Global Vegan Eggs Market - 2023-2030

Global Vegan Eggs Market - 2023-2030

The Global Vegan Eggs Market reached US$ 1.5 billion in 2022 and is expected to reach US$ 4.5 billion by 2030 and grow with a CAGR of 14.8% during the forecast period 2023-2030. The increase in health awareness among people and the increased vegan population are driving the growth of the global vegan eggs market.

New product launches, increasing awareness, and approvals from the safety authorities are some of the important factors impacting the industry’s growth. For instance, Eat Just’s vegan mung bean egg received support from the European Commission, as reported in April 2022. Eat Just collaborated with Analyze and Realize GmbH for the compilation, EFSA, and Commission submission.

Some of the major key players announced that their sales increased during the pandemic. For instance, in May 2022, Evo Foods partnered with Ginkgo Bioworks to introduce animal-free egg products. They aimed to launch animal protein replacements that supplement consumer tastes in the wake of the rising demand for animal-free food alternatives among consumers.

Market Dynamics

The Growing Vegan Population is Estimated to Drive the Vegan Eggs Market.

Consumers are increasingly embracing the vegan lifestyle and opting for healthy substitutes for dairy, and other conventional protein sources, which ultimately increases the demand for vegan foods in the industry. For instance, in 2020, according to Veganz, 3.6% of the population is vegan in Germany.

Millennials are central drivers of this worldwide shift away from consuming animal products —normalizing plant-based eating and leading consumer demand. Everyone from celebrities to athletes to entire companies, including Google, and countries are promoting eating more plant-based foods. These food products are gaining immense traction worldwide due to their health and environmental benefits.

The Rising Health and Environmental Concerns are Driving the Vegan Eggs Market Growth.

There is a growing health consciousness in people. They now focus on a healthy diet to improve health and provide a healthy lifestyle. Egg replacements can be prepared by egg substitutes such as algal flour, flaxseed gels, and others. Algal flour contains high proteins and nutrient contents and is a good source of fiber and essential amino acids.

Imitating conventional eggs and algae have carrageenan and algin compounds, which are present in algal flour and act as thickeners. The World Obesity Federation’s 2023 atlas predicts that 51% of the world, or more than 4 billion people, will be obese or overweight within 12 years. Due to rising health problems, people are shifting to healthier foods which are driving the market growth.

Increasing Price and Allergies of Vegan Eggs Restrains the Market Growth.

Price is among the main decisive factors for consumers besides taste and mouthfeel. The source and processing methods of vegan egg production are way costlier compared to that of conventional eggs available. Tofu scramble, chickpea flour, flaxseed gel, aquafaba, and chai seed gel are some ingredients for producing vegan eggs.

The premium prices of vegan eggs burden low-moderate-income consumers, who usually avoid buying them. This hinders the vegan eggs market growth. Also, there are allergies raised from vegan foods, especially those made of soy protein. The soy-based eggs are not only cost-effective but also are allergic to some people. According to the National Institute of Health, the prevalence of soy intolerance is about 0.5% of the world’s population.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

The global vegan eggs market is segmented based on form, distribution channel, and region.

In the Global Vegan Eggs Market, the Powder Segment Holds the Largest Market Share.

The global vegan eggs market has been segmented by form into powder, liquid, and egg-shaped. The powder segment held the largest vegan eggs market share of 45.4% in 2022 in the vegan eggs market analysis report. The increasing demand for powdered eggs in the vegan eggs market increases the segment’s share.

The rising health consciousness among people and the increasing vegan population are raising the demand for the market. The new product launches of the powder form of vegan eggs are expanding the share. For instance, in October 2020, Zero Egg launched plant-based egg powder in the U.S. market on World Egg Day. The product is a blend of soy, pea, potato, and chickpea proteins with zero cholesterol, low fat, and low calories.

Geographical Analysis

The North America Region Held the Largest Share of the Vegan Eggs Market.

The global vegan eggs market is segmented into five parts based on geography: North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. The North American vegan eggs market held the largest market share of 38.6% in 2022 in the vegan eggs market analysis. The increased health awareness is raising the market growth in this region.

People who adopt a vegan lifestyle have a higher life expectancy than those who adopt a meat-based diet, according to the JAMA Internal Medicine Journal. Obesity is one of the most serious global public health issues, affecting every country. Obesity and overweight rates in children and adults continue to rise in countries such as North America, causing to increase in vegan eggs market growth in this region.

Competitive Landscape

The major global players in the market include Eat Just, Inc., Glanbia plc, EVO Foods, Organ Foods, ProVeg International, Lovely Day Foods GmbH, Nobelgen, Inc., Grupo Mantiqueira, Le Papondu, and Atlantic Natural Foods.

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

The unprecedented COVID-19 pandemic in 2020 profoundly affected the food industry. Covid-19 has considerably impacted the global food supply chain phases involving vegan eggs production, processing, distribution, and consumption due to lockdowns and restrictions imposed by various governments.

Everything has changed due to the COVID-19 epidemic. It has influenced practically every industry, whether positively or negatively. The COVID-19 pandemic's effects on world economic conditions have had an influence. They could impact interest rates, foreign exchange rates, commodities and energy prices, and the efficient operation of financial and capital markets.

The COVID-19 pandemic issue has had an impact on the food industries as well. The COVID-19 pandemic is upending life, and the food sector is seeing increased trends like vegan eggs. The food businesses are launching innovative programs, including vegan eggs, which are readily available and straightforward to consume.

Why Purchase the Report?
• To visualize the global vegan eggs market segmentation based on form, distribution channel, and region and understand vital commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of vegan eggs market-level with all segments.
• The PDF report includes a comprehensive market analysis after exhaustive qualitative interviews and an in-depth market study.
• Product mapping is available as Excel consists of critical products of all the major market players.

The Global Vegan Eggs Market report would provide approximately 53 tables, 46 figures and 165 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies