Increasing consumer’s preference for varied bakery products coupled with growing popularity of home baking are acting as key growth factors for global baking ingredients market.
According to TechSci Research report, “Global Baking Ingredients Market By Type (Emulsifiers, Baking Powders & Mixes, Leavening Agents, Enzymes, Oil, Fats & Shortenings, Starch, Colours & Flavours), By Application (Cookies & Biscuits, Bread, Cakes & Pastries and Others) By Region, Forecast & Opportunities, 2025”, the market is anticipated to undergo a rapid growth during the forecast period. Key factors propelling the growth of global baking ingredients market are rising consumption of bakery items like cakes, pastries, pies, scones, bread and biscuits in both developed and developing nations along with growing popularity of home baking. After the recent outbreak of COVID-19, the world is witnessing high demand for baking ingredients for both residential as well as commercial use. The enhancement of nutritional level in bakery products is further accelerating the growth of global baking ingredients market. Manufacturers are also involved in product enhancement and are coming up with gluten-free ingredients in order to meet the growing demand. This is likely to act as a major growth driver for global baking ingredients market through 2025.
Moreover, changing consumer lifestyle has led to high consumption of convenience foods which supports the growth of bakery ingredients market. Also, the incorporation of functional ingredients like omega-3, probiotics, multivitamins and multigrain in baking ingredients have led to burgeoning demand in global market. In addition to this, increasing number of bakeries and confectionaries and consumption of bread as staple food in most European countries are augmenting the growth of global bakery ingredients market.
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Global baking ingredients market is segmented based on type, application and region. Based on type, the market can be categorized into emulsifiers, baking powders & mixes, leavening agents, enzymes, oil, fats & shortenings, starch, colour and flavours. Among them, baking powder & mixes dominated the market in 2019 and are further expected to undergo significant CAGR during the forecast period as they are being consumed globally as a primary ingredient in bakery products. Moreover, baking powders & mixes are a good source of vitamins, proteins, and carbohydrates and hence they are the leading segment among all other baking ingredients.
Based on application, global baking ingredients market can be segmented into cookies & biscuits, bread, cakes & pastries and others. Among them, bread accounted for largest market share in 2019 owing to their high consumption around the world. However, cakes & pastries segment is expected to undergo fastest growth through 2025 as they are increasingly being consumed as dessert items.
Major players operating in the global baking ingredients market are AAK AB, Cargill, Incorporated, Associated British Foods PLC, Lesaffre (Groupe Lesaffre), Taura Natural Ingredients Limited, Muntons PLC, Corbion, British Bakels, Kerry Group PLC, Tate & Lyle and Lallemand, Inc. Key growth strategies being adopted by leading companies are new product launches, partnerships & collaborations to increase their global market reach.
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“Europe constitutes the biggest market for bakery ingredients due to extensive use of baked foods in daily diet. However, the growing trend of home baking coupled with rise in number of bakeries and confectioneries in Asia Pacific countries like India, Australia and China are anticipated to make the region a lucrative market for baking ingredient manufacturers,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Baking Ingredients Market By Type (Emulsifiers, Baking Powders & Mixes, Leavening Agents, Enzymes, Oil, Fats & Shortenings, Starch, Colours & Flavours), By Application (Cookies & Biscuits, Bread, Cakes & Pastries and Others) By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of baking ingredients market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global baking ingredients market.
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