The rise of veganism and flexitarians fueled by the decrease in animal protein consumption attracted many F&B companies to bring plant-based egg alternatives into the market. For instance, in April 2022, California-based Hodo Inc. brought into the market a high-protein, ready-made, minimally processed plant-based egg variety called Vegan All-Day Egg Scramble. This unique food does not only taste like an actual egg; it also combines the proper texture and nutrient density similar to that of an egg. Notably, this vegan egg variety has similar protein as that of a chicken egg. Also, the product has zero cholesterol and high protein. Moreover, this product is high in fiber, calcium, and iron.

Hodo, which has been in this field, developed an innovative range of products contributing to a more environmentally sustainable food system. Specifically, the artisan plant-based protein company has been developing plant-based meat- and egg-alternative foods and also tofu which are completely prepared from organic, non-GMO soybeans.

According to ConsumerIntel360, faux eggs were the fastest-growing plant-based category in 2021, with around 40%-dollar sales growth, while the sales of the conventional egg category dipped around by 3.8%. With the increasing demand for plant-based food among vegetarians and flexitarians, restaurants and retail chains are also concentrating on introducing these varieties in their product range to gain market share. Hodo, which is one of the leading brands at Whole Foods Market, Sprouts, Target, Publix, Albertsons Safeway, and many more grocery stores, will be introducing these plant-based eggs in nearly 1,500 stores in the country. Additionally, the company also supplies foodservice partners such as Chipotle, sweetgreen, corporate campus restaurants, and many more in the country.

Hodo’s competitor, another California-based food-tech company, Eat Just Inc., had set up a vegan scrambled egg-like protein factory in April 2022 in Singapore. This factory will be built and operated in association with Proterra Investment Partners Asia, which basically invests in agri-food businesses. The company, which developed this vegan egg variety from mung beans, claimed that this product is produced sustainably, saving 7.2 billion gallons of water, avoiding 29 million kilograms of CO2e, and sparing 11,800 acres of land.

Eat Just Inc. entered Singapore with its US$120 million worth of faux egg factory to capture the growing demand for plant-based protein in the Southeast Asian market. After expanding its base in North America and Germany, Eat Just is entering the Asian market with its bottled, pourable JUST Egg product.

Notably, Southeast Asians have been consuming plant-based foods such as tofu, tempeh, and mock meats for a long time. With the onset of the pandemic, the flexitarians started including more plant-based foods in their diets, surging demand for plant-based foods in the region. Moreover, for a sustainable future, the region saw a change in the preference pattern of the consumers transitioning to increased demand for plant-based food.

In Asia, Singapore heads the regional market with the highest number of consumers preferring plant-based food, followed by Thailand and the Philippines. While Malaysia and Indonesia saw a slow adoption as meat is very cheap in these countries, making it difficult to switch to plant-based food. Consequently, after extensive research ensuring the compatibility of the local taste buds, global F&B companies are expanding their base in the region targeting Singapore.

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