The global vegan eggs market is gaining significant traction owing to the increasing awareness regarding health benefits of plant-based and vegan products. Vegan eggs are primarily made from chickpea, soy, potato, and other plant-based materials and provide comparable nutrition to chicken eggs. Vegan eggs offer various health advantages such as lower cholesterol levels, reduced risks of heart diseases, and contain more fibers and proteins. Growing consumer shift towards healthy and sustainable food options along with rising cases of egg allergies have boosted the demand for plant-based alternatives of conventional eggs. Global Vegan Eggs Market Is Estimated To Be Valued At US$ 1.97 Bn In 2024 And Is Expected To Exhibit A CAGR Of 8.5% Over The Forecast Period 2024 To 2031.
Key Takeaways
Key players operating in the global vegan eggs market are EVO Foods, Mantiqueira (N.Ovo), JUST Inc., Orgran Foods, Terra Vegane, Free and Easy, Follow Your Heart, The Vegg, Vezlay Foods Private Limited, Now Foods. EVO Foods and Mantiqueira together control over 30% of the global market share due to their wide distribution network and product portfolio.
The Global Vegan Eggs Market Demand is expected to grow significantly during the forecast period owing to the rising health consciousness among consumers and growing cases of egg allergies. The Asia Pacific region is anticipated to be the fastest-growing regional market on account of the increasing vegan population in India and China.
Technological advancements in vegan food production such as development of plant-based molecules that mimic egg proteins are further anticipated to drive the market growth. Companies are focusing on innovating vegan egg formulations that offer taste, texture, and cooking experience comparable to chicken eggs. Market Trends Increasing investments in research & development - Manufacturers are spending heavily on R&D activities to devise innovative formulations of plant-based materials that can mimic properties of chicken eggs. Significant focus is on developing vegan egg substitutes for recipes requiring whole eggs.
Growing startup investments - Several startups offering unique plant-based egg formulations have gained traction in recent years, attracting significant funding from venture capitalists. This is prompting established food companies to strengthen their vegan product portfolios. Market Opportunities Global Vegan Eggs Market Challenges And Opportunities in foodservice industry - The demand for vegan products is rising substantially in the foodservice sector comprising restaurants, cafes, and takeaways. Vegan egg manufacturers can gain opportunities by targeting this lucrative segment. Growing flexitarians - The rising flexitarian population is open to both animal and plant-based food options. Vegan egg producers can promote their products as alternatives at par with chicken eggs for flexitarians. Impact of COVID-19 on Global Vegan Eggs Market The COVID-19 pandemic significantly impacted the global vegan eggs market. During the initial lockdowns, demand and supply chains were disrupted leading to reduced production and sales. As restaurants and cafes shut, demand from the foodservice sector declined sharply. However, retail sales increased as people stocked up essentials while confined at home. Online grocery shopping and deliveries gained traction helping sellers reach consumers. Gradually, as restrictions eased, production and distribution networks stabilized enabling market recovery. The pandemic heightened health and clean eating trends boosting vegan foods popularity. More became interested in plant-based diets perceiving them to boost immunity. This increased vegan eggs trial among both vegans as well as flexitarians. Manufacturers responded rapidly developing new product lines and convenient packaging formats suiting home consumption. Digital marketing initiatives promoted the ingredients, cooking methods and versatility of vegan eggs. Overall, while the COVID-19 crisis initially impacted the market, in the long-run it has accelerated growth by expanding consumer base and improving access through e-commerce. Sustainable and health-led food choices will drive continued demand in the future as well. In terms of geography, North America accounts for the largest share of the global vegan eggs market in terms of value. This is attributed to rising vegan population, health awareness and presence of key manufacturers. Meanwhile, Asia Pacific exhibits fastest growth led by countries like China, India and South Korea. Rising affluence, western influences and health consciousness among youth are key drivers. The region also offers immense opportunities for market expansion given its massive population base and growing acceptance towards alternative proteins.
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