U.S. Market Study on Egg Replacements: Plant-protein Blends to Account for Over One-third Market Share
New York, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The U.S. egg replacement market is predicted to increase rapidly at 6.2% CAGR and reach a growth of US$ 419.2 Mn by the end of 2032, as per detailed market analysis by Persistence Market Research.
Organizations such as the World Wildlife Funds (WWF), PETA, and others are constantly raising their voices and supporting campaigns for spreading awareness against animal cruelty. WWF is working with its partners to develop relationships and opportunities and enhance networks striving to advance the sustainability of dairy-free ingredients. WWF also studies agricultural practices globally and engages with dairy businesses to advance regional and ecosystem-specific solutions for sustainable production. Social media is playing a crucial role in spreading awareness in this regard.
Bakery products containing plant-based ingredients instead of eggs cost more as they require aggressive research and development, and hence, have a higher profit margin as compared to conventional bakery products. This creates favorable opportunities for producers of products containing egg substitutes as an ingredient and also represents a major contribution in terms of revenue for grain farmers and food companies in developing countries.
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Following the vegan wave, there have been significant investments made in the industry:
Tyson Foods Inc. invested US$ 48.8 million in Beyond Meat Inc.
Impossible Possible received a large investment from pioneers, including Bill Gates and Li Ka-Shing.
Richard Branson & Tyson Foods Inc. invested in Memphis meat, which strives to produce clean-meat.
Key Takeaways from Market Study
Consumption of egg replacements in the U.S. is expected to be 20,631 tons in 2022 and is anticipated to increase at a CAGR of 5.2% to reach 34,152 tons by the end of 2032.
Based on form, sales of liquid egg replacement in the U.S. are pegged at 3,109 tons in 2022.
Based on ingredient type, plant-protein blends show the highest growth opportunity and are expected to reach a valuation of US$ 157.1 Mn by the end of 2032.
Under application, convenience food is expected to provide lucrative growth opportunity and register a volume CAGR of 6.9% through 2032.
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Total utilization of egg replacements in the dry form is projected at 17,522 tons in 2022.
“The egg replacement market is among the emerging markets in the food and beverage industry, as consumers are shifting their preferences from animal-based food to plant-based food. Moreover, variable egg prices are bolstering demand for egg replacement products. High cultivation of egg replacement sources such as soy, peas, and others are making plant-based eggs available throughout the year,” says a Persistence Market Research analyst.
Key players that are involved in the manufacturing of egg replacements are focused on strengthening their product portfolios by adding new products in the business line to gain new customers. Market players are also prioritizing innovation and investing in advanced technology to support new product development.
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In September 2021, Ingredion introduced Prista, a product range of pulse flours and concentrates. This product portfolio comprises Homecraft Prista P 101 pea flour, Vitessence Prista P 360 fava bean protein concentrate, and Vitessence Prista P 155 pea protein concentrate, where VITESSENCE® Prista P 155 can be used as an egg replacement for the manufacturing of pasta.
Ingredion Incorporated is collaborating with end-use product manufacturers for the provision of ingredients and the development of new, innovative products. The collaboration with the Vegetarian Butcher and Clara Foods are two such examples.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the U.S. egg replacement market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on ingredient type (plant-protein blends, polysaccharides/starch/hydrocolloids-based, legume-based, soy-based, yeast-based, others), application (bakery & confectionery, convenience foods, sauces & salad dressings, dairy & frozen desserts, other processed foods), and form (dry, liquid).
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