Plant-based Eggs Market Size, Share & Growth | Forecast 2031

Report Description

The global plant-based eggs market size was valued at USD 122 Million in 2022 and is likely to reach USD 683 Million by 2031, expanding at a CAGR of 18.6% during, 2023 and 2031.

The market growth is attributed to the growing environmental awareness and the rising preference for nutritionally rich vegan food among consumers. Increasing awareness about the environment, the high demand for good quality foods, and the rising vegan population worldwide are expected to boost the plant-based eggs market. 

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Manufacturers in the food industry, in collaboration/partnership with scientists, are developing various healthy vegan food options that have similar taste and nutrition as non-vegan food. Such foods are supporting people in switching to healthier food options such as plant-based eggs, thus, further expanding the growth opportunities in the market.

• On October 07, 2021, Nestle expanded its plant-based food product portfolio with the development of two new plant-based options to egg and shrimp. These vegan alternatives to eggs provide individuals with a tasty and nutritious alternative to conventional eggs. These newly developed products are both sustainable and animal-friendly.

Growing concern over climate change and the rising trend towards plant-based foods are expected to further propel the market. A recent study found that meat accounts for approximately 60% of all greenhouse gas emissions from food production. The production of food is accountable for a third of all planet-heating gases produced by human activity. The use of animal meat is polluting the planet twice as much as the production of plant-based foods.

The market report finds that the COVID-19 pandemic fueled the plant-based eggs market, due to the increasing consumer inclination towards the consumption of plant-based products. There were significant news reports which described COVID-19 as an animal-borne virus that spreads to humans through unhealthy animal meat.

The severe impact of the virus and its rapid outbreak has prompted consumers to switch to alternative vegan products while maintaining the required nutritional level gained from the food. Hence, the demand for plant-based products increased during and post the pandemic, which also supported the plant-based eggs market.

• According to the Good Food Institute, in the US, the retail sales of plant-based foods continuously surged in 2020, increasing by 27%, which brought the overall plant-based market valuation to around USD 7 billion.

Plant-based Eggs Market Dynamics

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Major Drivers

Increasing adoption of healthy lifestyles due to a rise in health awareness is expected to drive the plant-based eggs market. Growing number of individuals are improving their lifestyles and inclining towards healthy dietary habits, which is boosting their preference for plant-based egg products.

Plant-based foods are healthier as compared to animal-based foods, as they have added nutritious value, the same taste/flavor, and a variety of options are also emerging. Furthermore, growing eco-friendly food choices from consumers are also expanding the preference for plant-based products. Plant-derived food causes lesser greenhouse gas emissions and also involves no animal cruelty.

• According to the report published by Acosta in 2022, around 49% of shoppers are purchasing plant-based meat and dairy products within the last six months, mentioning health as their key motivating factor.

Existing Restraints

High cost and food-borne allergies from plant-based foods are expected to hamper the market. Plant-based eggs are more expensive as compared to traditional eggs.  The vast price difference between conventional eggs and vegan eggs acts as a limitation to the growth of the market.

In addition, soy-based eggs, a cost-effective alternative, have major limitations, owing to the allergies induced by an abnormal reaction to soy proteins in some individuals. Such food-borne allergy is likely to hinder the market.

Emerging Opportunities

Increasing technological advancements for developing plant-based food products are expected to create lucrative opportunities for the market players. Research advances and technologies are enabling manufacturers to develop equivalent and even better alternatives to non-vegan food such as plant-based meat, plant-based chicken sausage, and plant-based eggs.

Several companies are focusing on developing new products and receiving approvals from the government authorities for vegan eggs, which is expected to boost the market in the coming years. The growing trend of e-commerce buying and preference for food with added nutrition can open up new growth potentials to the market players.

Scope of Plant-based Eggs Market Report

The market report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Plant-based Eggs Market Segment Insights

Type Segment Analysis

Based on type, the plant-based eggs market is divided into tofu, legume-based, and others. The legume-based segment is expected to expand at a significant pace during the projection period, as it is majorly used for making vegan eggs. Legumes, such as mung, pea, and others, technically refer to the entire plant including stems, leaves, and pods.

