(MENAFN- GlobeNewsWire - Nasdaq) Rising Egg Prices Drive Demand for Alternatives
Chicago, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The egg replacers market size is poised for significant growth, with a projected value of USD 3.3 billion by 2029 , representing a CAGR of 8.0% (MarketsandMarkets). This surge is attributed, in part, to a 30% increase in egg prices within the European Union since 2022 (EuroStat). This trend is impacting both consumers and food businesses, driving interest in cost-effective egg alternatives.
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Dry Egg Replacers: Convenience and Consistency
Within the egg replacers market, dry formats are expected to witness the fastest growth. Their convenience, extended shelf life, and ease of storage/transportation make them ideal for businesses. Dry egg replacers offer several benefits:
Powdered form for seamless integration into recipes without moisture concerns. Eliminates refrigeration needs, reducing storage costs for manufacturers and consumers. Precise measurements for large-scale food production, ensuring consistent product quality.
Plant-Based Innovation: Functionality and Sustainability
Advancements in plant-based protein extraction technologies are paving the way for substitutes that closely mimic egg functions in baking and cooking. Proteins derived from soy, peas, and pulses offer:
Functional similarity to eggs in binding, emulsification, and leavening. Enhanced flavor and texture for improved consumer experience. Sustainable and ethical sourcing appealing to environmentally conscious consumers.
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Alternate Proteins : Leading the Ingredient Segment
Plant-based proteins dominate the ingredient segment of the egg replacers market. Their ability to replicate egg functionalities without compromising taste or texture aligns with the growing consumer demand for:
Sustainable food options with minimal environmental footprint. Alternative protein sources for dietary restrictions and ethical concerns.
Asia Pacific: A Lucrative Market for Egg Replacers
The rapid urbanization and rising disposable incomes in the Asia Pacific region are fueling the demand for convenience foods and bakery products - key application areas for egg replacers. Additionally, the region's focus on:
Sustainable and ethical sourcing aligns with the growing adoption of egg replacers in the food industry. Favorable regulatory frameworks further encourage the use of safe and high-quality egg replacers.
A Dynamic and Competitive Landscape
Multinational and domestic players are expanding their presence in the egg replacers market, fostering innovation and competition. This dynamic landscape bodes well for further growth within the industry.
Key Players to Watch:
Cargill, Incorporated (US) ADM (US) Kerry Group plc (Ireland) Ingredion (US) Tate & Lyle (UK) Puratos (Belgium) & Others.
Browse Related Reports:
Meat Substitutes Market
Pea Protein Market
Soy Protein Ingredients Market
Plant based Food Market
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