafaba in desserts for children.

In 2020, the global plant-based meat and dairy sales were held at over US$ 29 billion and are expected to maintain steady growth with growing plant-based foods preference. This can also contribute to aquafaba sales in plant-based consumers.

The companies offering aquafaba are selling it as an environment-friendly product and a step towards sustainability. A UK-based company Oggs claims that a liter carton of their aquafaba saves 20 eggs and over 20kg of CO2 emission. This environmental benefit is also likely to influence people towards aquafaba.

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Competitive Analysis:

Key players in the Aquafaba Market are

Haden's Aquafaba
Vor Foods
Chickplease
OGGS (Alternative Foods)
SOS Chefs
Saheli
Elmhurst

The company's manufacturing aquafaba in powder and liquid forms are also working together for sustainable development by minimizing carbon footprints.

Some of the recent developments in the Aquafaba Market are:

In May 2020, UK-based OGGS launched patented aquafaba as a vegan and plant-based substitute for eggs used in vegan baking.

More Insights Available

Persistence Market Research, in its new offering, presents an unbiased analysis of the Aquafaba Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.

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The study reveals extensive growth in Aquafaba Market

by Form (Liquid and Powder),
by Application (Pancakes, Waffles, Mayonnaise, Meringues, Cookies, Brownies, Dressings, Cocktails),
by Packaging Type (Bottles, Jars and Pouches),
by Sales Channel (Online, Supermarkets/Hypermarkets and Specialty Stores),
by End Use (Bakery & Confectionery, Household Consumption and HoReCa),
by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - 2023 to 2033.

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This release was published on openPR.