Surging egg prices and shortages in the US due to bird flu have created a major opportunity for vegan egg substitutes. Companies like Eat Just Inc. are rapidly increasing production and distribution of their plant-based eggs made from mung beans, reporting a five-fold increase in sales. With wholesale egg prices hitting record highs, the price gap between chicken eggs and vegan alternatives narrows, prompting consumer interest. As supply decreases and demand remains high, the plant-based egg market is poised for significant growth, with experts suggesting this is a pivotal moment for the sector.
At Eat Just Inc., sales in January jumped by five times from the same period a year earlier.
The national average wholesale price rose to $7.34 per dozen last week, according to data from the US Department of Agriculture.
'Consumers are often interested in trying new products, but are less likely to try novel products priced at a significant premium,' said Alex Frederick.
'This is probably the most important moment for a plant-based market,' Josh Tetrick, Eat Just's chief executive officer, said in an interview.
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