Plant Based Eggs Market Forecast and CAGR%
According to latest research by Fact.MR, plant based eggs market is projected to grow at a steady pace during 2021-2031.While the market is set to show recovery from crisis in the mid-term of the projection period, for the long term, demand is expected to showcase higher than the historical growth. With the expanding sales channel of plant based eggs, the market will garner a steady traction, wherein online retailers are anticipated to contribute significantly towards the surge in sales.
What is Driving Plant Based Eggs Sales?
Recently, rise in the fitness and vegan population remains the key factors for driving demand for the plant based eggs. Additionally, expansion in the product line and distribution channel will support the market growth of the plant based eggs.
With growing number of fitness enthusiasts, consumption of eggs is required to maintain protein level in the human body. However, for vegan population it is difficult to find substitute of eggs with same protein content. This in turn has provided lucrative opportunity for plant based eggs manufacturers. Additionally, production of plant based eggs is steadily becoming closer to original eggs and its protein level. While the increasing affection of consumers towards animal-based products has propelled its demand in the current time, in the years to come factors such as animal protection are expected to play a crucial role.
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COVID-19 Hinder the Global Sales of Plant Based Eggs
Plant based eggs demand suffered a downslide during the pandemic, as consumers started to focus on key essentials. Besides, the food and beverage manufacturers started to focus on basic food products instead of specialty or foods targeted to a defined set of consumers. However, the plant based egg sales is further expected to rise in 2021, as food manufacturing slowly picks pace.
US and Canada Plant Based Eggs Demand Outlook
North America has showcased a steady growth in plant based eggs demand. In past few year, U.S. and Canada has witnessed rapid growth in the vegan population. Consumers started shifting towards vegan food products for various health benefits and to reduce the environmental issues rising due to animal based products. The U.S plant based eggs market has well established supply chain of vegan products, owing to high demand for plant based products.
Apart from the demand through residential consumers in North America, plant based eggs are also widely used widely across Hotels, restaurants and catering, as well as travel supplies such as in-flight catering and railways.
Majority of the end users struggle in completing their protein intake during the day, plant based eggs successfully substitute the eggs. Demand is likely to leap and bound in the next couple of years with further upsurge in vegan population in U.S and Canada.
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Europe Demand Outlook for Plant Based Eggs
Similar to their North American counterpart, European countries are also keen towards sustainable food products with similar health benefits. Some of the European countries including Germany, U.K, Italy, and Spain are witnessing significant reduction in the non-vegetarian food sales, owing to increasing adoption of vegan food products. Additionally, European consumers are understanding the variety of applications of plant based eggs in several food products such as baking, protein formulation and others. Expansion of plant based eggs product line coupled with growing health consciousness among consumers are expected to fuel the plant based egg market.
European countries have also been investing significantly on innovation of plant based eggs. It is one of the key factors propelling the Europe plant based eggs demand for vegan population.
Who are the Key Manufacturers and Suppliers of Plant Based Eggs?
Some key market participants of the key plant based eggs are
Several leading manufacturers and suppliers have longstanding contracts with end-users to supply vegan food products and proteins, owing to increasing awareness regarding the vegan food. Additionally, many plant based egg key players in the market are focusing on adopting production innovation strategies and expansion of distribution channel across the globe to increase the plant based eggs sales.
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