Global Baking Powder Market Projected Double-Digit CAGR through 2030
Research Reports
Jan 08, 2021
Baking powder is primarily used to make different kinds of bread and other bakery products, such as muffins, pancakes, waffles, and cakes. Baking powder is a dry chemical additive comprising carbonate, inert filler, and weak acid. It is usually utilized in raising the level of baked products. Baking powder assists in catching the dough raised until it is created in the cooking procedure. Baking powder is a substance that includes ingredients cornstarch, dry acid, and baking soda. Moreover, the supply of yeast powder has skyrocketed in current times as a result of increasing consumer demand for fast food, baked products like cakes and pies, and quick instant mixes. This substance is gaining a reputation in restaurants, bakeries, and homes. This drift is dispersing around the globe as a result of the rapid growth of urbanization.
Global baking powder market is anticipated to exceed USD XXXX million by 2030 from USD XXXX million in 2019 at a CAGR of XX% throughout the forecast period i.e. 2020-2030. The market is anticipated to grow on the back of changing consumer lifestyles and evolving functions of baking products.
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One of the key aspects boosting the growth of the global baking powder market is escalating food and fast food markets. The rising intake of baked foods openly impacts the performance of the global baking powder market. The food industry uses baking powder as a hovering mediator to divulge lightness and softness to products such as cakes, waffles, tarts, pastries, etc. Nevertheless, the increasing consciousness about the health consequences of baking powder, if consumed for extended periods, is the prevalent challenge for manufacturers currently.
Global baking powder market is segmented by Product Type into Phosphate-based, Phosphate-free, Aluminum-based, Aluminum-free, Anhydrous Phosphate, Sodium Aluminum Sulfate Phosphate, Tartrate, and others. Among these, the segment is estimated to hold the largest market share of xx% in 2019. This segment is projected to sustain its leading place during the forecast period owing to a raised inclination towards healthy baked foods. Phosphate-based baking powder is also a major product segment of the baking powder market.
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Global baking powder market is segmented by Application into Bread, Biscuits & Cookies, Cakes & Pastries, Pancakes, Muffins, Rolls & Pies, Waffles, and Others. Among these, the bread segment is witnessed to hold the largest market share of xx% in the year 2019. Consumers are progressively spending on protein-rich products such as cakes, pastries, pizzas, rolls, and donuts. Bakery items are taken to staple foods in several regions. Similar to the increasing intake of protein-rich bakery products, the need for bakery ingredients is expected to be high. Furthermore, bakery outlets aim at building creative products, especially bread of different flavors, to bring into line with the health needs of consumers. Owing to the high demand for bakery products, the bread segment is anticipated to record substantial growth in the market during the forecast period.
Developing markets such as Asia, Latin America, and Africa portray a robust possibility for progressing to shifting lifestyles and eating behaviors of consumers together with increasing per capita consumption. China is developing as the largest possible market for bakery products. Enhancement in the criterion of living and the absence of time for making home-cooked food pushes the need for baking ingredients. Moreover, the growing population of working women has resulted in a rise in the demand for baked products, as they are turning out to be a part of traditional diets in urban as well as semi-urban areas. The market for products such as bread, cereal, cakes, biscuits, and pastries are well-formed in Europe, as it has a greater per capita intake of these products.
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Consumers’ need for baked products with satisfactory taste, texture, and the mouthfeel has led to the evolution of several new utilities of ingredients in the form of enzymes, emulsifiers, leavening agents, and fats & oils, which are utilized in bread, cakes, muffins, and pizza crusts. Components such as enzymes enhance protein solubility and reduce bitterness in the end products, to assist the manufacture of great-tasting healthy foods. With heavy spending in R&D, new operations across numerous baking components are evolving speedily, such as protein-based fat replacements, flavor improvements, textural enhancements, and the long-lasting shelf life of products.
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Top Market Players
- Archer Daniels Midland
- John Pointon & Sons Ltd.
- Koninklijke DSM N.V.
- Kemin Industries Inc.
- BASF
- Omega Protein Corporation
- Cargill Incorporated
- Darling Ingredients Inc.
- Ingredion Incorporated
- Dow Du Pont Inc.
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