Vegan Eggs Market Report

Vegan Eggs Market Overview:

The global vegan eggs market size reached US$ 254.9 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 525.4 Million by 2032, exhibiting a growth rate (CAGR) of 8.4% during 2024-2032. There are various factors that are driving the market, which include the rising number of health-conscious consumers, increasing vegan and plant-based diet trends, and the wide availability of products via online and offline distribution channels.

Vegan Eggs Market Analysis:

• Major Market Drivers: One of the key market drivers include innovations in food technology. Moreover, there is an increase in the need for sustainable food items, which is acting as another growth-inducing factor.   
• Key Market Trends: The rising number of health-conscious consumers and increasing vegan and plant-based diet trends are main trends in the market.
• Geographical Trends: North America exhibits a clear dominance, accounting for the biggest market share due to strong retail and distribution networks.
• Competitive Landscape: Numerous market players in the vegan eggs industry are Atlantic Natural Foods LLC, Eat Just Inc., EVO Foods, Orgran (Roma Food Products)., among many others.
• Challenges and Opportunities: Regulatory and labeling issues is a key market challenge. Nonetheless, the increasing health and wellness trends, along with regulatory support, are projected to overcome these challenges and offer market opportunities.    

Vegan Eggs Market Trends:

Rising Number of Health-Conscious Consumers 

There is a growing market for vegan eggs due to consumers' concerns about their health. The high cholesterol content of traditional eggs has been connected to several health problems including heart disease. People who are concerned about their health are becoming aware of these concerns and looking for substitutes that provide the same nutritional benefits without the added cholesterol. Vegan eggs are a popular choice among health-conscious individuals because they are usually produced using plant-based materials and have negligible to no cholesterol. These eggs are preferred by those who are health-conscious because they don't include any of the allergens present in regular eggs. Moreover, the rising demand for products that are fortified with vitamins and minerals is propelling the vegan eggs market growth. Furthermore, companies are concentrating on introducing vegan eggs that offer additional nutritional benefits. For instance, on 24 January 2023, Shukran Foods, a food company based in Spain specializing in hummus and spreads, launched a 100% vegan alternative to eggs for the food service and hospitality sector. The company’s vegan eggs are nutritional as each 100g contains 17.1g of protein, 2.3g of fat, 0.4g of saturated fatty acids, and 11.5g of fiber. Additionally, they are cholesterol-free and low in saturated fats and sugar.

Increasing Vegan and Plant-Based Diet Trends

People are switching to plant-based diets on account of ethical concerns about animal suffering, which contributes to increased vegan eggs demand. They are looking for cruelty-free alternatives because of the frequent criticism of the circumstances used to keep laying hens in traditional egg production. Vegan eggs provide an ethical option that aligns with these values and eliminates the use of animals in their production. Consumers who are eco-conscious are turning to vegan eggs as they have a much lower environmental footprint compared to traditional eggs. Moreover, food manufacturers are spending money on research and development (R&D) activities to develop novel vegan egg products that replicate the flavor, texture, and culinary applications of conventional eggs. For example, on 26 February 2024, Float Foods received a top-tier Food Safety System Certification for its machine that produces vegan egg yolks. The company’s vegan egg yolks mimic the taste and texture of the real ones without harming billions of birds.

Wide Availability Via Various Distribution Channels

The wide availability of vegan eggs via various distribution channels such as supermarkets, hypermarkets, and online stores across the globe is bolstering the market growth. People are opting for these products from online channels due to their enhanced convenience. Online retailers are open around the clock, making it possible for individuals to shop whenever it is most convenient for them, thereby offering a positive vegan eggs market outlook. Online listings also assist individuals make informed decisions by offering thorough product descriptions, reviews, and nutritional data. Many people find it quite convenient to have things delivered right to their home, especially those who lead busy lifestyles or have mobility challenges. Apart from this, reading reviews from other users gives consumers insights into the product's quality, taste, and performance and reduces the uncertainty associated with trying new products. Additionally, online platforms employ algorithms to recommend products based on user history and tastes, which facilitates the discovery of new vegan egg products by users. According to Forbes, the e-commerce market is anticipated to total over US$ 7.9 Trillion by 2027.

Vegan Eggs Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on form and distribution channel.

Breakup by Form:

• Powder
• Liquid
• Egg-shaped
   

The report has provided a detailed breakup and analysis of the market based on the form. This includes powder, liquid, and egg-shaped.

