The ingredients that are used for replacing the egg in baking and cooking are called as egg substitute ingredients. There are several different ingredients in the market that can be used as egg substitutes. Majority of such products are typically free from all types of animal-based products and thus they are called as the vegan egg substitute ingredients. These ingredients also do not contain any kind of cholesterol. Customers are also using different homemade ingredients for replacing eggs with other ingredients such as ground seed, chia seeds, baking powder, potato starch, and fruits among others.
The competition in the global Vegan Egg Substitute Market is high. The companies in the market are constantly doing R&D activities to stay ahead of the competition. The companies are giving extra preference to the health related aspects that customers are demanding. With growing R&D activities and new product launches, the market players are expecting increased competition in the coming years.
Some of the market participants operating in the global vegan egg substitute market identified across the value chain includes Glanbia Plc., Archer Daniel Midland Company, Cargill Incorporated, Kerry Group, Ingredion Incorporation, Renmatix, Bob’s Red Mill, House Foods America Corporation, Nayosa Foods Inc., TIC Gums, BI Nutraceuticals, AEP Colloids, WestSoy, Tate & Lyle, Grain Millers, MGP Ingredients, Fuchs North America, and others.
There are multiple factors that are projected to drive the overall development of the global Vegan Egg Substitute Market. The growing demand for vegan processed food products has boosted the demand for products like vegan egg substitutes. The factors like increasing allergenicity, grown awareness about environmental sustainability as well as the shift of consumers towards vegan diets are prime drivers of global vegan egg substitutes market. Other factors like increased shelf life as compared to eggs, as well as rising prices of eggs, owing to increased poultry diseases, are some of the secondary drivers of global vegan egg substitutes market. Vegan egg substitutes show potential to replace the egg in various food products like cakes, muffins, biscuits, mayonnaise, noodles, etc.
In addition to this, growing occurrence of health-related issues problems such as obesity along with other heart-related disorders has considerably increased. This has led to consumers shying away from cholesterol-rich food products and prefer more healthy and cholesterol-less ingredients in their food products. Vegan egg substitute helps rise to vegan food companies. The growing demand for clean-label as well as vegan products from the consumers especially from developed countries is a positive factor for the market. The manufacturers are investing in R&D in order to launch new vegan egg substitutes, to be utilized for various applications as well as mimic the egg flavor in various products.
Based on the geographical segmentation, there are five key regions of the global Vegan Egg Substitute Market. These regions are North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, currently, the global Vegan Egg Substitute Market is being dominated by the regional segment of North America. The North America segment is expected to remain dominant over the course of the given forecast period ranging from 2020 to 2030. The growth of the regional market is attributed to increasing trend of veganism in the region.
On the other hand, the regional segment of Asia Pacific is expected to witness a highly promising growth in the coming years of the forecast period as emerging economies such as India are projected to create high demands.