Aquafaba Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Aquafaba Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Aquafaba Market Set to Surge with Rising Demand for Vegan Alternatives

The global aquafaba market is poised for substantial growth, according to the latest analysis report by Fairfield Market Research. With a noteworthy projected growth rate of 14.0% from 2024 to 2031, the market is anticipated to soar to a valuation of US$ 210 million by the end of the forecast period, up from US$ 85 million in 2024.

Growing Consumer Preference for Plant-Based and Vegan Alternatives Drive Market Expansion

One of the primary drivers fueling the expansion of the aquafaba market is its increasing utilization as a plant-based, vegan, and gluten-free substitute for eggs. With the growing awareness about climate change, health benefits associated with plant-based diets, and the rise of cruelty-free trends, consumers are increasingly turning towards aquafaba as a versatile ingredient. Its applications in various culinary delights, including pancakes, waffles, and bakery desserts, further bolster its demand.

Addressing Food Allergies and Health Concerns

With egg allergies being among the most common food allergies worldwide, the demand for egg substitutes such as aquafaba is on the rise. Particularly in regions like Australia, where egg allergies are prevalent among children, aquafaba emerges as a safer alternative for preparing desserts and other delicacies, mitigating health risks associated with egg consumption.

Regional Growth Prospects

The United States market shows promising growth potential from 2024 to 2031, driven by the increasing adoption of vegan and plant-based diets among Americans. This dietary shift has led to a rising demand for aquafaba, a popular egg substitute in various food products. The market is expected to maintain its upward trajectory, supported by a steady compound annual growth rate (CAGR) throughout the forecast period.

Similar to the United States, the United Kingdom's aquafaba market is poised for substantial growth in the coming years. Factors such as the prevalence of food allergies, including egg allergies, and the popularity of initiatives like Veganuary contribute to the growing demand for aquafaba in the UK. Moreover, the thriving bakery industry presents significant opportunities for aquafaba as a vegan-friendly ingredient in baked goods. The market is forecasted to experience steady growth during the projected period.

In China, the aquafaba market is expected to witness significant expansion due to factors such as urbanization, economic growth, and a growing awareness of the health benefits associated with plant-based diets. Government initiatives aimed at reducing carbon emissions further contribute to the market's growth. With a notable percentage of the population already following a vegan lifestyle, there is substantial potential for aquafaba in China, particularly as the government encourages consumers to decrease meat consumption.

Japan's aquafaba market is anticipated to grow steadily, driven by the increasing adoption of veganism and plant-based diets. The country has witnessed a significant rise in individuals transitioning to vegan food, resulting in a growing market for plant-based products. This trend is expected to fuel demand for aquafaba as a vegan egg substitute in various recipes. With a burgeoning market for vegan-friendly products, Japan offers lucrative opportunities for aquafaba manufacturers to expand their presence.

Category-Wise Insights

Liquid aquafaba emerges as the frontrunner in terms of market growth, with a projected CAGR of 14.1% from 2024 to 2031. Its versatility and similarity to egg whites make it an ideal substitute in various culinary applications, driving its demand in the market.

Competitive Analysis

Key players in the aquafaba market include Haden's Aquafaba, Vor Foods, Chickplease, OGGS (Alternative Foods), SOS Chefs, Saheli, and Elmhurst. These companies are not only focusing on product innovation and diversification but also collaborating towards sustainable development by minimizing carbon footprints.

Segmentation of the Aquafaba Market:

By Form:
• Liquid
• Power

By Application:
• Pancakes
• Waffles
• Mayonnaise
• Meringues
• Cookies
• Brownies
• Dressings
• Cocktails

By Packaging Type:
• Bottles
• Jars
• Pouches

By Sales Channel:
• Online
• Supermarkets/Hypermarkets
• Specialty Stores

By End Use:
• Bakery & Confectionery
• Household Consumption
• HoReCa

By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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