USD 153.2 billion
Vegan Eggs Market Size, Share, Growth Analysis, By Type, By Product, By Nature, By End Use, By Distribution, By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30I2179 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
61
|Figures:
75
Vegan Eggs Market Insights
Global Vegan Eggs Market size was valued at USD 153.2 billion in 2022 and is poised to grow from USD 180.3 billion in 2023 to USD 664.1 billion by 2031, growing at a CAGR of 17.7% during the forecast period (2024-2031).
The global industry is predicted to offer strong growth prospects for vegan eggs made from algae protein and flour. Algal flour mimics the nutritional profile of traditional eggs by having high protein and vitamin contents as well as being a strong source of fiber and key amino acids. Algal chemicals such as carrageenan and algin, which are found in algal flour and function as thickeners, are also found in algae. As a result, vegan scrambled eggs made from algae have an excellent outcome and mouthfeel. Growing consumer demand for and knowledge of plant-based eggs are major factors in the market's expansion. Demand for plant-based foods is growing along with the global population growth. The Vegetarian Resource Group estimates that 2% of Americans are vegans, a steadily rising number. Moreover, The Vegan Society reports that 1.21% of the population in the U.K. identified as vegan, up from 0.46%. The key market drivers are the vegan movement and the expanding population. In March 2022, Berlin-based Perfect also revealed plans to introduce its plant-based egg product in other European nations, such as the United Kingdom, Austria, and Switzerland. Some of the key elements influencing the market growth are new product releases, rising awareness, and safety authority approvals.
US Vegan Eggs Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Liquid
Fastest Growth
Liquid
Growth Rate
17.7% CAGR
Global Vegan Eggs Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Vegan Eggs Market Segmental Analysis
Global Vegan Eggs Market is segmented by Type, Product, Nature, End Use, Distribution and Region. Based on Type, the market is segmented into Liquid Vegan Eggs, Powder Vegan Eggs. Based on Product, the market is segmented into Tofu, Legume Based, Pea Base. Based on Nature, the market is segmented into Organic, Conventional. Based on End Use, the market is segmented into Food Processing Industry, Food Services Providers, Retail/Households. Based on Distribution, the market is Segmented into Supermarkets, Grocery Stored, online. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Vegan Eggs Market Analysis by Form Outlook
The liquid segment dominated the global market. This is explained by the market's significant preference for liquid plant-based eggs among consumers. Compared to their substitutes, liquid vegan eggs provide consumers a better choice for baking, scrambling, and frying. The stronger consumer propensity towards the product can be attributed to the liquid vegan eggs' simplicity and convenience. Yet, one potential drawback of this kind of product is that egg yolk and egg albumen cannot be separated from one another.
Throughout the projected period, it is predicted that the powder segment will increase at a rate of 16.6%. Product launches are increasing, and consumers are having easier access to items globally, which helps the segment flourish. As an illustration, in February 2021 Noblegen introduced vegan whole egg powder through its New Food and Ingredient Brand, EuniteTM website. The item is manufactured from euglena flour and is suitable for usage in a variety of dishes, including quiches, sandwiches, and pancakes.
Vegan Eggs Market Analysis by Distribution Channels
The offline segment dominated the global market. This is mostly explained by the fact that brick-and-mortar grocery stores use more product placement than internet retailers. The majority of the businesses in this niche and developing sector sell their products through supermarkets, hypermarkets, and grocery stores.
The online segment is anticipated to experience a profitable CAGR during the projection period. Online shopping portal use is projected to expand as internet connections become more widely available, more easily accessed, and have better coverage. The majority of vegans worldwide are often under 35. Generation Z and millennials are the vegan egg market's most significant consumer demographic. Furthermore, more technologically savvy and reliant on e-commerce for daily necessities, this consumer category is anticipated to push the online distribution channel.
Global Vegan Eggs Market Size By Form Outlook 2022 (%)
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Vegan Eggs Market Regional Insights
North America dominated the global market. Due to the rising demand for processed vegan meals, the local market is expanding. Also, issues like heightened environmental sustainability awareness and customers' propensity for vegan diets are all aspects that are favorably influencing the industry's expansion. Vegan eggs are becoming increasingly well-liked in the United States and other parts of the world, where they are utilized in various plant-based delights, from healthy snacks and drinks to veggie burgers and meat alternatives.
Asia Pacific is anticipated to grow at the fastest CAGR. Throughout the projection period, it is projected that the entry of new companies into the market and a subsequent increase in consumer awareness of plant-based foods will fuel growth. For instance, Evo Foods, a company that sells plant-based eggs, reported that it had raised USD 845K and was preparing for both an Indian and an international debut in 2022. Among the company's offerings are liquid eggs composed entirely of lentil proteins.
