According to a new report released by Infinium Global Research, the global egg replacement ingredients market is projected to grow at a CAGR of 5.02% over the forecast period of 2017 to 2023.
The Global Egg Replacement Ingredients Market was worth USD966 Million in 2016 and is estimated to reach USD 1373.4 Million by 2023. In 2016, the North American region held the largest market share (approximately 51%) and is expected to stay dominant through the forecast period. The Asia-Pacific region is expected to grow at highest CAGR of 5.44% during the forecast period.
The growth of the Global Egg Replacement Market is primarily driven the increasing number of vegans, growing health concerns and outbreak of diseases associated with birds. The rising egg prices and shortage of eggs in 2016-2017 has also augmented the demand for egg replacement ingredients.
The report also focuses on the major players in the Global Egg Replacement Ingredients market, such as Arla Foods, E.I. Dupont De Nemours And Company, Archer Daniels Midland Company, Ener-G Foods, Inc., Corbion Group, Glanbia Plc, Fiberstar, Inc., Ingredion Incorporated, Florida Food Products, LLC, and Cargill Inc..