The Global Egg Replacement Ingredients Market size was valued at USD 1141.33 million in 2021 and is poised to grow from USD 1202.53 million in 2022 to USD 1817.7 million by 2030, growing at a CAGR of 5.3% in the forecast period (2023-2030).
Market Drivers
The growth of the egg replacement ingredients market is being driven by several factors, including:
Rising awareness of the health benefits of egg alternatives: Consumers are becoming increasingly aware of the health benefits of egg alternatives, such as reduced cholesterol levels and lower risk of heart disease. This is leading to an increase in demand for egg replacement ingredients.
Growing vegan and vegetarian populations: The number of people following vegan and vegetarian diets is growing rapidly around the world. This is driving demand for egg replacement ingredients, as many vegan and vegetarian products are made without eggs.
Increasing use of egg replacement ingredients in food manufacturing: Egg replacement ingredients are being used more and more in food manufacturing, as they can help to reduce costs, improve shelf life, and extend the product's reach to consumers with egg allergies.
Key Market Trends
Some of the key trends in the global egg replacement ingredients market include:
Development of new and innovative egg replacement ingredients: Manufacturers are developing new and innovative egg replacement ingredients that are closer to the taste and texture of real eggs. This is making them more appealing to consumers and driving demand.
Increasing demand for clean label ingredients: Consumers are increasingly demanding clean label ingredients, which are ingredients that are free from artificial additives and preservatives. This is driving demand for egg replacement ingredients that are made from natural sources.
Growing use of egg replacement ingredients in emerging markets: The use of egg replacement ingredients is growing rapidly in emerging markets, such as China and India. This is due to the increasing demand for convenient and affordable food products.
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Key Players
Some of the key players in the global egg replacement ingredients market include:
- ADM (Archer Daniels Midland Company)
- Cargill Incorporated
- DuPont Nutrition & Biosciences
- Ingredion Inc.
- Purina Mills LLC
- Jarrow Formulas
- MGP Ingredients, Inc.
- Emsland Group
- BENEO
Regional Outlook
The global egg replacement ingredients market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market, followed by Europe. Asia Pacific is the fastest-growing market, due to the rising demand for egg replacement ingredients in China and India.
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Future Outlook
The global egg replacement ingredients market is expected to continue to grow in the coming years, driven by the factors mentioned above. The increasing demand for egg alternatives, the growing vegan and vegetarian populations, and the increasing use of egg replacement ingredients in food manufacturing are all expected to contribute to market growth.
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