High egg prices in the U.S. due to shortages are driving demand for vegan substitutes like Just Egg, made from mung beans and canola oil. Companies are increasing production, expanding their distribution and lowering prices to attract consumers. These substitutes are gaining popularity due to concerns about avian flu and record costs. Just Egg increased its sales fivefold in January compared to the previous year. Its vegan eggs are sold in chains like Whole Foods and Walmart. Egg prices are at all-time highs, narrowing the price gap with vegan substitutes. The average wholesale price is $7.34 per dozen. Some grocery stores in New York sell them for $10 a dozen. Vegan eggs account for less than $2 billion in annual sales in the United States, but their popularity is growing thanks to health and environmental arguments.
Source : Bloomberg