There are several benefits of legumes including delivering antioxidants, providing key nutrients, and offering plant-based protein. The tofu segment is anticipated to hold a key share of the market in the coming years, as it helps to manage cholesterol and reduce the risks of certain cancers. Tofu is derived from soy proteins.

It is made from pressed soybean curds, following a similar process to cheesemaking. It is rich in vitamins and minerals, including manganese, calcium, vitamin A, and iron. Tofu helps to add a vibrant and youthful glow to the skin. These factors are likely to boost the tofu segment in the plant-based eggs market.

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Form Segment Analysis

On the basis of form, the global market is segregated into powder, liquid, and others. The liquid segment is projected to register a considerable CAGR during the forecast period, owing to the increasing consumer preference for plant-based eggs.

Liquid eggs provide more suitable options for consumers for scrambling, frying, and baking purposes, as compared to other counterparts. Plant-based liquid eggs are rich and creamy and come in bottled packaging. They are easy and convenient to handle, which further drives the segment.

The powder segment is anticipated to hold a key market share in the coming years, due to the increasing consumer accessibility to plant-based products and rising product launches. Several popular brands in the food industry are making powdered form eggs. Individuals can find gluten-free and vegan varieties in stores, as per their specific dietary requirements.

• In January 2020, Noblegen Inc, an advanced nutritional ingredient company launched plant-based whole egg powder. The product is called “the egg”, with their new food and ingredient brand Eunite. It has successfully replaced egg scramble in vegan strata, pancakes, quiches, breakfast sandwiches, and even in chocolate cake.

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Distribution Channel Analysis

Based on the distribution channel, the plant-based eggs market is segmented into online and offline. The offline segment is further classified as convenience stores, supermarkets, and others. The offline segment is expected to register a robust growth rate during the forecast period, owing to the availability of the majority of the product at the wholesale stores as compared to the online stores.

Key market players are engaging in selling via grocery stores, hypermarkets, and supermarkets to increase their product reach to regular shoppers at offline stores. These products are placed in stores in such a way that they are next to the traditional products, to increase consumer interest and further product sales.

The online segment is projected to hold a considerable market share in the coming years, owing to the rising accessibility and availability of internet connections and the rapid expansion of the e-commerce industry. Several consumers prefer online shopping, as it is convenient and easy to buy, which is expected to boost the market in the segment. There are several product options available on the e-commerce platforms, from which a customer can make informed buying based on their nutritional needs.

Regional Analysis

In terms of region, the global plant-based eggs market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, owing to the rising number of food-based innovations and the surge in the vegan population. Plant-based eggs are becoming popular in the US, owing to the rising awareness about vegan alternatives.

Growing demand for natural dietary supplements is another key fueling factor for the regional market. Vegan eggs are used as healthful nutritionally rich snacks and drinks, which is expected to boost the market in the region. Additionally, factors such as enhanced environmental sustainability consciousness and the trend towards vegetarian food among consumers, are positively influencing the growth of the market in the region.

• According to the report published by Good Food Institute, in 2022, plant-based food market retail worth reached USD 8 billion in the US, with dollars sales up around 7% from 2021 and units down around 3%.

The market in Europe is anticipated to expand at a rapid pace in the coming years, owing to the expanding consumer awareness regarding plant-based eggs. Increasing research and innovation in the food industry are improving the availability of various vegan food product alternatives for the vegan population, in offline and online stores. Several key players and retail channels in the region are focusing to develop new vegan eggs with enhanced nutritional content, which is expected to boost the market in the region.

• According to the report published by Smart Protein, in Europe the vegan food demand is increasing at a rapid pace. The sales of plant-based drinks and food products increased by around 49% between 2019 to 2020, amounting to a total sales value of EUR 3.6 billion.

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