Plant Based Eggs Market Report

The market's growth is primarily due to rising consumption and awareness of plant-based eggs. Demand for plant-based products is increasing as the vegan population grows around the world. As a consequence of the COVID-19 pandemic, consumer demand and preference for plant-based eggs increased. Over the forecast period, the market is expected to rise rapidly, owing to consumers' desirable perceptions regarding plant-based foods. The Vegan Society filed 16,439 products with the Vegan trademark in 2021. The shift in consumer profile facilitates the growth of the online distribution channel. Millennials and Gen Z are the most prominent consumers in the plant-based eggs market. This consumer segment is also more technologically advanced and relies on e-commerce for everyday needs, which will fuel the plant-based egg sale through online distribution channels. According to the Sierra Club, the meat and animal products sector accounts for about 60% of greenhouse gas emissions from food production. The market is expected to be driven by rising concerns about climate change and a growing trend toward plant-based diets.

Algal flour resembles a normal egg in terms of protein and nutrient content, and it is an excellent source of fiber and essential amino acids. Furthermore, algae include carrageenan and algin compounds, that act as thickeners in algal flour. Plant-based eggs made from algal flour and algae protein are anticipated to expand rapidly in the global market. The number of health-conscious and vegan consumers has increased. The diversification of product offerings and distribution channels bodes well for the market's growth. Eggs, which have one of the highest protein contents of any food, are necessary for maintaining proper protein levels, and the growing fitness industry gives a huge opportunity for suppliers. However, identifying a plant-based substitute for eggs that provides the same amount of protein is difficult. As a result, there is a booming market for plant-based eggs. More importantly, plant-based eggs are rapidly catching up to regular eggs in terms of protein content. The growing consumer interest in plant-based products has raised demand significantly.

• Advancements in food science to enhance the taste and texture of plant-based eggs.
• Expansion of plant-based egg products such as scrambled eggs, omelets, and other egg-based baked products.
• Plant-based egg products are fortified with vitamins and minerals to match the nutritional values of conventional eggs.
• Personalized nutrition to cater to specific dietary needs and preferences.
• Innovation in packaging solutions to enhance convenience, sustainability, and quality.

One of the major reasons restricting the market's expansion is the high cost of plant-based eggs. Apart from taste and texture, price is one of the most important aspects for consumers. The significant difference between plant-based eggs and regular eggs limits the plant-based eggs market expansion. Furthermore, food allergies are anticipated to have an impact on market growth. The soy-based egg is an affordable choice but has significant limits due to the allergy caused by an abnormal response to soy proteins. Another major drawback of plant-based eggs is the amount of additional preservatives, chemicals, emulsifiers, binders, and sodium. These chemicals aid in the preservation, texturization, and enhancement of the functionality and flavor of plant-based eggs. These are some challenges hampering the market growth.

New product introductions, increased awareness, and approvals from safety authorities are all major elements influencing plant-based egg market growth. On World Egg Day 2020, ZERO EGG launched plant-based egg powder in the United States. The product is a protein blend of soy, pea, potato, and chickpeas, with zero cholesterol, fat & calories. Eat Just, Inc. announced that its mung bean protein, the fundamental ingredient in the global phenomenon JUST Egg, has been approved by the European Commission, in 2022 thus, opening the way for a European launch. Perfect, a German company, developed a plant-based egg made from fava beans in 2022. EVO Foods has partnered with Ginkgo Bioworks in 2022 and launched animal-free egg products. With this collaboration, the companies aim to develop animal protein replacements that satisfy consumer tastes in response to increased consumer demand for animal-free food alternatives.

North America has the largest market share in plant-based products. The regional market is expanding due to increased demand for plant-based processed meals. Furthermore, factors such as increased environmental sustainability concerns and consumer preference for vegan diets are all positively supporting the market growth. Plant-based eggs are becoming increasingly popular in the United States and other parts of the world, as it is used in everything from healthy snacks and drinks to plant-based delights such as veggies burgers, and meat alternatives. According to Google Trends, the UK was the biggest source of veganism searches in 2021, followed by Germany and Austria. Plant-based products are becoming more popular among European consumers.  The presence of major companies and established retail channels with a broader product presence contributes to market growth in the region. This is due to increased consumer awareness about plant-based eggs. Asia Pacific region is expected to grow over the forecast period. The emergence of new companies in the region, as well as a consequent increase in awareness of plant-based products, are expected to drive market expansion.

The report provides a detailed overview of the plant-based eggs market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the plant-based eggs market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the plant-based eggs market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which are anticipated to have a substantial impact on the growth of the plant-based eggs market. Some key countries and regions included in the plant-based eggs market report are as follows:

• Plant-based eggs market detailed segments and segment-wise market breakdown
• Plant-based eggs market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in plant-based eggs industry)
• Current, historical, and forthcoming 10 years market valuation in terms of plant-based eggs market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Plant-based eggs market demand analysis
• Plant-based eggs market pricing analysis over the forecast period (by key segment and by region)
• Plant-based eggs market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the plant-based eggs market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in the plant-based eggs market
• Plant-based eggs market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on plant-based eggs market forecast by countries
• Mergers and acquisitions in the plant-based eggs market
• Essential information to enhance market position
• Robust research methodology