by Paragraph: Vegan eggs are plant-based alternatives to chicken eggs that are gaining popularity among health-conscious and environmentally-conscious consumers. Made from chickpeas, mung beans or other plant proteins, vegan eggs are a sustainable and ethical option that provides similar functionality to regular eggs in cooking and baking. They are a good source of protein, fiber, and various other nutrients. With the ability to act as a direct substitute for chicken eggs in most recipes, vegan eggs are helping address issues of sustainability, animal welfare and public health concerns related to cholesterol.
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: 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. These players are launching new vegan egg products made with plant-based alternatives and catering to the rising demand from flexitarians and vegans.
Growing demand: Changing dietary preferences and growing health consciousness is fueling the demand for plant-based and vegan alternatives to conventional animal products. Global Vegan Eggs Market Growth are witnessing increased uptake as they provide similar functionality and nutrition without cholesterol or other animal product components.
Global expansion: Major players in the market are investing in expanding their production capacities and global footprint to capture the large market potential in developed as well as developing countries. Strategic acquisitions, partnerships and new product launches are helping companies establish strong international presence.
Market key trends
One of the key trends gaining traction in the Global Vegan Eggs Market Size and Trends is rising popularity of liquid vegan egg formulations that can easily replace liquid eggs in cooking and baking. Several startups are innovating with different plant-based formulations like aquafaba to offer liquid vegan eggs, tapping into the huge demand from commercial food producers.
Porter’s Analysis
Threat of new entrants: Low capital requirement for manufacturing plant setup enables new companies to enter the market. However, established brands have strong customer loyalty and distribution network which act as entry barriers.
Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and price sensitivity of consumers. They can opt for substitutes like dairy eggs or plant-based alternatives if prices are not competitive.
Bargaining power of suppliers: Suppliers of raw materials like pea, chickpea etc have moderate bargaining power due to availability of substitute raw materials that can be used by manufacturers.
Threat of new substitutes: Threat from substitutes like dairy eggs is moderate as vegan eggs aim to provide similar taste and functionality. However, alternatives like tofu are also gaining popularity.
Competitive rivalry: Intense as major players actively promote their brands through marketing campaigns and launching new innovative products to gain market share.
Geographical regions: North America currently accounts for the largest share in terms of value due to rising vegan population. The U.S. is the major market owing to presence of major brands and awareness about animal welfare and health benefits.
Fastest growing region: Asia Pacific region is expected to be the fastest growing market during the forecast period. Countries like India and China are witnessing rapid growth due to changing dietary preferences, an emphasis on plant-based products and growing health consciousness. Rising disposable incomes will also support market expansion in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Vaagisha Singh
Vaagisha brings over three years of expertise as a content editor in the market research domain. Originally a creative writer, she discovered her passion for editing, combining her flair for writing with a meticulous eye for detail. Her ability to craft and refine compelling content makes her an invaluable asset in delivering polished and engaging write-ups. LinkedIn
