Global Vegan Eggs Market Set for Growth as Flexitarian, Vegetarian Numbers Rise

 

Global Vegan Eggs Market

Vegan eggs are plant-based alternatives to conventional chicken eggs. They are made of ingredients like aquafaba, tofu, chickpeas or bean flour and provide similar cooking properties to chicken eggs. Vegan eggs aim to replicate the taste, texture and functionality of chicken eggs to provide egg-like experience for cooking and baking without using animal products. The demand for vegan eggs is growing due to rising health consciousness and concerns over animal welfare among consumers.

The Global vegan eggs market is estimated to be valued at US$ 3.49 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Vegan Eggs are EVO Foods, Mantiqueira (N.Ovo), JUST Inc., Orgran Foods, Terra Vegane, Free and Easy, Follow Your Heart, The Vegg, Vezlay Foods Private Limited, Now Foods. EVO Foods and Follow Your Heart are pioneers in the category and have lead the market growth over the last decade.

Key opportunities in the Global Vegan Eggs Market Trends include rise in flexitarian and vegan population globally, growing foodservice industry adoption of plant-based offerings and increasing retail shelf space for vegan products. Asia Pacific region especially countries like India offer huge untapped opportunities owing to religious and cultural preferences for vegan products.

Global expansion plans of key players like JUST Inc., Eat JUST's vegan egg brand, acquiring Faber Noel (a majority of Europe's largest egg producer) signals huge potential of global vegan eggs market. Production facilities and private label partnerships across Europe and Asia Pacific are other strategies adopted by players.

Market Drivers

One of the key drivers for vegan eggs market is increasing health consciousness among consumers. Vegan eggs are considered healthier alternatives due to absence of cholesterol content unlike chicken eggs. They are a suitable swap for people with egg allergies as well. Consumers are actively looking for plant-based protein sources and vegan eggs fit well in their diet plans for muscle gain and weight management goals.

Market Restraints

Higher prices of vegan egg alternatives compared to conventional chicken eggs is a major challenge restraining widespread adoption. Taste, cooking properties and versality factors also need consistent improvement to match consumer expectations. Limited awareness in developing nations and availability only through specialty retail channels pose further restraints to market growth. Standardization of production processes is critical to minimize batch-to-batch variations.

Segment Analysis

Vegan eggs market can be segmented into liquid eggs and powdered eggs. Liquid eggs account for the major share as they are easy to use and their taste and texture closely resembles that of normal eggs. Powdered eggs allow for longer shelf life and are convenient to carry while traveling. However, their taste and texture is inferior compared to liquid eggs.

Global Analysis

North America dominates the global vegan eggs market led by United States. Rising vegan population, increasing health awareness and availability of vegan substitutes are fueling market growth in the region. Europe is the second largest market owing to growing veganism in countries like Germany, UK and France. Asia Pacific is expected to witness fastest growth due to changing lifestyle and growing middle class population in countries like India and China. Rising concerns regarding animal welfare are compelling people to shift towards a plant-based diet in regions like Latin America and Middle East & Africa wherein the market is expanding at a noteworthy rate.

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About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)