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The vegan eggs market size is estimated to grow at a CAGR of 8.28% between 2022 and 2027. The market size is forecast to increase by USD 910.56 million. The growth of the market depends on several factors, including the growing popularity of plant-based products, the mergers and acquisitions among vendors, and the growing vegan population.
This vegan eggs market report extensively covers market segmentation by distribution channel (offline and online), type (liquid, powder, and egg shaped), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing popularity of plant-based products is notably driving the market growth, although factors such as stringent rules and regulations may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing popularity of plant-based products is the key factor driving the growth of the global vegan eggs market. The demand for vegan eggs has increased in recent years as more people choose to eat plant-based eggs for health, environmental and ethical reasons. Plant-based meat is a burgeoning industry that has grown in popularity in recent years, driving demand for vegan eggs. Demand for vegan eggs has increased significantly due to a variety of factors, including health and environmental concerns, ethical and animal welfare considerations, and a desire for new and innovative food options. Vegan eggs are often fortified with vitamins and minerals to provide a similar nutritional profile to regular eggs.
In addition to the nutritional benefits, vegan eggs are also free from cholesterol and saturated fat, making them a healthier choice for those concerned about their cardiovascular health. They are also more environmentally sustainable, as producing plant-based ingredients requires fewer resources and generates fewer greenhouse gas emissions. Overall, the rising demand for vegan eggs is part of a larger trend toward plant-based eating and sustainability, and it is likely that this trend will continue during the forecast period.
Frequent product launches are the primary trend shaping the global vegan eggs market growth. There is an increase in the number of new product launches to meet the rising demand for eggs, which is driving the growth of the global vegan eggs market during the forecast period. Successful new product launches will drive the growth of the market. For instance, in May 2022, Evo Foods just launched a vegan egg substitute at the iconic Cafe Mondegar in Mumbai, India. In November 2022, Berlin-based food company Perfeggt announced the launch of its plant-based egg product in the UK, Austria, and Switzerland.
Similarly, in April 2022, Eat Just Inc collaborated with the consultancy and clinical research providers at Analyze and Realize GmbH on its European Commission and European Food Safety Authority (EFSA) submissions. East Just Inc plans to launch its plant-based egg products in the EU market. Thus, with frequent product launches in the market, vendors are increasing their presence in different regions, which is expected to boost the growth of the global vegan eggs market during the forecast period.
Stringent rules and regulations are a major challenge impeding the growth of the global vegan eggs market. One of the major challenges to the growth of the global vegan eggs market is the stringent regulations and guidelines imposed on vegan food products by various government authorities, such as FDA and the EU. The governing authorities in different countries follow different standards, and the players operating in various markets have to adhere to the different standards followed by the authorities. This will be a challenge to the growth of the market during the forecast period.
In India, the Food Safety Administration established guidelines and applications for submission by food business operators for the approval of vegan logos in 2022, in accordance with the Food Safety and Standards (Vegan Foods) Regulations. According to the European Court of Justice (ECJ), plant-based foods cannot be sold in the EU by using terms such as milk, butter, and cheese in the product package. European Union had new legislation covering the way vegan plant-based foods could be labeled. These stringent regulations on the labeling and production of vegan products will challenge the growth of the global vegan eggs market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Vegan Eggs Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Eat Just Inc.: The company offers vegan eggs such as The Neat eggs which are used in cakes, brownies, cookies, muffins and so much more. Also, under this segment, the company offers plant-based alternatives to conventionally produced egg products and cultivated meat products.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The offline distribution channel of the global vegan eggs market had a higher share in 2022. This is mostly explained by the fact that brick-and-mortar grocery stores use more product placement than Internet retailers. To improve consumer propensity and broaden the target audience, products are frequently positioned nearer to the traditional products in stores.
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The offline segment was valued at USD 850.00 million in 2017 and continued to grow until 2021. Offline sales channels such as supermarkets, convenience stores, and local grocery stores are easily accessible and convenient for people to buy food products. Consumers trust physical stores more than online stores, as they can see the products and inspect them before purchasing. This can lead to higher sales and popularity of vegan eggs in offline channels.
Offline sales channels often offer various promotions and discounts, which can attract customers and increase the popularity of certain food products. Vendors in the market also focus to collaborate with retailers to increase product presence. All these will surge the demand for vegan eggs through offline channels, which, in turn, will boost the growth of the global vegan eggs market during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America dominated the global vegan eggs market with the largest share in 2022. The demand for vegan food products has been growing steadily in North America over the past few years. Some of the factors driving this growth include concerns about animal welfare, the environmental impact of animal agriculture, and the health benefits of plant-based diets.
The US, Canada, and Mexico are some of the key leading countries for vegan products in North America. The expanding vegan population base and increasing awareness of the benefits of following a vegan diet are driving the growth of the vegan eggs market in the region. High disposable incomes and high personal consumption expenditure of people are likely to drive the growth of the vegan eggs market in the region during the forecast period.
In 2020, the outbreak of COVID-19 negatively impacted the trade and economy in the region. However, in 2021, the initiation of large-scale vaccination drives led to the lifting of lockdown and trade restrictions in the region. This resulted in the reopening of factories, warehouses, and other facilities of regional vendors. As a result, vendors are able to meet the increased demands of consumers. Therefore, such factors are expected to increase the demand for vegan eggs, which, in turn, will drive the growth of the regional vegan eggs market during the forecast period.
The vegan eggs market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global vegan eggs market as a part of the global packaged foods and meats market under the global food products segment of the global food, beverage, and tobacco market. The global packaged foods and meats market covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and extend shelf life. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Vegan Eggs Market Scope |
|
Report Coverage |
Details |
Page number |
145 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.28% |
Market growth 2023-2027 |
USD 910.56 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.92 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 42% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Evo Foodtech Pvt. Ltd., Eat Just Inc., Bobs Red Mill Natural Foods Inc., ORGRAN , Lovely Day Foods GmbH, PlantMade , Ener G Foods Inc., Simply Eggless Inc., Hodo Inc., Atlantic Natural Foods Inc., Neggst Food GmbH, PLANT B GMBH, Yo Egg, Noblegen Inc, VEZLAY FOODS PVT. LTD., CULTURED FOODS Sp z o o, Alternative Foods, and Eggcitables |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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