Plant-based Eggs Market Size & Share, By Source (Legumes, Grains, Seeds, Algae-based), Form (Liquid, Powder), End-Use (Bakery and Confectionery, Food Processing, Foodservice), Distribution Channel, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Plant-based Eggs Market size surpassed USD 149 Million in 2023 and is poised to reach USD 690 Million by end of the year 2032, growing at over 20.1% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 149 Million
• CAGR (2024-2032): 20.1%
• Forecast Year Value (2032): USD 690 Million
• Historical Data Period: 2019-2023
• Largest Region: North America
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers:

1. Increasing consumer demand for plant-based alternatives: As more consumers become conscious of their health and the environmental impact of their food choices, there is a growing demand for plant-based alternatives to traditional animal products. This trend is driving the growth of the plant-based eggs market as more people seek out sustainable and cruelty-free food options.

2. Expansion of distribution channels: The plant-based eggs market has seen significant growth in recent years due to the expansion of distribution channels. Plant-based eggs are now more readily available in mainstream grocery stores, which has made them more accessible to a wider consumer base. Additionally, the rise of e-commerce platforms has made it easier for consumers to purchase plant-based eggs online, further driving market growth.

3. Innovation and product development: Companies in the plant-based eggs market are constantly innovating and developing new products to meet consumer demand. This includes the introduction of new flavors, improved textures, and better cooking properties. As a result, the plant-based eggs market is experiencing growth as more options become available to consumers.

4. Growing investment and support: The plant-based eggs market is benefiting from increased investment and support from both private and public sectors. This includes funding for research and development, as well as support for marketing and distribution efforts. This investment is driving market growth and helping to establish plant-based eggs as a viable alternative in the food industry.

Report Scope

Report Coverage	Details
Segments Covered	Source, Form, End-use, Distribution Channel
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	Eat Just, Inc., i mpossible Foods Inc., Follow Your Heart, Clara Foods, Daiya Foods Inc., Nestlé S.A., Califia Farms, The Vegetarian Butcher, Sunfed Meats, Blue Horizon Corporation, Oatly AB, Moving Mountains Foods, Good Catch Foods, Zero Egg, Greenwise Co., Ltd.

Industry Restraints:

1. Price and affordability: One major restraint for the plant-based eggs market is the price and affordability of these products. Plant-based alternatives can often be more expensive than traditional animal products, which can limit their accessibility to a wider consumer base. This pricing barrier may hinder the growth of the market, especially among price-sensitive consumers.

2. Limited product awareness and acceptance: Another major restraint for the plant-based eggs market is the limited awareness and acceptance of these products among consumers. Despite the growing popularity of plant-based alternatives, there are still many consumers who are unfamiliar with or skeptical of plant-based eggs. This lack of awareness and acceptance presents a challenge for market growth, as companies in the industry must work to educate and persuade consumers of the benefits of plant-based eggs.

Regional Forecast:

Plant-based eggs market in North America (U.S.):

- The plant-based eggs market in the U.S. is experiencing significant growth, with a rising number of consumers opting for plant-based alternatives due to concerns about health, sustainability, and animal welfare.

- Key players in the market are focusing on product innovation and expanding distribution channels to cater to the increasing demand for plant-based eggs.

- The U.S. market is expected to continue growing, driven by the growing popularity of plant-based diets and the availability of a wide range of plant-based egg products in the market.

Plant-based eggs market in Asia Pacific (China, Japan, South Korea):

- The plant-based eggs market in Asia Pacific is also witnessing rapid growth, as consumers in countries like China, Japan, and South Korea are increasingly adopting plant-based diets.

- The market is characterized by a growing number of local and international players offering a variety of plant-based egg products to cater to the diverse consumer preferences in the region.

- The increasing focus on sustainability and ethical food choices is driving the demand for plant-based eggs in Asia Pacific, and the market is poised for further expansion in the coming years.

