Market intelligence firm Future Market Insight (FMI) released a report assessing the growth of the global egg replacement market and predicted that revenues from the vegan ingredient would reach over $1.5 billion by 2026. In the United States alone, FMI predicted that the egg replacement market would reach $418.7 million by the end of 2016. Egg replacers in powder form are expected to dominate over 76.8 percent of the growing market. Rising prices of eggs, consumer awareness of plant-based preventative healthcare, and food manufacturers’ interests in developing products with “clean” labels are the driving forces behind the predicted 5.8 percent compound annual growth rate. Growing demand for vegan products in Asia Pacific was identified as the leading driver for market growth of egg replacers in that region. FMI identified vegan brand Ener-G Foods, Inc. as a leader in the industry. Similarly, the dairy-alternative market is predicted to reach $35 billion by 2024.
Subscribe now to the world’s #1