Baking Ingredients Market Is Booming Across the Globe by Growing Demand for Baked Goods
Research Reports
Apr 14, 2022
Market Scenario
The Global Baking Ingredients Market 2020 has been projected to record USD 44.02 billion by the end of 2023, at CAGR of 5.2% during the forecast period from 2018 to 2023.
Market Highlights
Changes in consumer lifestyles have contributed to a rising need for convenient food goods that are readily available in supermarkets. A shift in customer demand for gluten-free diets and balanced food goods with natural ingredients has also fuelled market growth due to the ample chance of expansion given by this transition of demand. Consistent growth is expected for baked products such as bread, and other related products are staple food items, specifically in some developing countries. Changing patterns in developed economies, meanwhile, are projected to have a positive effect on the industry as demand for bakery goods grows. It is expected that more strict food safety standards and the need for high-quality products will impact the market, but in a negative aspect.
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In addition, frozen food that is frequently frozen at peak freshness has seen increased demand. Frozen bakery foods, which further support the growing demand for convenience foods, are among this category of food. Augmented demand for products low in trans fat as well as gluten-free products is also encouraged by consumer expansion, leading market players to increase their product ranges in an attempt to tap into the high demand for bakery products. When consumers become more conscious of food additives, healthier substitutes are in high demand.
Notably, in the future, the market is expected to see new opportunities as applications for bakery ingredients rise and demand for frozen bakery products increases. However, the presence of substitute emulsifier substitution ingredients and the high demand for cereals to supplement baked products are projected to present obstacles to the development of the global market for baking ingredients.
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Segmental Analysis
The segmentation of the worldwide market for Baking Ingredients by MRFR was performed on the basis of product form, use, and area. Emulsifiers, leavening agents, enzymes, oils , fats & shortening, colours & spices, starch, and others have been classified to cover food forms. The increasing preference for products with different flavours and colours has led to the acquisition of the largest share of the world market in the colours and flavours segment. Meanwhile, over the forecast era, the emulsifiers segment is expected to see the highest rise.
Baking ingredient uses have been categorised into pizza, cookies & biscuits, rolls & pies, confectionery among others. The most important share of the global demand for baked ingredients is bread, which is among the most consumed bakery products, while confectionery is expected to experience rapid growth at the highest CAGR during the measurement period.
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Regional Overview
With a commanding share of the global demand for baking ingredients, Europe has been described as the regional market. As many countries in the area have several varieties of baked goods that are local and have considerable demand, the region’s bakery products market is truly relevant. The area is home to many prominent industry players who are active in the market, and their different marketing strategies and strong demand for healthier bakery products are likely to help the growth of the European market over the assessment period.
Meanwhile, during the analysis period, the Asia-Pacific is set to rise at the fastest rate and experience a strong CAGR. Consumers are increasing the adoption of bakery products in their diets in countries such as China, India, and Japan, among others. Innovation in these products has significantly stimulated the growth of the bakery products industry in an attempt to appeal to the local market, which in turn has had a positive effect on demand for baking ingredients.
Competitive Dynamics
Some of the eminent market participants in MRFR’s global Baking Ingredients market report include Koninklijke DSM N.V., Roquette Frères, Ingredion Incorporated, BASF SE, Cargill Incorporated, SunOpta, Omega Protein Corporation, Archer Daniels Midland Company, and Darling Ingredients Inc.
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