The global plant-based eggs market is projected to witness a CAGR of 21.82 between 2021 and 2026, to reach a market size of USD 2,621.602 million by 2026. For comparison, it was valued at USD 658.471 million in 2019, according to a report by ResearchAndMarkets.com.Plant-based eggs consist of legumes as the major ingredient. The extracted proteins are processed in the texture of eggs, are versatile in use and are popularly used in vegan food services. The current dietary trends towards veganism and flexitarian diets, along with the decrease in animal protein consumption, are some key drivers of this market.
Regular eggs are often reported to contain salmonella, while plant-based eggs are considered safer and replicate the physical and chemical properties of regular eggs. They are also easier to store and transfer as they mostly come in liquid or powder form, which is among the other reasons propelling the plant-based eggs market ahead. By source, legumes hold the largest share in the market, though other plant sources are being experimented with. By form, liquid eggs are prevalent in the market as they are easier to cook and used by food and gastronomic enthusiasts widely.
Geographically, North America dominates the plant-based eggs market due to the presence of a large number of players in the region, food safety norms, allergen reduction, easier handling and storage, and environmental sustainability.
People are improving their lifestyle choices; which drives the success of a wide range of products connected to plant-based eggs. This will continue to generate new opportunities for the plant-based eggs market, the researchers anticipate.
Veganismalso benefits the plant-based egg market. As the demand increases, the market has been lucrative for investment opportunities and the entrance of new players.
While eggs are an affordable choice of protein among the population, plant-based eggs are priced higher, discouraging people from regular consumption. The market is thriving in first-world countries and gradually seeping into the developing nations. The highly populous middle-class section of the society still depends on eggs as their main source of protein and there has been a marginal shift to plant-based products, thus restricting the market.
Market players analyzed in the market study include companies such as Vegg, Conagra Brands Inc, Bob’s Red Mill Natural Foods, Just, Zero Egg, Float Foods, Evo Foods, Crack’d, Orgran and Earth Island.