Scarcity of eggs due to growing prevalence of avian influenza and complications in handling egg and production process has fuelled demand for egg replacement ingredients. In addition, increase in preference for products that comprise plant-based natural ingredients owing to their health-related benefits is further propelling demand for egg replacement ingredients. The global egg replacement market is expected to expand at a CAGR of 5.8% over the forecast period, 2016-2026.
Escalating prices of eggs and growing awareness among customers regarding preventative healthcare will rev up demand for egg replacement ingredients in the near future. Moreover, increasing preference of customers towards products with relatively low levels of cholesterol will further escalate growth of the global market over the following decade.
Manufacturers mainly focus on producing egg replacement ingredients for customers who are vegan or prefer vegetarian edible products and allergen-free products. However, difference in flavour, coupled with surging prices will inhibit growth of the market globally in the coming years.
Ease in availability of resources, high margins of profitability, focus of food manufacturers towards offering clean label products and rising economic opportunity in developing economies are factors encouraging new players to venture into the global market. Furthermore, established market players mainly focus on strategies such as new product launches and product innovation, which has led to robust competition in the global market.
Among various ingredients, the market for milk protein formulation was valued at US$ 271.2 Mn in 2016, creating an absolute $ opportunity of US$ 10.2 Mn in 2016 over 2015. In terms of application, due to surge in use of egg replacement ingredients in mayonnaise, the market will grow at a CAGR of 5.6% over the following decade. Whereas, due to application in pastries, cakes, breads and muffins, the market valued at US$ 225.8 Mn in 2016.
Among various end-users, due to surge in demand for commercial sector, the market will reach US$ 1,270.8 Mn, growing at a CAGR of 6.2% through 2026.
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Among various regions, the market in North America was valued at US$ 418. 7 Mn in 2016 and will gain significant market share over the following decade. Upsurge in demand for vegetarian edible products in Asia Pacific will further fuel growth of the market in the span of next ten years.
Leading companies mainly focus on strategies such as introducing new products that cater to escalating demand from specific industries such as baking industry. Furthermore, companies offer healthy and natural ingredients that are GMO free, Kosher certified and gluten free. Key players operating in the global egg replacement ingredients market include Corbion NV, Tate & Lyle Plc, Glanbia Plc, Ingredion Incorporated, Natural Products Inc., Ener-G Foods, Inc., Puratos Group, Orchard Valley Foods Limited, Archer Daniels Midland Company and TerraVia Holdings, Inc.