The egg replacers market is projected to grow at a CAGR of 6.2% from 2017 to 2022, to reach a projected value of USD 1283.0 Million by 2022. Egg replacer products have become prominent in the recent years, due to the outbreak of avian flu in major regions such as North America and Europe. Also, the growth in inclination of consumers toward low fat and low cholesterol food products is fueling the demand for egg replacers, as increase in the prevalence of diseases such as cardiovascular diseases and diabetes has been seen in major Asia-Pacific countries.
The application segment of the egg replacers market is estimated to be dominated by bakery & confectionery followed by the sauces, dressings & spreads subsegment in 2017. The sauces, dressings & spreads segment is projected to have the highest growth rate as egg replacers are widely being used in these applications owing to their better emulsification and binding properties.
The dairy protein segment is estimated to be the largest market in 2017 among all other ingredients. Dairy proteins are enriched with nutrients and offer properties similar to that of eggs. Increase in usage of dairy proteins as an emulsifier, binding, and foaming agents in various bakery, sauces and dressing applications has been driving its demand over the last few years.
Dry egg replacer is the most preferred choice of food manufacturers as compared to that of liquid ones due to the advantages such as its easy-to-handle nature, long shelf life and easy storability. Therefore, the dry segment is projected to be the fastest-growing segment during the forecast period.
Asia-Pacific is projected to be the fastest-growing market for the period considered for this study, due to an increase in demand for egg replacers in bakery and savory industries in this region and low cholesterol characteristic offered by egg replacers. China is expected to lead the market for egg replacers in the Asia-Pacific region for the next five years, as a result of growth in cardiovascular diseases and growth in concerns towards adverse effects of eggs. Nevertheless, some of the consumers are disappointed by the taste and variety of egg replacers offered in the market and have dismissive perception of taste towards their products, which may hamper the growth of this market in future.
Cargill (U.S.) is one of the key players in the egg replacers market and has a wide geographic reach along with a strong distribution network. Other prominent companies in egg replacer products are Kerry Group (Ireland), Archer Daniels Midland Company (ADM) (U.S.), Glanbia Plc (Ireland), and Corbion (Netherlands) those have a robust product portfolio in terms of egg replacer products.
