Egg substitutes Market Future Demand, Growth, Share and Analysis with forecast 2024

Egg Substitutes Market Introduction

Egg substitutes are the foods which can be used for replacing eggs in cooking and bakery. These products are preferable mostly for the vegans. Most of these products are devoid of all animal products and contain no cholesterol. The substitutes does not affect the taste and appearance of the end product. It find extensive application in products such as cakes, muffins, mayonnaise, chocolates, custard, ice cream, cookies and others which is leading to growth of egg substitutes market at a significant rate. There are consumers who choose and prefer not to consume any products obtained from animal, for them it is preferable to consume egg substitutes in food instead of eggs. Egg substitutes are no less than eggs in terms of nutritional values and upon that egg substitutes are cholesterol free, gluten free with high amount of Vitamin A and B12, etc. are some of the factors driving the market. Apart from all the nutritional benefits and applications of egg substitutes, it has few cons also like it is not cost effective in some regions and for consumers who looks for good food in nominal price these are little expensive.

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Egg substitutes Market Segmentation

Egg substitutes market can be segmented on the basis of form, ingredient, application, packaging, distribution channels and regions.

On the basis of form egg substitutes market can be segmented into liquid and solid form. Among both the segment powder segment is expected to account major value share in the global egg substitutes market.

On the basis of ingredient egg substitutes market can be segmented in milk protein formulation, algal flour, protein, starch, soy products, fruit purees and vinegar. Out of these ingredient, egg substitutes are mostly used in milk protein formulation and also used as a source of protein in energy drinks.

On the basis of application, egg substitutes market is segmented into confectionery products, bakery products, spreads, dressings and savories.

On the basis of packaging, egg substitutes market can be segmented into tetra-packs, PET jars and bottles, egg trays and others. On the basis of distribution channel, the egg-substitutes market can be segmented into direct and indirect sales channel. The indirect sales channel can be further sub-segmented into online, modern trade format, convenience stores, departmental stores and retails.

Depending upon the geographic regions, egg substitutes market can be segmented into four regions which includes North America, Latin America, Europe, Middle East, Africa and Asia-Pacific. North America accounted for the largest share in the egg substitutes market.

Egg Substitutes Market Drivers, Restraints and Trends

Recently the rising price of the eggs and increasing customer awareness towards preventive healthcare is boosting up demand in egg substitutes market. Egg shortages are also there due to different diseases like influenza, bird flu, which is triggering the market for the substitutes to grow. Due to the shortage of eggs in the market, their price is increasing forcing consumers for egg substitutes. Rising consumer awareness towards preventive healthcare and an inclination towards product with low cholesterol is likely to fuel the growth of this market. Manufacturers are also focusing on the vegetarians or vegans who are demanding for egg substitute products as they cannot use eggs. Using the egg substitutes is advantageous as it is rich in protein content with very low fat and cholesterol as there is no yolk.

However, egg substitutes are not cost effective and does not offer the exact same taste as of eggs which is hindering the market to grow.

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Egg substitutes market Key Players

The key industry players in global Egg substitutes market are Cargill Incorporated, Ingredion Incorporated, Archer Daniels Midland Company, Glanbia Plc, Kerry Group, Cobion and Orchar Valley Foods Limited.

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