SEATTLE — Coherent Market Insights, a global market intelligence and consulting group, has released a new report estimating the growth of the egg replacement market, which could have some serious benefits for plant-based baking.
The market, which is predicted to have a 5.6% CAGR between 2021-2027, is fueled by growing customer demand for plant-based ingredients that can replace the function of eggs. Popular substitutes include whole algal protein, gelatin, tapioca flour, potato starch and modified cellulose. There are also quite a few retail egg replacements on the market, including one recently launched by Nestle.
In the food industry, egg replacements are most commonly used in the baking and confectionary spaces. Milk proteins are often used in biscuits, muffins and bread, but many bakeries are on the hunt for vegan options as well.
A driving factor behind the egg replacement market is the expansion of bakeries and cafes. With the baking industry generating more than $30 billion in revenue each year, there are plenty of opportunities for bakers to cash in on emerging egg replacements and cater to the rapidly growing amount of plant-based customers. People are increasingly practicing a flexitarian lifestyle, where they still eat meat and dairy products but are actively trying to cut down, and making a plant-based product can help brands get the attention of consumers.
There is also a steady flow of new product launches by key players, which is expected to augment the growth of the egg replacement market. Israeli startup Zero Egg entered the US market in October 2020 with a B2B launch of a plant-based egg alternative, and in July 2021, ChickP announced the launch of different mayonnaise recipes as a one-to-one replacement for egg yolk.
As plant-based baking continues to thrive, the growth of the egg replacement market could yield serious opportunity for the baking industry.
