Plant Based Eggs Market - Forecasts from 2022 to 2027

Plant Based Eggs Market - Forecasts from 2022 to 2027

The plant based eggs market is projected to witness a CAGR of 27.07% during the forecast period to reach a market size of US$791.356 million by 2027, increasing from US$147.936 million in 2020.

Factors such as healthy lifestyle choices, a rising vegan population, and growing demand for egg replacers are anticipated to drive market growth during the forecast period. Moreover, the rising demand for plant-based vegan food products and increasing awareness about the health benefits of plant-based eggs is projected to act as a driver for the plant-based egg market growth. Plant-based eggs provide various health benefits since they are cholesterol-free, and allergen-free due to which they are widely accepted by consumers suffering from health-related issues such as high cholesterol or egg-related allergies. Additionally, they are highly preferred by consumers as they are environmentally sustainable and offer high food safety because they are made up of plant-based raw material and thus reduce the risk of foodborne illness. Moreover, key players in the market are planning to launch innovative products in the market which is anticipated to have a positive impact on the overall market growth. For instance, Evo Foods has launched its first liquid egg alternative in India through its direct-to-consumer website and restaurants. Swiss retail and grocery giant Migros have announced the launch of its plant-based hard-boiled egg. It is the latest innovation from the company’s plant-based product line. Singapore-based OsomeFood launched a hard-boiled egg made primarily from mycoprotein.

HEALTHY LIFESTYLE CHOICES AND VEGANISM

One of the prime reasons supporting the growth of the market is the growing demand for healthy lifestyle choices and the rising preference for vegetarian food. People around the globe are improving their lifestyle choices and are switching toward healthy dietary habits, which are expected to drive market growth during the forecast period. Moreover, the high prevalence of cardiovascular diseases is expected to propel market growth. Cardiovascular diseases (CVDs) are the leading cause of death globally, which take an estimated 17.9 million lives each year (Source: WHO). These rising cases of bad heart health have drawn people’s attention to their health and dietary habits. Consumers are willing to spend more on their dietary food. Moreover, there are growing instances of individuals including plant-based foods in their diet to support their heart health which is expected to boost the demand for plant-based products in the coming years. Additionally, plant-based dietary choices are growing worldwide due to the increasing sympathies for animals that refrain people from consuming conventional eggs which in turn, is driving the demand for plant-based eggs.

Feel Foods Ltd., an agri-food holdings company is planning to launch plant-based eggs and bacon products. Noblegen Inc., an advanced nutritional ingredient company is planning to launch its first direct-to-consumer-facing product, a plant-based “whole egg” powder. It is a vegan-friendly, cholesterol and soy-free, alternative to traditional chicken eggs. Plant-based egg pioneer Eat Just’s is planning to launch its just egg product in Europe and US market.

THE PLANT-BASED EGG MARKET IS SEGMENTED INTO LEGUMES AND OTHERS BASED ON THE SOURCE

Legumes used in making vegan eggs like pea, mung, and so forth are rich in proteins, iron, fiber, B vitamins, and other essentials with low fat and cholesterol, thus making them a healthy choice for eating. Additionally, as per Eat Just, a private plant-based vegan egg-producing company, the amount of water needed to produce 1 chicken egg is 53 gallons, while the company, with mung beans as their key ingredient, produces vegan eggs by using 98% less water. Also, as per the company’s website, they use 83% less land as compared to the land required for conventional animal egg production. In another instance, in April 2022, mung bean protein, the plant alternative by Eat Just, received approval from European Union and has been deemed a safe food product by the European Food Safety Authority (EFSA). Also, in March 2019, Grupo Mantiqueira, a Brazilian egg producer, is the largest egg producer in South America, and the 6th largest in the world launched its first plant-based egg product which is made from pea starch as a key ingredient. Such key developments and strong environmental safety reasons are the expected drivers to anticipate the rise of the legume segment in terms of global market share of the plant-based egg market during the forecast period and beyond.

GEOGRAPHICALLY, THE PLANT-BASED EGG MARKET HAS BEEN CLASSIFIED INTO THE NORTH AMERICA, EUROPE, THE MIDDLE EAST AND AFRICA, SOUTH AMERICA, AND THE ASIA PACIFIC.

The North American market accounted for a large share of the market. It is expected to have a substantial market share due to a surge in the vegan population and a growing number of food-based innovations. Furthermore, innovation and technological up-gradation in the food and beverage industry has nudged significant growth in the market. Early adoption and acceptance of advanced technology coupled with the launch of new products and their easy availability across offline and online distribution channels have significantly supported the market for plant-based eggs, creating robust opportunities.

COVID-19 IMPACT ON THE PLANT-BASED EGGS MARKET

The COVID-19 pandemic boosted the market demand for plant-based eggs globally. COVID-19 is an animal-generated virus that spread among humans owing to the consumption of unhealthy and unhygienic animal meat. The severe impact of the virus and its robust outbreak inclined consumers to switch to alternate products of animal meat and dairy products consumption while maintaining the required nutrition level. Hence, the demand for plant-based products was propelled, which also supported the market for plant-based eggs. Furthermore, the increase in veganism during the pandemic, owing to an increased consciousness about health and the environment among consumers also increased the demand for plant-based eggs. Plant-based Food Association in the European region witnessed a 246% hike in plant-based meat and dairy consumption during the lockdown as more people adopted a vegan diet. Similar trends were observed in other regions as well.

MARKET SEGMENTATION:

BY SOURCE

Legumes
Other plant-based sources

BY FORM

Liquid
Powder & Whole-egg

SALES CHANNEL

Offline
Supermarket
Convenience Store
Speciality Store and foodservice
Online

BY GEOGRAPHY

North America
U.S
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
Japan
India
Indonesia
Taiwan
Thailand
Others