Baking Ingredients Market is Expected to Undergo Robust Growth Through 2025
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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