The report “Egg Replacers Market by Ingredient (Dairy Proteins, Starch, Algal Flour, Soy-based Products), Form, Source (Plant, Animal), Application (Bakery & Confectionery, Savories, Sauces, Dressings & Spreads), and Region – Global Forecast to 2022”, published by MarketsandMarkets™, the market is projected to reach a value of USD 1283.0 Million by 2022, at a CAGR of 6.2% from 2016.
The market is driven by factors such as change in lifestyles and rise in awareness of consumers regarding healthy eating habits, increase in adoption of a vegan diet, and avian flu outbreak in major geographical regions such as North America and Europe. Additionally, growing awareness regarding veganism in emerging economies of Asia-Pacific is creating new opportunities for the Egg Replacers Market.
The bakery & confectionery segment is estimated to dominate the Egg Replacers Market in 2017
The bakery & confectionery segment, by application, is estimated to be the largest market for egg replacers. Various functional properties such as better binding, emulsifications, foaming, and flavor enhancing offered by egg replacer products are expected to drive their demand by bakery and confectionery segment. Furthermore, the outbreak of avian flu in major geographical regions such as North America and Europe enabled bakery manufacturer to utilize egg replacer products due to rise in threat of avian flu-affected eggs among consumers.
Dairy protein is estimated to be the largest segment in Egg Replacers Market in 2017
The dairy protein segment is estimated to be the largest market in 2017. Dairy proteins are enriched with nutrients and offer properties similar to that of eggs. Increased usage of dairy proteins as an emulsifier, binding and foaming agents in various bakery, sauces and dressing applications have been driving the demand over the last few years.
The dry segment, by form, is projected to be the fastest-growing segment during the review period.
Owing to advantages such as its easy-to-handle nature, long shelf life, and easy storability, dry egg replacers are the most preferred choice of food manufacturers as compared to that of liquid ones. Therefore, the dry segment is projected to be the fastest-growing segment during the forecast period.
Dry egg replacers accounted for the largest market share in 2016. They have high demand in bakery & confectionery for manufacturing products such as bread, cake, cheesecake, and muffins as they are easier to use and provide an appealing appearance to the end product.
The Asia-Pacific region is estimated to dominate the Egg Replacers Market in 2017
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.