Aquafaba Market Anticipates US$ 189.6 Million Valuation by 2034, Driven by 16.4% CAGR

The aquafaba market is expected to grow at a CAGR of 16.4% between 2024 and 2034, from US$ 41.5 million in 2024 to US$ 189.6 million by the end of 2034.

As more people adopt vegan diets, there is a growing need for plant-based alternatives to traditional animal-based items. Aquafaba, the liquid that remains after cooking legumes like chickpeas, is a well-liked plant-based alternative to eggs in many recipes, particularly among vegans.

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The rising consumer interest in plant-based options has spurred the widespread use of aquafaba in diverse culinary applications, such as baking, desserts, and savory dishes, especially among those adhering to vegan diets. Chefs, food creators, and home cooks are increasingly embracing aquafaba to meet this demand, leading to the development of new recipes and culinary innovations. Access to aquafaba-based products has also improved, now available through online retailers, specialty stores, and mainstream grocery outlets.

Key Companies Profiled:

• Haden's Aquafaba
• Vor Foods
• Chickplease
• OGGS
• SOS Chefs
• ATC Group India
• Australian Grain Export Pty Ltd.
• Bean Growers Australia Ltd
• BroadGrain Commodities Inc.
• Cono Trading International AG
• Fazlani Exports Pvt. Ltd.
• JOVA Graneros SA de CV
• Shimla Hills Offerings Pvt. Ltd.

The aquafaba market is driven by the convergence of plant-based and vegan trends, along with its potential as an allergen-free and sustainable ingredient. Its adoption across various segments of the food industry is further boosted by creative cooking methods and increased availability.

Health-conscious consumers are increasingly prioritizing natural ingredients, leading to a higher demand for meals featuring healthier options. Aquafaba stands out as an appealing alternative to dairy and eggs due to its lower fat and cholesterol content, fitting well with the trend towards healthier dietary choices. The rising popularity of plant-based substitutes like aquafaba highlights consumers' growing preference for wellness-oriented solutions.

Key Takeaways from Market Study:

• Sales of aquafaba are expected to reach US$ 41.5 million in 2024.
• The market is forecasted to climb to US$ 189.6 million by the end of 2034.
• Aquafaba sales in the United States are poised to reach US$ 6.4 million in 2024.
• Canada occupies 20% share of the North American market in 2024.
• Sales of aquafaba in China are forecasted to touch US$ 34.4 million by the end of 2034.
• The East Asia market is forecasted to expand at a CAGR of 16.6% in the next 10 years.

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Plant-based enthusiasts and vegans prefer liquid aquafaba as a tasty egg substitute, ideal for those with allergies or sensitivities, as it is free from common allergens like dairy, nuts, and soy. Aquafaba is rich in soluble fiber and potassium, enhancing dishes with essential nutrients. Available in bottles and cans, commercial liquid aquafaba offers a convenient alternative to homemade preparations, making it easy to incorporate into meals.

Competitive Landscape:

In the aquafaba industry, notable players include Haden's Aquafaba, Vor Foods, Chickplease, OGGS, SOS Chefs, ATC Group India, Australian Grain Export Pty Ltd., Bean Growers Australia Ltd, BroadGrain Commodities Inc., Cono Trading International AG, Fazlani Exports Pvt. Ltd., JOVA Graneros SA de CV, and Shimla Hills Offerings Pvt. Ltd. Concurrently, the vegan bacon and vegan baking ingredients markets are experiencing growth in tandem with aquafaba.

In September 2023, Symrise introduced a range of wholesome aquafaba and chickpea ingredients for Diana Food, leveraging Symrise's proficiency in sourcing, quality assurance, and food safety. These ingredients present opportunities for producing plant-based foods with cleaner labels.

In June 2023, Fabalish announced the distribution of complimentary jars of soy-free, egg-free, nut-free, and gluten-free vegan mayo, made with basic ingredients including organic, cold-pressed, high-oleic sunflower oil and aquafaba (chickpea water).

Key Segments of Aquafaba Market Research:

• By Form :
o Powder
o Liquid
• By Application :
o Pancakes
o Waffles
o Mayonnaise
o Meringues
o Cookies
o Brownies
o Dressings
o Cocktails
• By Packaging :
o Bottles
o Jars
o Pouches
• By Sales Channel :
o Online
o Supermarkets/Hypermarkets
o Specialty Stores
• By End Use :
o Bakery & Confectionery
o Household Consumption
o HoReCa
• By Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o Middle East & Africa (MEA)

In conclusion, the Aquafaba market is witnessing significant growth with key players such as Haden's Aquafaba, Vor Foods, and Chickplease leading the industry. Alongside, the market's expansion is paralleled by the rise of the vegan bacon and vegan baking ingredients sectors. Recent developments, like Symrise's introduction of wholesome aquafaba and chickpea ingredients, underscore the market's potential for plant-based food production with cleaner labels.

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This release was published on openPR.