Vegan egg powder is made from ingredients such as chickpea flour, mung bean protein, soy protein, or other plant-based proteins. The powder is usually mixed with water to create a liquid egg substitute that can be used in cooking and baking. The powder is usually mixed with water to create a liquid egg substitute that can be used in cooking and baking. In addition, the powder form is portable, lightweight, and easy to store, making it the perfect option for people who travel frequently or have small kitchen spaces.

Liquid vegan eggs are pre-mixed and typically prepared from ingredients that are derived from plants, just like the powder form. They save time in the kitchen because they are quick and simple to use. In recipes, pre-mixed liquid guarantees uniform performance and texture. In addition, chefs are choosing them because of their dependability and simplicity of use in a variety of food recipes.

Egg-shaped vegan eggs have the same texture and appearance as regular eggs. To replicate the flavor and texture of eggs, a blend of plant-based proteins, oils, and additional substances are used in their creation. The familiar egg shape can make vegan products more appealing to children and family members who might be resistant to change, which leads to a positive vegan eggs market forecast.

Breakup by Distribution Channel:

• Online
• Offline
   

Offline holds the largest share of the industry

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes online and offline. According to the report, offline accounted for the largest market share.

Offline stores enable people to immediately take-home vegan eggs without waiting for delivery, which appeals to those who prefer instant access. In-store displays and promotions can trigger impulse purchases, increasing sales of vegan eggs. Before making a purchase, people frequently want to physically view and examine the goods, which is only feasible in physical businesses. In addition, offline retailers frequently run promotions, discounts, and in-store tastings or demos that introduce consumers to vegan eggs.

Breakup by Region:

• North America
  • United States
  • Canada
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Others
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America leads the market, accounting for the largest vegan eggs market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America represents the largest regional market for vegan eggs.

The rising adoption of plant-based diets among individuals is impelling the market growth in the region. Additionally, strong retail and distribution networks in the North American region are propelling the market growth. Furthermore, North America, particularly the United States, is home to numerous innovative food companies and startups focused on developing high-quality vegan egg products. For instance, on 24 March 2023, Zero Egg Launched ‘new and improved’ plant-based egg patties into the US Food Service. The product offers a more realistic taste, texture, and performance, with fewer calories and fat than the leading egg patty alternative.

Competitive Landscape:

• The vegan eggs market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the vegan eggs industry include Atlantic Natural Foods LLC, Eat Just Inc., EVO Foods, and Orgran (Roma Food Products).
  
  (Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• Key players in the market are focusing on reducing its environmental impact through sustainable sourcing and production practices. Moreover, they are offering a range of vegan and gluten-free egg substitutes, catering to consumers with specific dietary requirements. They are engaging in partnerships and collaborations to introduce innovative products and attract a wider consumer base. For instance, on 16 August 2023, Zikooin Company, a leader in the alternative meat market in Korea, introduced plant-based egg products in partnership with JUST Egg, the U.S.-based market leader in the plant-based egg category. The two companies have signed a brand license agreement and will unveil new products using JUST Egg's beloved folded format. 

Vegan Eggs Market News:

• 17 February 2023: METRO, which also owns and operates MAKRO, launched a vegan egg roll across all of its German stores. The new egg alternative ‘NoPokPok’ is produced in Metelen (Münsterland) and joins an offering of around 200 purely vegan or vegetarian product alternatives by the wholesale company to the restaurant industry.  
• 27 June 2023: Plantible Foods, a startup extracting a highly functional protein from fast-growing aquatic plant lemna, opened a 140-acre lemna farm in Texas and launched its first product ‘Rubi Whisk’, which is a plant-based egg replacer. Its high water-holding capacity aids moisture retention in baked goods, while its fat-binding and oil-holding capacity enables bakers to structure unsaturated fats and reduce or remove saturated fats from some recipes.

Vegan Eggs Market Report Scope:

Key Questions Answered in This Report: 

• How has the global vegan eggs market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global market?
• What is the impact of each driver, restraint, and opportunity on the global market?
• What are the key regional markets?
• Which countries represent the most attractive market?
• What is the breakup of the market based on the form?
• Which is the most attractive form in the market?
• What is the breakup of the market based on the distribution channel?
• Which is the most attractive distribution channel in the market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global vegan eggs market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the vegan eggs industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.