Egg Protein Market to Reach a Valuation of ~US$ 1.8 Bn by 2029: Transparency Market Research
According to a new study by TMR, the egg protein market is expected to reach ~US$ 1 Bn in 2019, and record a Y-o-Y growth of ~6% during the forecast period. Growth of the egg protein market remains driven by a slew of factors, which range from rising demand for protein-oriented products, and changing regulations in the food and beverage industry, to growing awareness among consumers around the world.
Egg proteins have different functions such as thickening, leavening, binding, preservatives/antimicrobial, emulsifying, crystalization, and others. Owing to the growing end-use applications due to multiple functionalities, binding is becoming popular, and this segment is expected to grow rapidly at a CAGR of 8.5%, in the global egg protein market during the period of 2019-2029.
Egg proteins are used in various industries such as functional beverages, dietary supplements, sports & infant nutrition, prepared food, bakery & confectionery, pharmaceuticals, personal care products, dairy & desserts, meat analogues, breakfast cereals, and protein and nutrition bars. The use of egg protein is increasing rapidly in sports nutrition, as such, pushing the growth of the global egg protein market.
Rising Health and Wellness Consciousness Creating a Catalytic Effect
With rising health issues such as obesity, diabetes, and blood pressure, consumers have become highly conscious about their wellness. From youngsters to older individuals, all age groups are concentrating on exercising regularly and following a proper diet plan. Moreover, multiple gym chains, diet centers, and fitness centers are promoting the consumption of healthy food, dietary supplements, and other health products, which is further influencing consumers to opt for egg protein products.
Egg Protein Market – Rising Focus on Quality
Consumers prefer excellence in quality and service. Companies are investing in research & development to create unique and innovative egg protein products with great quality. Companies are concentrating on adopting the latest technologies by which they can maintain high quality standards. Consumers choose brands with best quality egg protein products, and have various options to choose from. Competition is increasing rapidly in the egg protein market. Consumers are ready to pay a good amount for high-quality egg protein products.
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e-Commerce and Online Stores – Easing Entry Barriers and Distribution Costs
Egg protein is derived from eggs. The easy availability of eggs in conjunction with high demand has resulted in increasing number of small-, medium-, and large-scale manufacturers across the world, which is the reason for the intensive competition in the egg protein market. To sustain their position in the egg protein market, companies are manufacturing high-quality egg proteins with multiple benefits. Manufacturers are focusing on launching new and innovative products using egg protein.
Online retail channels provide numerous benefits to small- and medium-scale producers of egg proteins who might face entry barriers such as high marketing costs. Online retail channels help minimize the distribution cost and aid their products in reaching a large number of consumers, which helps increase their brand awareness and the sale of their products. Multiple online stores also offer organic, natural, and clean label egg protein products that are not easily available in regular offline stores.
Global Egg Protein Market: Competitive Landscape
Some of the key players operating in the global egg protein market are Davisco Foods International, Inc., Kewpie Corporation, Cargill Inc., Rose Acre Farms, Deb-El Foods, Bouwhuis Enthoven, Wulro BV, Igreca, Sanovo Egg Group, Rembrandt Enterprises Inc., Interovo Egg Group BV, Adriaan Goede BV, and Now Health Group, Inc., among others.