Japan vs. The World - Alt Egg Exploration #1
Japan is laying the foundations for the alt-egg market. But how does it compare to the rest of the world?
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Hello Market Shakers. Welcome to the next chapter in our alternative protein cycle. Over the next few articles, we’ll be exploring the emerging market for alternative eggs.
Eggs are the fastest-growing plant-based product category. Yet, in Asia, egg alternatives are taking their time to hatch. Japan’s few alt-egg products have attracted attention, showing potential for the category. To contextualize what’s going on in Japan, let’s start by taking a look at the global market for alternative eggs.
The Market For Alt-Eggs
The plant-based egg market alone is expected to reach a value of $11.9 billion by 2029 according to the latest market research. In 2022, the global market value is $1.5 billion. While chick-sized in comparison to alt-dairy and meat, it shows promise having grown by over 200% in the last two years.
North America is currently leading the market for alternative eggs. But there’s a growing number of startups attempting to crack the egg alternative market the world over.
One of the biggest players, Just Egg, has already sold over 100 million vegan eggs since it was founded in the U.S. in 2011. The company has already expanded globally, including into parts of Asia like South Korea and China.
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More established companies are also entering the category. Nestlé added to their growing lineup of plant-based products in 2021 with the European launch of its soy-based egg, vEGGie. PURIS, a pea protein maker, recently launched its first consumer-facing brand, Acre Made, a plant-based powdered egg.
What’s Driving The Alt-Egg Trend?
Egg substitutes are not a new concept. For decades, vegans have used aqaufaba, the liquid in cans of chickpeas, as an egg white substitute. Other substitutes exist and are mainly used in baking to mimic the functional properties of eggs.
Thanks to developments in food science, companies are now creating authentic egg alternatives using plants, cells and other ingredients. These new alternatives replicate the taste, texture, and appearance of eggs like never before.
These products are not only for the vegan market, however. There is intense demand
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