Baking Ingredients Market by Type, Application And Region - Forecast to 2026
- April 2021 •
- 264 pages •
- Report ID: 4855263 •
- Format: PDF
The most widely used baking ingredients in the market are baking powder & mixes, starch, oils, fats & shortenings, enzymes, and emulsifiers. The global baking ingredients market is estimated to be USD 16.6 billion in 2021 and is projected to reach USD 22.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. Factors such as the rising demand for functional baked products, such as gluten-free, low-sugar, and low-fat baked foods in developed countries such as the US, Germany, the UK, and France, along with the rising disposable income and per capita expenditure on processed foods, such as baked and ready-to-eat foods in emerging economies, such as India, China, and Brazil have fueled market growth in the region. This has increased the presence of local bakeries, supermarket & hypermarket bakeries, in-store bakeries, franchise bakeries, and convenience stores in both developed and developing countries.
The market for baking powder and mixes is projected to grow at the highest CAGR between 2021 and 2026.
The fiber segment among various baking ingredients is expected to grow at the highest rate during the forecast period.The increased consumer health awareness has triggered the interest in adding functional ingredients, such as dietary fiber, in popular foods, including bread.
The dietary fiber usage in bread production causes changes in the physical parameters of bread, shelf-life, and sensory characteristics of bread.
Fiber might be used as a fat mimetic to replace some of the functions of fats, or a product designer might use a functional fiber in a muffin or a cake-type product to improve texture, shrink control, and volume or color.Typically, one percent of the functional fiber is used in bakery applications.
Adding supplemental fiber to bakery and snack items is an easy way to help consumers get more fiber in food products that they eat frequently.Bread, muffins, crackers, and breakfast biscuits are generally lower in sugar and typically targeted for being healthier bakery options that have a greater chance for success in the fiber space.
Cargill (US), Kerry Group Plc (Ireland), and Tate & Lyle (UK) are some of the famous companies that deal in manufacturing fibers for the bakery industry.
The bread segment of baking ingredients type is projected to grow at the highest CAGR between 2021 and 2026.
The market for sweet bakery is expected to grow faster than the bread segment.Increasing consumption of ready-to-eat food, owing to the growing demand for convenience, changing preferences for flavored food products, is pushing the revenue generation in the cakes, pastries, and other sweet bakery segments of the market.
The introduction of bakery products, including cakes, pastries, and sweet pies, with health claims, such as those with lower high-fructose corn syrup and sodium and with higher amounts of fiber, is expected to attract consumers, which will help the overall market to grow.New healthier varieties with less fat are now being introduced by vendors to attract the health-conscious population across the globe.
Owing to the growing customer base, the impact of the demographic changes and changing attitudes are all expected to drive growth in this segment.
Cakes segment in the sweet bakery application is projected to grow at the highest CAGR between 2021 and 2026.
The rising consumption, shifting preferences, and the emergence of small producers are among the changes transforming the organized cake industry across the world.A wide range of cakes has emerged, such as artesian cakes, dessert cakes, and sponge cakes.
Cupcakes and other types of high-shelf life dry cakes are widely available in the largest chain of supermarkets, such as Walmart, Sainsbury’s, Tesco, 7Eleven, Apar, and Aldi.Online sales of cakes are significantly increasing in several parts of the world as it is very easy and convenient for customers to place an order for the desired cakes.
Almost all retail companies are entering the industry through e-Commerce portals due to the maximum customer engagement.
Asia Pacific market for baking ingredients is projected to grow at the highest CAGR during the forecast period. “
The market for baking ingredients in Asia Pacific is projected to witness the highest growth rate during the review period.This is attributed to the increasing demand for baked goods resulting from a changing consumer preference toward ready-to-eat and healthy & convenient foods.
Its economic importance has increased in the last decade.With the rising population and improving the purchasing power of consumers in developing countries such as China and India, the market in this region is expected to witness high growth in the future.
Factors such as changes in the eating habits of consumers, rapid urbanization, and rise in the consumption patterns of baked products are estimated to drive the growth of the bakery ingredients market in this region.Along with industry trends, such as the heavy investment in R&D, innovations across the ingredient categories, including protein-based fat replacements, flavor enhancements, texture improvements, solutions to prolong the shelf-life of products, are also driving the market ahead.
In emerging economies, such as India and China, the penetration of packaged and convenience food is a key driver.
In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with the key experts.
The breakup of the profiles of primary participants is as follows:
• By Manufacturers: Tier 1 – 70%, Tier 2 – 20%, and Tier 3 – 10%
• By Designation: CXOs – 40%, Managers – 30%, Executives – 30%
• By Geography: Europe – 45%, Asia Pacific – 25%, North America – 10%, South America – 5%, and RoW – 15%
Some of the major players in the market include Associated British Foods Plc (England), AAK AB (Sweden), Cargill (US), and Kerry Group Plc (Ireland), Corbion (Netherlands), Dawn Food Products, Inc (US), Archers Daniels Midland Company (US), Dupont (US), Lallemand Inc. (Canada), and Tate & Lyle (UK), IFFCO (UAE), Lesaffre (France), International Flavors and Fragrances Inc. (US), and British Bakels (England).
The report segments the baking ingredients market based on type, species, application, and region. In terms of insights, this report has focused on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss views on the emerging & high-growth segments of the baking ingredients, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to Buy the Report:
• Illustrative segmentation, analysis, and forecast pertaining to the baking ingredients market based on type, species, application, and geography have been conducted to provide an overall view of the baking ingredients market
• Major drivers, restraints, and opportunities for the baking ingredients market have been detailed in this report.