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 recent years, due to the outbreak of avian flu in major regions such as North America and Europe. Also, the growth in the inclination of consumers toward low fat and low cholesterol food products is fueling the demand for egg replacers, as an increase in the prevalence of diseases such as cardiovascular diseases and diabetes has been seen in major Asia-Pacific countries.
The egg replacers market has been segmented on the basis of application, ingredient, source, form, and region. On the basis of application, the market has been segmented into bakery & confectionery, savories, sauces, dressings & spreads, and others. By ingredient, the market has been segmented into dairy proteins, starch, algal flour, soy based products and others. The market, by source, has been segmented into plant and animal source. On the basis of form, the market has been segmented into dry and liquid form. By key region, the market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
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The bakery & confectionery segment is projected to be the largest during the review period. This is due to various functional properties such as better binding, emulsifications, foaming, and flavor enhancing offered by egg replacer products. Furthermore, the outbreak of avian flu in major geographical regions such as North America and Europe has created an immense potential for the egg replacers market owing to rise in threat of avian flu-affected eggs.
On the basis of ingredient, the soy-based products segment is projected to be the fastest-growing during the review period. Cheaper cost of raw material and better functionality in terms of mimicking the characteristics of eggs are some of the important factors that escalate the demand for this ingredient.
On the basis of form, the dry segment is projected to be the fastest-growing during the forecast period, owing to its easy handling and storage by the food manufacturers. The market for egg replacers in dry form is characterized by its properties such as long shelf life and better binding along with easy-to-use characteristics.
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The Asia-Pacific region, which includes India, China, Japan, and Australia, is projected to be the fastest-growing, between the years 2017 and 2022. The driving factors for the market in this region are increase in instances of diabetes and cardiovascular diseases in major countries such as India and China coupled with the rise in demand for low fat and low cholesterol food products. Companies such as Cargill (U.S.), E. I. du Pont de Nemours and Company (U.S.), Kerry Group (Ireland), and Ingredion Incorporated (U.S.) are some of the major egg replacers market participants with a strong presence in the Asia-Pacific region.
