Plant-Based Egg Products: Is the Market Poachable?
The plant-based egg market has seen tremendous growth in recent years, with sales of vegan eggs reaching a value of $1.5 billion in 2021 and expected to reach close to $3.3 billion by 2031. This growth is no surprise, considering the increasing popularity of vegetarian and vegan diets, as well as the rising demand for healthier, more sustainable food options. The growing demand for healthy lifestyle choices and the rising preference for vegetarian food are two prime reasons driving this growth. But with so many different varieties of plant-based egg products available on the market today, from mung bean products to vegan “raw” eggs, is the market still poachable? In this article we will explore whether or not there is still room in the plant-based egg market for new entrants by taking a look at current trends and examining potential risks such as transmissible zoonotic diseases that could affect sales. We will also consider how vegetarians and vegans can help drive further growth in this sector through their specific health or sustainability concerns when it comes to choosing their food options. Finally we will review an extensive research report on the vegan egg market by Reports and Insights which provides detailed data on current trends within this sector as well as predictions about its future development over time.
The Growing Popularity of Plant-Based Egg Products
The plant-based egg market has seen a surge in popularity over the past few years, as more people become aware of the environmental and ethical implications of eating animal products. Plant-based egg products are becoming increasingly popular as an egg substitute, offering a healthier and more nutritious alternative to traditional eggs. These products contain no cholesterol and are low in saturated fat, while also being fortified with vitamins and minerals. The growth of the plant-based foods market is evident; between 2017 and 2019 it increased by 29% in the U.S., while sales of plant-based foods grew three times faster than overall food sales in 2021 according to the Good Food Institute.
Veganism is gaining traction globally, with vegan statistics showing that people are increasingly turning to vegetarian (plant based) diets for health reasons, climate change or animal welfare concerns. People using vegetarian diets can be classified into different subgroups; vegans do not consume any products of animal origin, while other vegetarians may still consume dairy or eggs but avoid meat or fish. This shift towards veganism has been subject to an increasing amount of social scientific research yet remains relatively understudied in geography. Businesses have taken note too; many have started offering vegan alternatives to their traditional offerings as they recognize this growing trend among consumers worldwide. Plant-based egg products offer a healthy alternative for those looking for an egg substitute without compromising on nutrition or taste – making them poachable within this growing market segment!
Types of Plant-Based Egg Products
The plant-based egg market is a rapidly growing sector, offering consumers a variety of options to replace traditional eggs. Mung bean products, such as Just Egg, are made from mung beans and other plant-based ingredients and are popular due to their high protein content and ability to mimic the taste and texture of traditional eggs. Vegan “raw” eggs are also becoming increasingly popular for their natural flavor. Other plant-based egg products include aquafaba, chia eggs, flax eggs, lupini beans and more. These products offer the same benefits as traditional eggs but with added sustainability benefits due to their use of raw materials or ingredients that originate from plants.
Mung bean products have been gaining traction in the plant-based egg market due to their high protein content and ability to replicate the taste and texture of regular eggs. Just Egg is one example of a mung bean product that has become increasingly popular among consumers looking for an alternative source of protein in their diet. The protein isolate extracted from raw mung beans is obtained through coagulation which causes raw egg to change from a fluid into a semi-solid or solid state. One medium (44 grams) whole raw egg has the following nutrition profile: 6 grams fat; 1 gram saturated fat; 0 milligrams cholesterol; 77 milligrams sodium; 0 carbohydrates; 6 grams protein; 0 sugar; 2 percent calcium; 4 percent iron per single medium raw egg making it an ideal choice for those looking for healthy alternatives without sacrificing on taste or texture.
Aquafaba is another type of Plant-based liquid egg product manufactured with lupini beans that has been gaining popularity in recent years as an alternative source of vegan proteins without sacrificing on flavor or texture compared with regular chicken eggs. It specializes in transforming raw materials like corn and tapioca into vegan proteins that can be used as substitutes for animal proteins such as chicken or fish while still providing all essential nutrients needed by humans including vitamins A & B12, iron, zinc & magnesium among others making it an ideal choice for those looking for sustainable sources of nutrition without compromising on quality or flavor profiles compared with animal proteins like chicken or fish .
