While the alternative egg movement is not as well known or profitable as alternative meats, there is still plenty of opportunity to reap in the plant-based egg business.
Eat JUST, Inc. (JUST) makes mung-bean-based egg liquid and frozen alternatives. Recently JUST and Michael Foods, a Post Holdings’ subsidiary, formed a strategic partnership to broaden distribution in the foodservice sector.
According to Food Navigator.com, Michael Foods produces and sells upward of 1 billion pounds of liquid eggs per year to foodservice companies, including those operating in schools, hospitals, convenience stores, and hospitality operations.
One of JUST’s obstacles is the production cost of their egg substitute versus a traditional egg. They currently can produce a 1.5 oz. serving of egg protein for 15 cents but would like to move the needle closer to 5 cents.
A recent publication from The American Egg Board found that Gen Z and Millennials are more likely to enjoy plant-based dishes. This trend will almost certainly carry over to Gen Alpha, or those under age seven.
One benefit specific to plant-based eggs is that they contain zero cholesterol. Additionally, many plant-based food products, including alternative eggs, use far less water to produce when compared to traditional animal protein.