LONDON--(BUSINESS WIRE)--The global egg replacement ingredients market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rise in the vegan population. Demand for plant-based alternatives across many food categories and applications has grown significantly in recent years. This is due to factors such as allergenicity, sustainability, and consumer shift toward vegan diets. Veganism is the practice of refraining from the use of animal products such as meat, eggs, dairy products, fish, and other animal-derived food sources. Eggs contain excessive calories, fat, and cholesterol, which can lead to health-related issues. Rising awareness about preventative healthcare and an inclination for products with low cholesterol levels have increased the popularity of egg replacement ingredients or substitutes such as flaxseeds, baking powder, soy flour, and aquafaba among others. These substitutes are being widely used in bakery mixes, sauces, Confectioneries, and other food products. Restaurants and eateries across the world have started offering vegan food products. These factors are expected to bolster the demand for egg replacement ingredients.
This market research report on the global egg replacement ingredients market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the continual development of new products as one of the key emerging trends in the global egg replacement ingredients market:
Global egg replacement ingredients market: Continual development of new products
Vendors are regularly developing new products by investing significantly in R&D. Product developments by some vendors are expected to encourage competitors to come up with innovative products to sustain in the market. For instance, in June 2018, Ingredion launched two new organic-certified corn starch ingredients, Novation Prima 309 and 609 starches. They are used as ingredients in organic savory foods, refrigerated soups, alternative-dairy products, sauces, and baby foods. Also, in April 2018, Archer Daniels Midland launched Versity, an alternative protein source for pets. Versity is a highly-palatable dried yeast, which has an amino acid profile similar to eggs. Therefore, with many such developments, the global egg replacement ingredients market is expected to register a positive outlook during the forecast period.
“Apart from continual development of new products, the increase in avian influenza outbreaks and the global surge in egg prices are some other factors that are expected to boost the growth of the global egg replacement ingredients market,” says a senior analyst at Technavio for research on food.
Global egg replacement ingredients market: Segmentation analysis
This market research report segments the global egg replacement ingredients market by application (bakery and confectionary, mayonnaise, others) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of over 44%, followed by EMEA and APAC respectively. However, during the forecast period, the EMEA region is expected to register the highest incremental growth followed by the APAC region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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