Vegan Eggs Market Growth & Trends
The global vegan eggs market size is expected to reach USD 567.5 million by 2030, registering a CAGR of 16.7% from 2022 to 2030, according to a new report by Grand View Research, Inc. The market is expected to witness promising growth owing to the growing trend of veganism and the rising population of vegan consumers. According to Google Trends, vegan is trending with the increasing volume of searches and having an average rate of 64. According to the data, the U.K., Australia, New Zealand, Canada, and the U.S. are the top countries with the highest interest in vegan products and veganism. Moreover, the growth of the industry is significantly attributed to the increasing demand from millennials. In Canada, a study conducted by Dalhousie University in association with Qualtrics revealed that most of the vegans in the country are aged under 35.
The COVID-19 pandemic had a positive impact on the growth of the market. With the onset of the pandemic, consumer demand for animal proteins such as meat, seafood, and poultry products declined and emphasis on plant-based food products increased. Plant-based meat, plant-based milk, and vegan eggs products witnessed positive demand, along with heightened product launches. According to The Agriculture and Horticulture Development Board (ADHB), the emergence of COVID-19 has changed the way consumers look towards and has led to a drastic rise in vegan eating. This is expected to boost the demand for plant-based food in the coming years.
The online distribution channel is expected to witness strong growth during the forecast period. Increasing product placement on the e-commerce platforms by the key players and distributors is likely to drive the growth of the segment. For instance, in November 2021, Piperleaf, a plant-based food company, announced the launching of vegan egg premix in the Indian market through their website and plans to increase availability through multiple e-commerce channels. Moreover, increasing consumer inclination toward online shopping due to ease and convenience is expected to increase, mainly driven by the younger digitally dependent consumers.
The Asia Pacific is anticipated to register the highest growth rate during the forecast period. The regional market growth is significantly driven by the increasing presence of key players and emergence of the new players. For instance, in March 2022, Mumbai-based Evo Foods launched a heat-stable vegan boiled egg in the Indian market after last year’s launch of the liquid vegan egg. Moreover, in January 2021, Chinese fast food restaurant chain, Dico’s announced replacing conventional eggs with a vegan egg from Just Egg in breakfast burgers and bagels at more than 500 outlets across the country.
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Vegan Eggs Market Report Highlights
Europe accounted for the second-largest revenue share in 2021. The strong presence of a product on the shelves in the grocery stores and consumer awareness are fueling the regional market growth
By form, the liquid segment accounted for the largest revenue share in 2021. This is credited to the higher consumer preference due to easy functionality and strong market penetration
The online distribution channel is expected to register a CAGR of 17.5% over the forecast period. The segment is driven by the increasing consumer preference and the increasing presence of vegan food on e-commerce platforms
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