Cibi e Bevande
Egg Substitutes Market to Reach $5.2 Billion Globally by 2032 at 16.6% CAGR: Allied Market Research
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The rising number of people adopting vegetarian & vegan lifestyles and the growing consumer consciousness regarding ethical, environmental, and health concerns are the factors expected to drive the growth of the global egg substitutes market in the forecast period from 2023 to 2032. However, the complexity in achieving taste and texture like real eggs may hamper market growth. On the contrary, advanced technologies in ingredient innovation and the development of healthier egg substitutes meeting specific dietary requirements are expected to offer remunerative opportunities for the expansion of the egg substitutes market during the forecast period.
The dry sub-segment accounted for the largest global egg substitutes market share of 58.3% in 2022 and is expected to grow at the highest CAGR of 16.8% during the forecast period. Dry egg substitutes offer a longer shelf life compared to liquid alternatives, making them convenient for storage and transportation. Their versatility allows for use in various recipes, appealing to food manufacturers seeking flexible ingredients. Additionally, their resilience during global distribution makes them an attractive option for companies looking to supply diverse markets efficiently.
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The bakery & confectionery sub-segment accounted for the largest market share of 44.4% in 2022 and is expected to grow at the highest CAGR of 17.2% during the forecast period. This is mainly owing to the growing adoption of vegan and vegetarian lifestyles. As more individuals seek plant-based alternatives, the demand for egg substitutes in bakery and confectionery products has surged. These substitutes cater to consumers with dietary restrictions, allergies, or health concerns, while also aligning with preferences for clean-label, natural products. Additionally, ethical and environmental considerations prompt consumers to opt for plant-based options, further boosting the market.
The supermarkets & hypermarkets sub-segment accounted for the of 31.0% in 2022 and is expected to continue to hold major share by 2032. This is majorly because supermarkets and hypermarkets accommodate varied consumer preferences, with egg substitutes serving as essential plant-based alternatives for these diverse dietary needs. Besides, as retailers prioritize maintaining consistent product availability, the egg substitutes market, which is less vulnerable to disruptions than traditional egg production, could experience increased adoption in supermarkets and hypermarkets.
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The egg substitutes market in the North America region accounted for the largest share of 32.9% in 2022 and is predicted to witness significant growth by 2032. This growth is mainly owing to the growing preference of consumers in the region for healthier food alternatives, including plant-based egg substitutes, to reduce cholesterol intake and embrace a healthier lifestyle. Besides, the rising popularity of vegan and vegetarian diets, driven by ethical, environmental, and health concerns, contributes to the demand for plant-based egg substitutes. Moreover, the prevalence of egg allergies prompts consumers to seek allergen-free alternatives is further boosting the adoption of egg substitutes made from plant-based ingredients.
The report provides a detailed analysis of the key players of the global egg substitutes market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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