The global vegan eggs market has witnessed significant growth over the past few years owing to the rising demand for plant-based vegan egg substitutes. Vegan eggs are cholesterol-free and offer better nutritional value compared to regular chicken eggs. Made from vegetable proteins, vegan eggs are rich in vitamins, minerals, fiber and antioxidants, which add nutritional value to vegan bakes and dishes. They are widely used by vegans and flexitarians as a sustainable and healthy alternative to chicken eggs.
The Global Vegan Eggs Market is estimated to be valued at US$ 3.49 Bn in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the global vegan eggs market are EVO Foods, Mantiqueira (N.Ovo), JUST Inc., Orgran Foods, Terra Vegane, Free and Easy, Follow Your Heart, The Vegg, Vezlay Foods Private Limited, Now Foods. EVO Foods and JUST Inc. together hold over 30% market share owing to their innovative product offerings and strong distribution channels globally.
The growing demand for plant-based foods among health-conscious consumers has boosted the Global Vegan Eggs Market Trends. Rising awareness about the ethical and environmental issues related to animal agriculture is further driving the adoption of vegan eggs. Plant-based diets are known to reduce the risk of various lifestyle diseases like heart disease and diabetes. This is contributing to the increasing traction of vegan egg substitutes.
North America currently dominates the global vegan eggs market. However, Asia Pacific is emerging as a highly lucrative market with countries like China and India witnessing significant growth. Growing health consciousness and rising affluence in developing nations is supporting the expansion of vegan food brands in the global market.
Market Key Trends
One of the key trends gaining traction in the global vegan eggs market is the introduction of innovative product varieties. Companies are innovating vegan egg formulations to mimic egg characteristics like texture and bindings properties. For instance, Just Egg launched a liquid vegan egg to replace scrambled eggs. Follow Your Heart also offers different varieties like vegan egg whites and pre-whipped vegan eggs. Such innovations are helping drive wider awareness and adoption of vegan eggs.
Porter’s Analysis
Threat of new entrants: New companies find it difficult to enter the market due to established brands and distribution channels. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like regular eggs. Bargaining power of suppliers: Suppliers have low bargaining power due to availability of raw material sources and brands having integrated production facilities. Threat of new substitutes: Substitutes like tofu and regular eggs pose threat to the market. Competitive rivalry: Market is dominated by few established brands and private label brands.
Geographical Regions
North America accounts for the largest share of the global vegan eggs market, followed by Europe. This is attributed to the rising vegan population and awareness about health and environmental benefits of plant-based diet in these regions. The U.S. alone contributes for over 35% of the North American market.
Asia Pacific is expected to be the fastest growing regional market during the forecast period. Growing middle class, urbanization, and changing dietary preferences of people towards vegan food products are driving the demand in countries such as India and China. Increasing expatriate population and global exposure are encouraging people to shift to vegan diet in Asia Pacific region.