Globally, various food manufacturing and processing companies have already explored plant-based meat and dairy products with the launch of innovative products and ingredients. However, the vegan egg market remains untapped compared to vegan meat and dairy products. Therefore, food tech companies are experimenting with this egg alternative space to capture a significant market share, thereby reaping profit in the long run.  

According to ConsumerItel360’s Q4 2021 Plant Protein Market Survey, the plant-based egg alternative market is set to grow significantly in 2022. The demand for egg replacements increased substantially across the globe in 2021. Consequently, plant-based companies are raising funds to expand their product portfolio by launching products under this segment. For instance,

• Berlin-based start-up, Perfeggt which raised funding in November 2021, will launch the vegan egg product in the first quarter of 2022. The company raised US$2.8 million in its first funding round backed by EVIG Group, Stray Dog Capital, E2JDJ, Tet Ventures, Good Seed Ventures, Sustainable Food Ventures, and Shio Capital for the initial launch of the product in Germany, Switzerland, and Austria followed by further expansion within Europe. Also, the funding will be used by the company to build out its team at its headquarters and R&D facility.

In recent years, sustainability has emerged as one of the prime concerns. This resulted in the food tech companies are aiming to bring sustainable, plant-based products to everyone’s plate through dedicated research and development. Perfeggt developed this chicken-less egg product from fava beans. Apparently, this protein-rich liquid alternative can prepare any egg dishes such as scrambled eggs, omelets, and many others. The company mainly chose fava bean as the main ingredient as it has the proper mimic functionality required for the development of the vegan egg.

Annually, in Europe alone, around 110 billion eggs are being consumed, and more than 1.3 trillion eggs are being eaten globally. Notably, the company wants to grab this opportunity to expand its significant customer base with its liquid vegan egg product.

Other companies which are competing with their plant-based egg products are New York-based Simply Eggless and California-based Eat Just.

Eat Just, too, raised funds in March 2021 for its eggless eggs and mayonnaise products. The company raised $200 million in funding led by the Qatar Investment Authority together with Charlesbank Capital Partners and Vulcan Capital, the investment arm of the estate of Microsoft co-founder Paul G. Allen.

With increasing urbanization, the rise in the vegan population, and animal protein intolerances among consumers skyrocketed the plant protein market globally. However, mouthfeel, which is a critical part of the food and beverage experience, has restricted the food tech companies from entering the alternative plant-based egg market in recent years. Therefore, food tech companies are trying to replicate the product, keeping in mind the sensory aspects that are becoming a hurdle for the consumers to accept the new product.

To know more and gain a deeper understanding of the global plant protein market, click here.