Plant-based Eggs Market by Form (Liquid and Solid), Distribution Channel (Online, and Offline) - Global Analysis & Forecast 2019-2030
Report ID : 131 | Published Date : May 2020 | Pages : 160 | Region : Global | Report Code : FB-6
Plant-based Eggs Market Overview and Introduction
The plant-based eggs market was valued at ~US$ 20 million in 2019 and is anticipated to grow further at a CAGR of ~32% from 2019 to 2030.
Animal agriculture utilizes 77% of the total agricultural land on earth; however, it is capable of supplying only 17% of the aggregated food supply required for human consumption. On the contrary, plant-based food products, including plant-based eggs, minimize greenhouse gas (GHG) emissions by eliminating biodiversity loss, deforestation, water pollution, and freshwater use. The consumption of plant produce is essentially more efficient than cultivating plants that are fed to animals for obtaining food products, such as milk, cheese, butter, yogurt, and others from them. The adoption of plant-based alternatives has witnessed a significant surge in the past few years. For instance, in 2017, it was estimated that the sale of plant-based foods accounted for approximately US$ 3.1 billion, in the U.S. alone. Plant-based egg substitutes derived from soy & mung beans are gaining significant popularity.
Eggs are consumed in more than 90% of households and are served at three out of four foodservice establishments. More than 40% Americans prefer plant-based foods in their diets and are replacing eggs with plant-based eggs. Consumers are opting for plant-based eggs owing to positive health effects and sustainability. Awareness regarding contamination from Salmonella bacteria, which may be found in chickens may get transmitted to eggs, causing foodborne illnesses. Eggs consist of a significant amount of cholesterol, whereas plant-based eggs are cholesterol-free. With changing consumers’ lifestyles and attitudes, the number of people suffering from hypercholesterolemia is increasing. Thus, plant-based egg alternatives are attracting health-conscious consumers. Also, according to the Food Allergen Labeling and Consumer Protection Act (FALCPA), eggs are ranked in the top eight foods for causing food allergies in children. These are a few of the prominent factors for the growing adoption of plant-based egg consumption among consumers.
Several prominent players, start-ups, and disruptor companies across various geographies have launched new products into the market to meet the rising demand for innovative products and flavors. Product innovation, growing consumers’ preference for plant-based alternatives and rising awareness regarding animal welfare & environmental sustainability, among others are propelling the demand for plant-based egg products globally.
Although the egg alternatives market offers immense growth opportunities, it may face several challenges. Difficulties in handling & storage, better understanding of consumers’ behavior, challenges associated with non-egg formulations, and legislative challenges may curb market growth to a certain extent.
The global plant-based Eggs market has primarily been segmented into the following categories - By Form and By Distribution Channel.
Plant-based Eggs Market By Form
The form segment can be majorly classified into liquid and solid. The liquid market accounted for the highest market share owing to better nutritional composition and several health benefits offered by products manufactured in the liquid form along with ease of handling and longer shelf life.
Plant-based Eggs Market By Distribution Channel
The distribution channel segment can be classified into online and offline stores. The online services channel is projected to grow at the fastest rate during the forecast period. The growth of this segment can be attributed to cost-effectiveness and faster accessibility.
Plant-based Eggs Market by Regions
Based on the region, the global plant-based eggs market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). Asia Pacific is expected to be the fastest-growing regional market. Several factors such as the rising awareness regarding health & fitness, growing purchasing power, and increasing demand for healthy & nutritional products, will drive market growth in this region.
Plant-based Eggs Market Prominent Players
Some of the key players operating in the global plant-based eggs market include JUST, Inc., Vegg, Follow Your Heart, ORGRAN, spero foods inc. and others.