Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Egg Replacement Ingredient Market 2017–2027
Egg replacement ingredients are the ideal substitute for egg and are widely used to replace the egg content in the food. These ingredients reduce the egg content without affecting the taste and nutritional value of the food products. They are produced from various ingredients such as milk, modified food starch, etc. These ingredients are widely used across biscuits & cookies, cakes, chocolate, pastries, bread, noodles & pastas, and mayonnaise. Moreover, they are also used in savories, spreads, and dressings. The egg replacement ingredients are a low-fat or low-cholesterol alternative to whole eggs and are ideal for the consumer who does not want to eat meat and preferred plant-based products.
The global egg replacement ingredients market is projected to reach around US$ 1622.1 million by the end of 2027, in terms of revenue, growing at CAGR of 5.6% during the forecast period (2019-2027).
The shortage of egg crisis due to avian influenza is projected to propel the market growth of egg replacement ingredients. For instance, in 2015, 48.1 million of hens, turkeys and other birds were killed due to H5N2 virus (avian flu) in the U.S. The cost of dead poultry was estimated to be approximately US$ 191 Million. The total economic damage of the outbreak in Midwestern U.S. state alone was estimated at US$ 957 Million. This is expected to fuel market growth.
Rising demand for plant-based ingredients is expected to accelerate the market growth of egg replacement ingredients. Shifting preferences of consumers towards natural ingredients product is projected to support the market growth of these ingredients such as agar, starch and soy as they are naturally produced from plants. Therefore, rising demand for plant-based ingredients is expected to accelerate the market growth of egg replacement ingredients.
On basis of the region, North America dominated the global egg replacement ingredients market in 2018, accounting for 53% share in terms of value, followed by Europe, Middle East & Africa and Asia Pacific.
Figure 1. Global Egg Replacement Ingredients Market, Revenue Share (%), By Region, 2018
Egg replacement ingredients do not deliver the same taste as an egg does is projected to hamper the market growth of egg replacement ingredients. Moreover, these ingredients do not provide the color, same lift, and mouth feel. Hence, the issue associated with the taste and the flavor is expected to hinder the market growth of egg replacement ingredients.
Lack of awareness regarding the egg substitute products across the developing region is expected to curb the market growth of egg replacement ingredients over the forecast period.
Growth in a number of vegan populations around the globe is projected to propel the market growth of egg replacement ingredients. In 2018, the UK launched more vegan products than any nation. According to the Vegan Society, the demand for meat-free food in the UK increased by 987% in 2017 and going vegan was predicted to be the biggest food trend in 2018. Moreover, the UK plant-based market was worth £443m in 2018.
Growing bakeries & cafes are expected to create huge demand for eggless cakes which in turn propel the market growth of egg replacement ingredients. According to the University of British Columbia (UBC), the Canadian bakery product market is expected to grow at a compound annualized rate of 3.4% from 2018-2022. Moreover, bread sales accounted for the largest portion of baked goods sales each year. In 2017, bread sales accounted for $3.5 billion (USD) or almost 63% of total sales that years.
Figure 2. Global Egg Replacement Ingredients Market– Opportunity Analysis
Contentious product innovation by manufacturers is a major trend that has been observed in the market and this is expected to fuel the market growth of egg replacement ingredients. For instance, in October 2019, Zero Egg has developed a nutritious plant-based liquid the egg that tastes, looks, and functions like a real egg and can be used as an egg substitute in any recipe, including omelets, baked goods, mayonnaise, sauces, and more. Zero egg has a high nutritional value and no cholesterol.
Rising demand for gluten-free, non-GMO egg replacement ingredient is expected to fuel the market growth of egg replacement ingredients. According to the Coherent Market Insights, U.S-based Fiberstar offers a non-GMO clean label eggs replacement ingredient to consumers. The ingredient is derived from natural citrus fiber and enables partial or full replacement of egg for food applications such as baked goods, gluten-free bakery products, mayonnaise, dairy-based desserts, meat products, and others.
Figure 3. Global Egg Replacement Ingredients Market, Revenue Share (%), By Application, in 2018
On the basis of application in 2018, the mayonnaise segment has accounted the largest market share of 38.2% in terms of value, followed by cakes/pastries/muffins/breads and biscuits & cookies respectively.
Key players operating in global egg replacement ingredients market are Corbion NV, Glanbia Plc, Tate & Lyle Plc, Ingredion Incorporated, Ener-G Foods, Inc., Natural Products, Inc., Orchard Valley Foods, Puratos Group, Solazyme, Inc., and Archer Daniels Midland Company
Few Recent Developments
- In 2015, the company expanded its egg replacement ingredient product portfolio by adding three new ingredients in its OptiSol range. These ingredients are OptiSol 3200, OptiSol 3400 and OptiSol 3900.