In its study, “Egg Replacement Ingredient Market: Global Industry Analysis and Opportunity Assessment, 2019-2026,” Future Market Insights (FMI) provides essential insights into the global egg replacement ingredient market. The global egg replacement ingredient market is predicted to grow at a CAGR of 5.8% in terms of value over the forecast period due to several variables, which FMI delves into in-depth.
Increasing Awareness about Preventive Healthcare to Boost Growth
According to Future Market Insights, the worldwide egg replacement ingredient market is likely to grow at a faster rate over the forecast period due to rising egg prices and increased consumer awareness about preventative healthcare. Due to a variety of health concerns, consumers prefer goods that contain plant-based natural components. This is driving up demand for egg substitute ingredients around the world.
Key Market Segments
Ingredient (Milk Protein Formulation, Algal Flour, Proteins, Starch, Soy Products (Lecithin, Tofu, & Tahini), Others (Fruit Purees & Vinegar)); Application (Chocolates, Biscuits & Cookies, Cakes/Pastries/Muffins/Bread, Mayonnaise, Noodles & Pasta); End-Use (Commercial (Large Scale Food Manufacturers (Liquid, Powder).
- By the end of 2019, the milk protein formulation ingredient segment is expected to be worth US$ 331.5 million.
- Over the projection period, the mayonnaise application category is expected to grow at a CAGR of 5.6 percent. By the end of 2019, the Cakes/Pastries/Muffins/Bread application category is expected to be worth US$ 279.3 million.
- Over the projection period, the commercial end-use category is expected to grow at a CAGR of 6.2 percent, reaching a market worth of US$ 1,270.8 Mn by 2026.
- By the end of 2019, the powder form segment is expected to account for 77.8% of the worldwide egg replacement ingredient market in terms of value.
Growth Forecasts on Regional Markets
North America, Latin America, Europe, Middle East & Africa (EMEA), and the Asia Pacific are the four major regions in which egg substitute ingredients are sold (APAC). By the end of 2019, the North American egg replacement ingredient industry is expected to be worth US$ 501.2 million. By the end of 2026, the market in this area is predicted to have a large proportion of the worldwide egg replacement ingredient market. Over the forecast period, rising demand for vegan products in the Asia Pacific is expected to propel the market forward.