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Global Vegan Egg Substitute Market Expected to Reach USD 1.48 Billion by 2026, Driven by Rising Demand for Low Cholesterol Food

According to a new report by EMR titled, 'Global Vegan Egg Substitute Market Report and Forecast 2021-2026', the global market for vegan egg substitute is expected to grow at a CAGR of 5.6% in the forecast period of 2021-2026 to reach a value of USD 1.48 billion by 2026.

The market for vegan egg substitute is being driven by the rising occurrence of health-related issues like obesity and heart-related diseases. This has led the consumers to opt for low cholesterol food ingredients, as a result, enhancing the demand for vegan egg substitutes. Further, the rising demand from the expanding vegan population and the rising applications is expected to positively influence the market over the forecast period. The rising trend of low-calorie products is expected to invigorate the demand for vegan egg substitute products. Moreover, the rising demand for clean-label and vegan products from consumers, particularly from developed countries, is expected to provide further impetus to the market growth. In addition, the manufacturers are investing in R&D so that they could launch new vegan egg substitutes to be used for various applications, thereby aiding the market growth.

Ingredion Incorporated (NYSE: INGR), a leading global player in the vegan egg substitute industry, announced in April 2019 that it would partner with Clara Foods to distribute and market several proteins obtained from yeast that are conventionally found in eggs. The introduction of these products by the company will enhance their portfolio to offer highly functional proteins that will help produce food and beverages with advanced levels of protein and distinct characteristics without the inclusion of animal-derived inputs. This is expected to aid the market growth of vegan egg substitute over the forecast period.

Market Analysis by Form, Type, Application, and Region:

  • The vegan egg substitute industry, on the basis of form, is divided into solid and liquid.
  • Based on type, the industry is segmented into starch, algae flour, and soy-based, among others.
  • By application, the industry is categorised into bakery, confectionery, desserts, and convenience food, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The vegan egg substitute industry is being aided by the growing demand for vegan processed food products. 
  • Factors such as increasing awareness regarding environmental sustainability, rising allergenicity, and the shift of consumers towards vegan diets are further propelling the market forward.
  • Moreover, drivers like enhanced shelf life as compared to eggs, coupled with rising prices of eggs as a result of increased poultry diseases, is also propelling the market growth.
  • Further, vegan egg substitutes demonstrate potential to replace the egg in different food products like cakes, biscuits, mayonnaise, muffins, noodles, etc, which will likely aid the growth of the market in the coming years.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for vegan egg substitute for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the forms, types, applications, and major regions of vegan egg substitute. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Glanbia plc, Ingredion Incorporated, Cargill, Incorporated, Bob's Red Mill Natural Foods, Inc., and House Foods America Corporation, among others, are the key players in the global vegan egg substitute market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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