Aquafaba Market Projected to Surge to US$ 224 Mn by 2033 - Persistence Market Research

The global Aquafaba Market has gained remarkable traction over the past few years, carving out a niche as a sustainable and vegan-friendly alternative to eggs. Aquafaba, derived from the cooking liquid of legumes like chickpeas, is being increasingly used in recipes for mayonnaise, meringues, pancakes, and baked goods. In 2022, the market was valued at US$ 38.8 million and is forecasted to reach US$ 224 million by 2033, registering an impressive CAGR of 13.2% between 2023 and 2033.

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A major driver behind this growth is the surge in plant-based eating patterns, especially among health-conscious and environmentally-aware consumers. Among all forms of aquafaba, liquid aquafaba has emerged as the dominant product type due to its close resemblance to egg whites in texture and functionality. Geographically, North America leads the aquafaba market, fueled by a rapidly growing vegan population, heightened awareness around egg allergies, and consumer demand for sustainable food products.

Key Highlights from the Report

➤ The aquafaba market is expected to grow from US$ 65 million in 2023 to US$ 224 million by 2033.
➤ Liquid aquafaba holds the largest revenue share due to its convenience in cooking and baking.
➤ North America dominates the global market, driven by increasing veganism and high egg consumption.
➤ The U.S. market alone is projected to grow at a CAGR of 12% through 2033.
➤ The plant-based and vegan trend has significantly boosted the demand for egg substitutes like aquafaba.
➤ Key players are forming partnerships to improve product distribution and sustainability.

Market Segmentation

The aquafaba market is segmented by form, application, packaging type, sales channel, and end use, catering to a broad spectrum of consumers and industries.

In terms of form, aquafaba is available in two types: liquid and powder. While liquid aquafaba remains the preferred choice due to its ready-to-use nature, powdered aquafaba is gaining attention for its long shelf life and ease of transport.

By application, aquafaba is extensively used in pancakes, waffles, mayonnaise, meringues, cookies, brownies, dressings, and even cocktails. The bakery and dessert segment is the primary contributor to the market's growth, reflecting the widespread adoption of aquafaba in egg-free recipes.

On the basis of packaging, aquafaba products are offered in bottles, jars, and pouches. Among these, pouches are seeing rising popularity due to their convenience and eco-friendly appeal.

In terms of sales channels, aquafaba is distributed through online platforms, supermarkets/hypermarkets, and specialty stores. Online channels, in particular, have witnessed rapid growth due to the convenience of doorstep delivery and the broader variety available.

Lastly, by end use, the market caters to household consumption, HoReCa (Hotels, Restaurants, and Cafés), and bakery & confectionery sectors. The bakery & confectionery segment dominates due to the massive demand for egg-free products.

Regional Insights

North America
North America stands out as the dominant market, with a valuation of US$ 15.4 million in 2022, projected to grow to US$ 88.9 million by 2033. The U.S., in particular, has seen a substantial rise in veganism-from 0.4% in 2020 to 3.6% in 2022. Given the high per capita egg consumption and the popularity of egg-based dishes, the demand for aquafaba as a vegan egg alternative is significantly rising.

Europe
In Europe, the United Kingdom plays a key role in market expansion. The prevalence of food allergies, particularly egg allergies in children, has made aquafaba an attractive option. Moreover, with a robust bakery industry worth over US$ 11.5 billion, aquafaba has found a vital place in vegan meringues, cupcakes, and cookies.

Asia Pacific
Countries like China and Japan are witnessing accelerating growth. In China, the aquafaba market is projected to reach US$ 19.4 million by 2033, with increasing governmental efforts to reduce carbon emissions driving veganism. Similarly, Japan's market is expected to hit US$ 16.4 million, driven by a sharp rise in vegan consumers and the growing demand for plant-based food alternatives.

Market Drivers

The primary growth driver of the aquafaba market is the escalating global shift toward plant-based, vegan, and cruelty-free diets. Consumers are increasingly seeking sustainable alternatives to animal-based products, not only for health benefits but also to align with ethical and environmental values. The rise in egg allergies, particularly among children, further drives demand for safe alternatives like aquafaba. Additionally, the increase in social media awareness and campaigns such as Veganuary have successfully promoted aquafaba-based recipes, expanding its reach among health-conscious millennials and Gen Z.

Market Restraints

Despite its promising outlook, the aquafaba market faces several restraints. The lack of standardization in aquafaba production processes often results in variability in product quality. This inconsistency can be a barrier for large-scale food manufacturers looking to incorporate aquafaba into processed foods. Additionally, limited awareness in emerging markets and the relatively higher cost of aquafaba compared to traditional eggs can restrain adoption among price-sensitive consumers.

Market Opportunities

As the plant-based food trend continues to surge, aquafaba is poised for significant expansion. Emerging markets present untapped opportunities, particularly where awareness of egg allergies and vegan diets is beginning to rise. Moreover, collaborations between food tech startups and established brands can facilitate the development of innovative aquafaba-based products. Companies also have the opportunity to position aquafaba as a low-calorie, cholesterol-free alternative, appealing to consumers aiming for healthier lifestyles.

Frequently Asked Questions (FAQs)

◆ How big is the Aquafaba Market in 2023 and how much will it grow by 2033?
◆ Who are the key players in the global Aquafaba Market?
◆ What is the projected growth rate of the Aquafaba Market from 2023 to 2033?
◆ What is the market forecast for the Aquafaba Market in 2032?
◆ Which region is estimated to dominate the Aquafaba industry during the forecast period?

Company Insights

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

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