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Growing egg protein demand to create lucrative growth, says TMR study
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Friday, 13 March, 2020, 16 : 00 PM [IST]
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Albany, New York
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Egg protein is utilised in different businesses, including useful drinks, dietary enhancements, sports and baby nourishment, arranged nourishment, bread kitchens and ice cream parlours, pharmaceuticals, individual consideration items, dairy and sweets, meat analogues, breakfast grains, and protein and sustenance bars. The utilisation of egg protein is expanding quickly in sports nourishment, in that capacity, pushing the development of the worldwide egg protein market.
According to a new study by Transparency Market Research (TMR), the egg protein market, which was expected to reach $1 billion in 2019, was poised ti record a year-on-year (Y-o-Y) growth of six per cent during the forecast period.
The growth of the egg protein market remains driven by a slew of factors, which range from the rising demand for protein-oriented products, and the changing regulations in the food and beverage industry, to the growing awareness among consumers around the world.
Egg proteins have different functions such as thickening, leavening, binding, preservatives and antimicrobial, emulsifying, crystallisation, 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 (compound annual growth rate) of 8.5 per cent, in the global egg protein market during the period of 2019-2029.
Rising health and wellness consciousness creating 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 centres, and fitness centres 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
Shoppers incline toward greatness in quality and administration. Organisations are putting resources into investigate and improvement to make remarkable and creative egg protein items with extraordinary quality.
Organisations are focussing on receiving the most recent advances by which they can keep up great norms.
Buyers pick brands with best quality egg protein items, and have different choices to browse. Rivalry is expanding quickly in the egg protein market. Purchasers are prepared to pay a decent sum for excellent egg protein items.
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 the high demand for them, 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 focussing 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 minimise 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.
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