According to a new report, published by KBV research, The Global Egg Substitutes Market size is expected to reach $4.1 billion by 2031, rising at a market growth of 16.4% CAGR during the forecast period.
The egg substitutes market is characterized by intense competition, with numerous players, from multinational corporations to small and medium-sized enterprises (SMEs) operating in the industry. Market participants include food manufacturers, ingredient suppliers, startups, research institutions, and industry associations. These entities collaborate, innovate, and differentiate their offerings to capture market share, expand their product portfolios, and address evolving consumer needs.
The Liquid segment is experiencing a CAGR of 17.1% during (2024 - 2031). Liquid egg substitutes are ready to use and can be easily poured or measured, saving time for consumers compared to cracking and separating whole eggs. They can be used in various recipes, including baking, cooking, and making scrambled eggs or omelets. Many liquid egg substitutes are made from plant-based ingredients like soy, chickpeas, or flaxseeds, making them suitable for consumers following a plant-based or vegan diet.
The Hypermarkets & Supermarkets segment is registering a strong potential in the Global Egg Substitutes Market by Distribution Channel in 2023, thereby achieving a market value of $1.2 billion by 2031. Supermarkets and hypermarkets typically have a larger selection of egg substitutes than smaller stores, making it easier for consumers to find the products they seek. These stores often run promotions and discounts on egg substitutes, making them more affordable and encouraging consumers to purchase them. In many countries, a large proportion of the population shops in supermarkets.
The Savories segment is growing at a CAGR of 17.7% during (2024 - 2031). Consumers are increasingly looking for convenient and on-the-go meal options, which has led to a rise in demand for savory snacks and ready-to-eat savory foods. The globalization of food has increased the availability of savory foods from different cultures and regions. Consumers are more willing to try new and exotic flavors, driving the demand for various savory options. Additionally, advances in food technology have led to the development of egg substitutes that closely mimic the taste and texture of eggs in savory dishes.
Full Report: https://www.kbvresearch.com/egg-substitutes-market/
The North America region dominated the Global Egg Substitutes Market by Region in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $1.3 billion by 2031. The Europe region is anticipated to grow at a CAGR of 16.1% during (2024 - 2031). Additionally, The Asia Pacific region would witness a CAGR of 17% during (2024 - 2031).
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