Plant-based eggs market in Europe (United Kingdom, Germany, France):

- In Europe, particularly in countries like the United Kingdom, Germany, and France, the plant-based eggs market is gaining traction due to the rising awareness about the environmental impact of animal agriculture and the health benefits of plant-based diets.

- The market is dominated by established players as well as new entrants, who are capitalizing on the growing demand for plant-based alternatives to traditional eggs.

- Regulatory support for plant-based food products, along with increasing investments in plant-based egg production, is expected to drive the market growth in Europe in the foreseeable future.

Overall, the plant-based eggs market is showing strong growth in North America, Asia Pacific, and Europe, driven by consumer preferences for healthier, sustainable, and cruelty-free food options. As a result, the market is expected to continue expanding in these regions, presenting opportunities for both established companies and new entrants to capitalize on the growing demand for plant-based eggs.

Segmentation Analysis:

• Legumes segment size was over USD 46 Million in 2023..
• Liquid dominated around 41% market share in 2023..
• The supermarkets and hypermarkets revenue crossed USD 47 Million in 2023.

1. Source:

The plant-based eggs market can be segmented based on source into soy, wheat, pea, and others. Among these, soy-based plant-based eggs are the most popular subsegment in the market. Soy-based plant-based eggs are derived from soybeans and are a rich source of protein, making them a favorite among health-conscious consumers. They are also versatile and can be used in various egg-based dishes, making them a popular choice for plant-based alternatives to traditional eggs.

2. Form:

In terms of form, the plant-based eggs market can be segmented into liquid, powder, and others. One notable subsegment within this category is liquid plant-based eggs. Liquid plant-based eggs closely resemble the texture and consistency of traditional eggs, making them suitable for use in baking and cooking. They are also convenient and easy to use, making them a popular choice among consumers looking for a seamless transition to plant-based alternatives.

3. End-use:

The end-use segment of the plant-based eggs market includes subsegments such as food industry, foodservice, and retail. Within this segment, the foodservice subsegment stands out as a significant contributor to the market. Foodservice establishments such as restaurants, cafes, and catering services are increasingly incorporating plant-based eggs into their menus to cater to the growing demand for plant-based options among consumers. This trend is driven by the rising awareness of environmental and ethical concerns related to traditional egg production.

4. Distribution Channel:

The distribution channel segment of the plant-based eggs market comprises subsegments such as supermarkets/hypermarkets, specialty stores, e-commerce, and others. E-commerce is a noteworthy subsegment within this category, experiencing rapid growth due to the increasing preference for online shopping and the convenience it offers to consumers. The availability of a wide range of plant-based egg products through online platforms has significantly contributed to the expansion of this subsegment, providing consumers with easy access to a variety of options regardless of their location.

In conclusion, the segment analysis of the plant-based eggs market reveals the diverse range of sources, forms, end-uses, and distribution channels that contribute to the growth and development of this market. Each subsegment possesses unique characteristics and plays a crucial role in shaping the overall landscape of the plant-based eggs market.

Competitive Landscape:

The plant-based eggs market is highly competitive with several key players competing for market share. Some of the major players in the market are Eat Just Inc., Follow Your Heart, Inc., Daiya Foods Inc., Orgran, Vegan Egg, Magioni, Incogmeato, The Vegg, and PETA, among others. These companies are focusing on product innovation, expansion of product portfolios, and strategic partnerships to gain a competitive edge in the market.

Three major recent industry developments in the plant-based eggs market include the launch of new plant-based egg products by several key players, such as Eat Just Inc. and Follow Your Heart, Inc. These companies have introduced new and innovative plant-based egg alternatives to cater to the growing demand for vegan and vegetarian options. Additionally, there has been a significant increase in investments and partnerships in the plant-based eggs market, with companies collaborating to develop and market new products. Lastly, there has been a surge in consumer awareness and demand for plant-based eggs, leading to increased marketing efforts and promotional activities by key players to reach a wider audience and drive sales.