The plant-based eggs market is anticipated to be worth US$ 1613.1 million in 2023 and US$ 3984.5 million by 2033. The United Kingdom, the United States, China, and India are expected to emerge as primary producers, with the demand for plant-based eggs predicted to increase at a steady 10.6% CAGR.
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More money is being spent by businesses on research and development to produce more delectable and authentic plant-based egg products that replicate the flavor and texture of regular eggs. Peas, soy, and legumes are a few of the cutting-edge components that some businesses are investigating to produce more genuine plant-based egg products.
Rise of Veganism creating lucrative markets for Plant-Based Eggs
In recent years, there has been an increase in the proportion of health-conscious and vegan consumers. The development of product selections and distribution choices is encouraging for the market’s potential future expansion.
Maintaining proper protein levels requires eggs, which have one of the highest protein concentrations of any food. The growing fitness sector offers enormous opportunities for suppliers. However, finding a vegan alternative to eggs that contains the same amount of protein is difficult. As a result, the market for plant-based eggs is very profitable. More significantly, vegan eggs are quickly catching up to regular eggs in terms of protein content. Demand has momentarily surged due to consumers’ rising curiosity with products made using animal products.
Key Takeaways
- The plant-based eggs market is driven by growing health consciousness, environmental concerns, economic factors and technological advancements.
- The market is expected to grow due to an increase in the number of people adopting a vegetarian or vegan lifestyle, food allergies and intolerance, and government initiatives.
- The plant-based eggs market is highly competitive, with many players operating globally, and is dominated by a few large players with a wide product portfolio and a strong distribution network.
- Companies are focusing on product innovation, research and development, strategic partnerships and marketing and advertising to increase consumer awareness and expand their market share.
“Plant-based eggs are redefining the future of sustainable and cruelty-free food. These innovative egg substitutes, derived from plant sources, offer a versatile and ethical alternative for consumers concerned about the environment and animal welfare, shaping the landscape of the food industry,” says an FMI analyst.
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Competitive Landscape
The plant-based eggs market is a highly competitive market with many players operating globally. A few large players, with a significant number of small and medium-sized enterprises also present, dominate the market. The large players have a strong market presence, a wide product portfolio and a strong distribution network, which allows them to dominate the market. Some of the top companies in the market are:
- Just Egg
- Beyond Eggs
- Follow Your Heart
- The Veggie Goodness
- Good Catch
- Nellie’s Free-Range Eggs
- Hampton Creek
- Better Body.
These companies are focusing on product innovation, research and development, and strategic partnerships to expand their market share. Companies are also investing in marketing and advertising to increase consumer awareness and attract new customers. Additionally, companies are also focused on expanding their distribution networks and increasing their presence in new regions to increase their market share.
However, the plant-based eggs market is also witnessing the entry of new players, who are focusing on developing innovative products and expanding their market presence through strategic partnerships and collaborations. This is expected to increase the competition in the market and drive innovation in the industry.
Key Segments
Product Type
- Tofu
- Legume-based
- Pea-based
Distribution Channel
- Supermarkets
- Grocery Stores
- Online
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
About the Author
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table. Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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The post Plant-Based Eggs Market to surge at a 10.6% CAGR, reaching a Worth of US$ 3,984.5 million by 2033 | Future Market Insights, Inc. appeared first on Future Market Insights.