Global Vegan Eggs Market Size By Geography, 2022-2030
- Largest
- Fastest
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Vegan Eggs Market Dynamics
Vegan Eggs Market Drivers
Increasing veganism and vegetarianism
- Vegan eggs are a popular option among vegans and vegetarians as they provide a cruelty-free alternative to conventional eggs obtained from chickens kept in factory farms. Additionally, vegan eggs are often free from cholesterol and other unhealthy components that are commonly found in animal-based foods. The rise of social media and increased awareness of animal welfare and environmental issues have contributed to the growth of veganism and vegetarianism.
Health and environmental concerns
- Vegan eggs are cholesterol-free and often lower in saturated fat than conventional eggs. This makes them a healthier option for those who are concerned about their cardiovascular health and want to reduce their risk of heart disease and other health issues. the production of conventional eggs can have negative environmental impacts. In contrast, plant-based egg substitutes can be produced using sustainable and ethical methods, which are less harmful to the environment.
Vegan Eggs Market Restraints
High Prices
- Vegan eggs are often more expensive than conventional eggs, and this can be a deterrent for some consumers, especially those who are price sensitive. The higher cost of vegan eggs is partly due to the cost of producing plant-based egg substitutes, which can be higher than conventional egg production. The production process for vegan eggs typically involves the use of specialized ingredients and processing techniques, which can add to the cost of production.
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Vegan Eggs Market Competitive Landscape
Several businesses are vying for market share in the extremely fragmented vegan egg market. Since it enhances the product's quality and look, packaging is significant in the vegan egg market. By employing the right packing methods, vegan eggs increase the shelf life of their products. The demand for vegan Egg goods can rise as a result of eye-catching packaging drawing in a sizable number of buyers. Top vegan egg firms are concentrating on biodegradable packaging in order to adhere to environmental standards and entice environmentally conscious customers.
Vegan Eggs Market Top Player’s Company Profiles
- JUST Inc. (United States)
- EVO Foods (United States)
- Mantiqueira (N.Ovo) (Brazil)
- Orgran Foods (Australia)
- Terra Vegane (Germany)
- Free and Easy (United States)
- Follow Your Heart (United States)
- The Vegg (United Kingdom)
- Vezlay Foods Private Limited (India)
- Now Foods (United States)
- Hampton Creek Foods (United States)
- Daring Foods (United States)
- Eat Just (United States)
- Good Catch Foods (United States)
- Redefine Meat (Israel)
- Perfect Day (United States)
- Impossible Foods (United States)
- Beyond Meat (United States)
- Quorn Foods (United Kingdom)
- Tindle (Singapore)
Vegan Eggs Market Recent Developments
- In March 2023, the clean-label plant-based egg patties from food tech startup Zero Egg will soon be available in a more "egg-like" form.
- In September 2022, Zero Egg Introduced the First Ready-to-Eat Plant-Based Scrambled Egg.
- In August 2022, The European Commission approved Eat Just's vegan mung bean egg, For the compilation and submission to the Commission and EFSA, Eat Simply worked with Analyze and Realize GmbH. After this approval, the company intends to begin operations across Europe.
Vegan Eggs Key Market Trends
- Rising demand for plant-based proteins: As more consumers adopt plant-based diets, they seek alternative protein sources that are healthy, sustainable, and ethical. Vegan eggs are seen as a high-quality protein source that can be used in a variety of recipes and dishes. Protein is an essential nutrient that plays a crucial role in maintaining a healthy diet. However, many conventional protein sources, such as meat and dairy products, have been associated with negative health and environmental impacts. On the other hand, plant-based proteins are generally considered healthier and more sustainable, as they have a lower environmental footprint and can provide a range of nutrients.
Vegan Eggs Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global vegan eggs market analysis, the market is driven by several factors such as increasing veganism and vegetarianism, health and environmental concerns, and the rising demand for plant-based proteins. The market is expected to continue to grow in the coming years, as more consumers seek out healthy, sustainable, and ethical food choices. The market is characterized by high innovation and competition, as manufacturers develop new ingredients and flavours to differentiate their products and appeal to consumers. The increasing availability of vegan eggs in grocery stores and online retailers makes it easier for consumers to access plant-based egg substitutes and try them out. In addition, the expansion of vegan eggs into foodservice, such as in restaurants and cafes, is further fuelling the growth of the market. However, the market also faces several challenges, such as the higher price point of vegan eggs than conventional eggs and the lack of awareness and education about the benefits of plant-based diets. These factors could hinder the growth of the market in some regions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 153.2 billion |
| Market size value in 2031 | USD 664.1 billion |
| Growth Rate | 17.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vegan Eggs Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vegan Eggs Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vegan Eggs Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vegan Eggs Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vegan Eggs Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vegan Eggs Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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