According to a study currently available on MRRSE, the market for egg substitutes will grow by approximately 5.8% annually until 2026. The reasons for this include the rising price of eggs and the increasing demand for plant-based products, as well as consumers’ increasing awareness of health issues.
Egg substitutes can completely replace or reduce the proportion of eggs in food without affecting taste or appearance. Alternative ingredients are already used in the manufacture of many products. These include cakes, muffins, mayonnaise, chocolate, pudding, ice cream, biscuits and more.
A new report from the industry-leading market research database MRRSE shows that the market size of such egg substitutes will increase to $1,533 billion over the forecast period 2016 to 2026.
One of the main drivers of this trend is the rise in the price of eggs, which is partly due to avian influenza. In addition, consumer demand for plant-based ingredients and products with a low cholesterol content is increasing due to increasing health awareness. Manufacturers are therefore increasingly offering vegan or vegetarian and allergy-free alternatives.
Key players in the global egg replacement market include Corbion NV, Glanbia Plc, Tate & Lyle Plc, Ingredion Incorporated, Ener-G Foods, Inc, Natural Products, Inc, Orchard Valley Foods Limited, Puratos Group, TerraVia Holdings, Inc. and Archer Daniels Midland Company. These companies also aim to introduce new products for market segments such as the bakery industry.
Further details on the report can be found here.