17/08/2023 (Singapore) - Singapore start-up Hegg had launched its eggless Japanese mayonnaise in the domestic market and aimed to capitalize on growth opportunities across Asia with 'localized flavors.' The Eggless Mayo debuted on its official website and major e-commerce platforms Shopee and Lazada in early July. The company planned to enter supermarkets in Singapore by the third quarter of that year.
CEO Yao Png Ow had informed FoodNavigator-Asia that the disruption in the egg supply chain during the pandemic and the perceived lack of competition in the plant-based category in the Asia-Pacific region had influenced their strategy. Hegg's product range also included eggless egg powder and eggless kaya, known as coconut jam.
A consumer survey conducted by the firm the previous year revealed that taste and health benefits were significant factors influencing the purchase intention of plant-based egg products. The eggless mayo claimed to have 55% less saturated fat, 28% fewer calories, and 25% less sugar than regular mayonnaise. It catered to consumers seeking dairy-, soy-, gluten-, and egg-free options. In 2023, the global market for plant-based eggs was anticipated to hold a value of US$ 122.8 million, with projections suggesting a valuation surge to US$ 684.3 million by 2033. It was estimated that the demand for plant-based eggs would experience a consistent growth trajectory, with a Compound Annual Growth Rate (CAGR) of 18.7%. Notably, the United Kingdom, the USA, China, and India had emerged as significant contributors to the production of plant-based eggs. The market for plant-based eggs had been undergoing rapid expansion during this period.
Localization was another value proposition for Hegg. Anastasia Margareta, Marketing and Product Lead, stated that the company aimed to make products relatable and accessible, which led to the introduction of local SKUs like kaya and mayonnaise. The eggless egg powder also proved versatile and adaptable for various applications.
The firm highlighted that its newly launched product tapped into the rising popularity of Japanese cuisine, including Japanese mayonnaise, among Singaporean consumers. Additionally, it aimed to address a market gap for "a healthier option that does not compromise on taste." The eggless mayo had a soft launch in late 2022, partnering with Shangri-La Group and the Macau tech event BEYOND expo.
The team extended the shelf life of the product since the soft launch, without the use of artificial preservatives. Future plans included introducing new mayonnaise flavors, with product development centered around localized egg-based products. The company was also exploring export opportunities in Japan, Korea, and Australia, with discussions underway with overseas distributors.
Despite the challenge of consumer acceptance of plant-based alternatives in Asia, Ow noted that egg shortages in certain countries motivated the search for alternatives.