Aug 24, 2018
Egg Shortage Crisis & Consequent Surge in Prices of Eggs to Bolster Demand for Egg Replacement Ingredients, States Fact.MR
by Team Fact.MR
The outbreak of several epidemics from birds is having a profound influence on global consumption of eggs. This has led to an intense egg supply crisis causing various constraints apropos of egg supplies. Also, the global food industry has witnessed a paradigm shift over the past few years, with increasing number of consumers preferring vegan diet over a non-vegetarian diet. This, in turn, is poised to bode well for egg replacement ingredients market. The egg replacement ingredients market is envisaged to be driven by several factors such as rising number of vegans, outbreak of fatal diseases associated with birds, and rising preferences for vegetarian diet in the wake of health concerns worldwide. According to the report, the egg replacement ingredients market was sized over US$ 980 Mn in 2018. The market is further projected to value around US$ 1, 630 Mn by 2028 end.
With rampant shortage in egg supply, consumers are on the lookout for egg alternatives, which are supposed to serve as a source of their daily nutritional requisites. Furthermore, use of dairy based, soy based, and starch based products have witnessed a drastic upturn over the past few years. These conditions are poised to accentuate the demand for egg replacement ingredients, thereby reviving the market growth. One Green Planet, in one of its prominent publications, stated that over 6% of the US population is vegetarian in the light of adverse impacts of having a non-vegetarian diet on one’s health in the long run. Over and above that, multiple NGOs across the globe are promoting benefits of vegan diet over a non-vegetarian diet, thereby paving grounds for prosperity for egg replacement ingredients market.
Manufacturers in the egg replacement ingredients market are encouraging advent of diverse varieties in a bid to cater to mushrooming needs of manufacturers raising requirements for low cost ingredients and demand of customers for healthy food products. In terms of innovation, companies are emphasizing on streamlining their production capacity for offering products which are cost-effective and having longer a shelf life with flawless texture. Confectionery and bakery products such as cakes/pastries/muffins/breads are one of the lucrative targets for the market players with regard to surging demand for egg supplements from these products. Manufacturers operating in the egg replacement ingredients market are all set to launch new products for this segment in the light of rising popularity of bakery as well confectionery products. Furthermore, mayonnaise stands out as a remunerative segment in the egg replacement ingredients market. Eggless mayonnaise is gaining significant traction amid the health concerned consumer demographics owing to low fat and cholesterol levels.
One of the differentiating strategies which might help the market players to have a competitive edge is to closely study and understand the consumer requirements and offering products in similar lines with specific features. Streamlining the value chain might evolve as the biggest catalyzer for price reduction of the final product. In case of bakery industry, the demand for plant-based ingredients is picking up the steam and can be considered as a striking opportunity by the market players of egg replacement ingredients.
Moreover, product innovations and developments have been considered as the key for manufacturers to attain a spike in sales. Prominent companies like TIC Gums and several other companies offering texture and stabilization solutions in the food industry are vying to offer several stabilizer systems to replace the necessary texture and emulsification properties of eggs. After receiving several requests to introduce stabilizers in place of eggs in their products, they have proactively formulated stabilizers for replacing eggs and enhancing their product portfolio.
The challenge of receiving optimal benefits out of egg alternatives is poised to limit the market growth to a certain extent. Since eggs cater to various functional roles in foods, it is difficult to obtain a one-to-one replacement for the multiple benefits they offer. This difficulty in restoring the nutritional benefits of eggs is poised to create minimal hindrances for manufacturers to attain sustainable consumer trust, thereby posing minute roadblocks for growth of egg replacement ingredients market.