Baked products are highly popular due to their convenience and the ongoing innovation in product offerings. As such, baking ingredients are an essential part of this and Market Research Future`s latest report on the global baking ingredients market has divulged several important details regarding the growth of the market over the review period from 2018 to 2023. The revenue generated by the global baking ingredients market in 2017 was recorded at USD 34.62 Bn. The market has been projected to register a consistent CAGR of 5.2% during the review period from 2018 to 2023, which will likely result in a market value of USD 44.02 Bn by the end of 2023.
Convenient food items have been witnessing explosive demand, primarily due to changing consumer lifestyles. Urbanization and adoption of several advanced technologies have led to busy lifestyles and the resulting demand for food products of convenience. Moreover, frozen food which is often frozen at peak freshness has been witnessing increased demand. Among this type of food are frozen bakery foods which further support the increasing demand for convenience foods. Market growth is also encouraged by the increased demand for products low in trans-fat as well as gluten-free products which have prompted market players to expand their product offerings in an effort to tap into the high demand for bakery products. Healthy options are in high demand as consumers become more aware regarding food ingredients. Baked products are expected to witness consistent growth as bread, and other similar items are staples food items, particularly in certain developed countries. Meanwhile, changing trends in developing economies are expected to affect the market positively as the demand for bakery products increases.
Notably, the market`s growth is expected to be hampered by the growing substitution of baked products with whole grain cereals, and the health consciousness trend continues. However, increasing applications of baking ingredients and the growth of the frozen bakery products market will likely yield opportunities in the coming years.
Key Players Review: Prominent 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.
Market Segmentation: MRFR`s segmentation of the global Baking Ingredients market has been done based on product type, application, and region. Product types have been categorized to include emulsifiers, leavening agents, enzymes, oils, fats & shortening, colors & flavors, starch, and others. Increasing preference for products with various flavors and colors have resulted in the colors and flavors segment acquiring the largest share of the global market. Meanwhile, the emulsifiers segment is expected to witness the highest growth over the forecast period.
Applications of Baking Ingredients have been segmented into bread, cookies & biscuits, rolls & pies, confectionery, and others. Bread which is among the most consumed bakery item has the most significant share of the global Baking Ingredients Market, while confectionery is expected to witness rapid growth at the highest CAGR during the assessment period.
Regional Analysis: Europe has been recorded as the regional market with a dominant share of the global baking ingredients market. The regions bakery products market is truly significant as several countries in the region have many types of baked products which are local and have considerable demand. The region is home to several market players of prominence who participate in the market and their various marketing strategies as well as the high demand for healthy bakery products is likely to support the European market’s growth over the assessment period.
Meanwhile, the Asia-Pacific is slated to grow at the fastest pace and witness a high CAGR during the review period. Consumers in countries such as China, India, and Japan among others are increasing adopting bakery products in their diets. Innovation regarding these products in an effort to cater to the local market has greatly encouraged the growth of the bakery products sector which in turn has positively impacted demand for baking ingredients.
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