The global egg products market is an ever-increasing space. Wide usages of egg products in various bakery products, sweet & savory snacks, and sauces & dressings, is a significant driving force behind the growth of the market. Besides, diverse applications of eggs in various foods and beverages, alongside the increasing demand for processed & protein-rich food among consumers, escalates the market growth across the globe.
Over recent years, the global egg products market has been making significant strides. According to Market Research Future (MRFR), the valuation of the global egg products market is expected to rise to USD 2.53 BN by 2024, registering approximately 6.31% CAGR throughout the forecast period (2019-2024). Striking advances in processing technologies directly influence the growth of the market.
Along with the evolving consumer habits, is growing the thirst for a variety of healthier products that are convenient and easy to consume & digest. Also, the demand for easy to prepare format and products that children can enjoy without realizing that it is an egg product drives the market growth significantly. Moreover, the growing preference for egg products among consumers favors market growth.
On the other hand, factors such as the high prices of egg products is a major restraint for the growth of the market. Nevertheless, increasing consumer awareness about a healthy diet would support market growth, increasing the sales of egg products.
Global Egg Products Market - Competitive Analysis
The well-established, egg products industry appears to be highly competitive and fragmented due to the presence of several notable players. Key trends observed among the market players include mergers & acquisitions, collaboration, expansion, and product launch. Providers operating in this market strive to deliver high-quality products developed using innovative technologies reliably.
Players leading the egg products market include Tyson Foods, Inc. (US), Michael Foods Inc. (US), Rembrandt Enterprises, Inc. (US), SKM Egg Products Export (India), Daiya Foods Inc. (Canada), Andros (France), and The Kraft Heinz Company (US), among others.
Global Egg Products Market - Segmentation
The report has been segmented into three major dynamics.
By Type : Egg Powder, Liquid Egg, Frozen Egg, Whole Egg, Egg Yolk, Egg White, and others.
By Application : Food & Beverages (Bakery & Confectionery, Sauces, Dressings & Spreads, Sweet & Savory Snacks, others), Personal Care, and others.
By Regions : Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Egg Products Market - Regional Analysis
Continuing with its dominance, the Asia Pacific egg products market is expected to witness exponential growth over the assessment period. Factors such as the availability of ample raw materials and cost-competitive workforce drive growth of the regional market, leading to lowering the overall production cost significantly. APAC is well-positioned to produce egg and egg products market at more competitive prices than developed countries in Europe and North America.
Moreover, increasing numbers of health-conscious consumers and high consumption of egg products as a convenient breakfast food is driving the regional market growth. Also, advancements in the food processing industry are projected to boost the sales of egg products during the forecast period.
North America stands second in the global egg products market share, following the APAC market closely. The rising trend of consumption of healthy foods, high disposable income, and the presence of major players propel the growth of the regional market. The US and Canada are major markets for egg products due to the presence of a prominent consumer base. Sales in the North American egg products market size is anticipated to stimulate further during the review period.
Europe is a rapidly growing market for egg products, which has emerged as a promising market, globally. High market demand led by the rising popularity of egg products substantiates the growth of the market in the region. The European egg products market is predicted to grow at a rapid CAGR in the coming years.
Industry/ Innovation /Related News:
January 31, 2020 ---- Noble Foods Ltd. (the UK), a leading supplier of fresh food brands, launched its first foodservice brand – the Great British Egg Co. The new food brand includes various egg-based products such as egg bites, poached eggs, scrambled egg burgers & pots, and the first UK gluten-free Yorkshire puddings.
October 17, 2019 ---- Cal-Maine Foods, Inc. (the US), a fresh egg producer, announced the acquisition of all the assets of Mahard Egg Farm, relating to its commercial shell egg production, processing, distribution, and sale. This proposed transaction aligns with the company’s strategy to grow its business through selective acquisitions and expansion of its existing facilities.
Mahard Egg Farm is one of the largest egg companies in the US, and Cal-Maine Foods already has a market presence in Texas. Thus the addition of egg production capacity located near the major market areas would provide the company with an opportunity to reach more customers in Texas and southern Oklahoma.
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