A report by business and competitive intelligence provider Fact.MR has predicted significant growth for the plant-based egg market in the coming years.
The market was valued at $2.11 billion last year and is expected to be worth $24.9 billion by 2032, exhibiting a CAGR of 28% over the forecast period. Growth will be driven by food safety concerns regarding chicken eggs, along with increased environmental awareness; plant-based eggs are said to require 98% less water than conventional eggs and generate fewer carbon emissions.
The rise in veganism worldwide will also help to boost sales, along with improved distribution and increased awareness of the health benefits of plant-based proteins. Several new brands and products are expected to enter the market, providing further growth opportunities.
However, the difficulty of changing consumer behavior may restrict growth, along with the differing functionality of plant-based and conventional eggs.
Skyrocketing demand in the US
Market growth is expected to be strongest in North America, due to the large vegan population in the region. In the US, plant-based supply chains are already very well-established, with egg alternatives now on the menu at many food service outlets. Demand is predicted to skyrocket over the forecast period.
High traction is also expected for the European plant-based egg market, with plant-based foods becoming more popular in the region and animal-based foods seeing a decline. Major investments in food innovation in Europe will further contribute to growth.
Rise of powdered egg alternatives
Currently, liquid egg alternatives dominate the market with over 50% of the revenue share; however, the powdered segment is expected to have the highest CAGR through to 2032. New powdered egg alternatives are already entering the market, made from ingredients such as soy, chickpeas, and potato.
Other market reports have also predicted significant growth in demand for plant-based egg products. Recent research by Prophecy Market Insights predicts a 6.6% CAGR for the egg replacer market, which is expected to reach a valuation of $2,132.4 million by 2030.