Chia Eggs are also becoming increasingly popular among vegans who want an alternative source of vegan proteins without sacrificing on taste or texture compared with regular chicken eggs while still providing all essential nutrients needed by humans including vitamins A & B12 , iron , zinc & magnesium among others . Chia seeds contain omega 3 fatty acids which help reduce inflammation , improve heart health , regulate blood sugar levels , promote weight loss , boost energy levels & provide antioxidants . They can be used as substitutes for animal proteins such as chicken or fish while still providing all essential nutrients needed by humans including vitamins A & B12 , iron , zinc & magnesium among others making them an ideal choice for those looking for sustainable sources of nutrition without compromising on quality .
Flax Eggs are also becoming increasingly popular amongst vegans who want an alternative source of vegan proteins without sacrificing on taste or texture compared with regular chicken eggs while still providing all essential nutrients needed by humans including vitamins A&B12, iron, zinc&magnesium amongst others . Flaxseeds contain omega 3 fatty acids which help reduce inflammation improve heart health regulate blood sugar levels promote weight loss boost energy levels provide antioxidants etc.
The Market is Still Poachable
The plant-based egg market is still relatively small, with only a few major players. Despite this, the industry has seen tremendous growth in recent years and is expected to reach a value of close to $3.3 billion by 2031. This leaves room for new entrants to come in and offer something unique to the market, as there is currently a lack of innovation in the products being offered. Consumer awareness of plant-based egg products has been increasing, but it remains much smaller than the traditional egg market. According to Study One's investigation into future trends and barriers in today's egg market, eggs are considered one of the most basic 'consumer staples' products and heavily cited by economists as an inelastic commodity with relative stability over time. The global vegan egg market enjoyed year-on-year (YoY) growth of 6.9% and accounted for US$ 1.5 Bn in 2021, while it is estimated that the plant-based egg industry will be worth at least €1.25 billion ($ 1.5 billion) by 2025 with a CAGR of 8.3%. This indicates that despite its current size, there is still potential for further growth within this sector which could be tapped into by new entrants offering something unique or innovative compared to existing offerings on the market today.
Opportunities for New Entrants
For those looking to enter the plant-based egg market, there are a few key opportunities to explore. Variety is one of the most important aspects of this market, as current offerings are limited to a few basic ingredients. New entrants could offer something unique, such as a plant-based egg alternative made from a different type of plant-based protein. Additionally, new technologies and processes can be used to create more innovative products. For example, fermentation could be used to create vegan “raw” eggs or 3D printing could be utilized for vegan eggs that mimic the texture of traditional eggs.
The Demand for vegan meat has been steadily increasing in recent years with retail sales reaching $7B in 2020 alone. Plant-based eggs have also been developed by food practitioners as an alternative to conventional eggs but there is still uncertainty on how successful they will become due to high prices and nebulous health benefits among other challenges. To gain further insight into this industry, Mintel provides expert insights about the potential growth and opportunities for the plant-based sector across BPC and Food categories.
U.S retail sales data can also provide an overview of market size, growth and purchase dynamics for both plant-based meat and egg products as well as dairy alternatives which can help new entrants understand consumer trends better when entering this market space. With these insights in mind, new entrants have an opportunity to capitalize on these trends by creating innovative products that meet consumer needs while providing them with something unique compared to existing offerings in the market today.
Conclusion
The plant-based egg market has seen tremendous growth in recent years, and it shows no signs of slowing down. This presents an opportunity for new entrants to come in and offer something unique to the market. Consumer awareness of plant-based egg products has been increasing, but it is still a small industry compared to the traditional egg market. Demand for vegan meat has soared, with retail sales of plant-based meat alternatives reaching $7B in 2020. In 2020, continued momentum in the plant-based industry led to rapid growth with hundreds of new products making it to market such as shear-cell technology and vegan eggs. As the average retail price of chicken eggs surged 51% in the past year, JUST Egg reduced pricing for its 12 ounce plant-based product which helped increase its popularity among consumers looking for more affordable options. The egg substitute market size share companies & trends analysis report by form (powder (solid), semisolid, liquid), by source (vegan eggs, apple sauce etc.) also indicates that there is potential for further growth within this sector as more companies enter into this space with innovative products and marketing strategies. With the right product and marketing strategy, new entrants can still make a splash in this poachable yet growing industry.
