The Global Baking Ingredients Market accounted for almost USD 14.98 Billion in 2020 and is likely to cross almost USD 21.08 Billion by end of 2028, developing at a CAGR of almost 5.0% from 2017 to 2022.
Baking Ingredients Market
According to Zion Market Research, The Global Baking Ingredients Market size, and share accounted for almost USD 14.98 Billion in 2020 and is likely to cross almost USD 21.08 Billion by end of 2028, developing at a CAGR of almost 5.0% from 2017 to 2022.
Increasing demand for packaged and baked goods is propelling the baking ingredients market. Furthermore, as the world's population grows, so does food demand. The growth of this demand is fueled by a changing lifestyle along with rising dual and discretionary income. Furthermore, the baking ingredients market size is being driven by the rapidly rising food chain industry. The rising demand for frozen and baked goods is driving the baking ingredients market. The growth of this industry is fueled by changing lifestyles and rising dual and discretionary income.
Moreover, key manufacturers in the market are focusing on strategies such as new product launches. For instance, in June 2020, Ingredion, Inc. launched a new clean-label emulsifier in the United States and Canadian markets. It offers wide applications such as being suitable for egg replacement in low- and high-fat vegan, spreadable, spoonable, and pourable dressings, white cooking sauces, and ready-meal applications. Likewise in February 2021, American Key Food Products introduced an organic starch in the market. The new starch is gluten-free and paleo- and vegan-friendly.
The pandemic has significantly impacted the snack and bakery industry. Nonetheless, food processing is a necessary industry, and snack manufacturers and bakeries have worked tirelessly to keep their operations up and running. In 2020, packaged goods could rise by over 6% 2020 relative to 2019, while fresh food intake could drop by 11% or more, depending on the severity of the COVID-19 pandemic. During the lockdown, bake-off use rose at the expense of scratch baking on the premises, which faced labor shortages and additional sanitary restrictions. Due to the difficulty of maintaining regular deliveries, fresh bakery food deliveries (for resale) have declined since the lockout. However, in some nations, new markets for industrial fresh goods have arisen.
The baking ingredients market size is expected to rise in response to the rising demand for ready-to-eat foods. In developing markets, the transition from traditional home-cooked food to convenience foods has raised the demand for these baking products. Thereby, providing various growth opportunities in the market. Moreover, the adoption of a westernized lifestyle, dual-income households, a focus on healthy lifestyles, increased wellness awareness, and a rise in disposable income are the main factors driving the baked foods industry's expansion, which will fuel demand for baking ingredient manufacturers.
Based on type, the Global Baking Ingredients Market is segmented into Leavening agents, fats & shortenings, colors & spices, baking powders & blends, emulsifiers, flour, enzymes, and oil, and others
Due to the high demand and active use of starch in the baking process, the segment dominated the market in the year 2020. The growth of the starch segment is supported by various benefits offered by it such as starch helping in improving texture and aims to increase the shelf life of baked products. Moreover, the rising consumption of bread across the globe is expected to boost the growth of the market as starch is the key ingredient in bread production. For instance, it is estimated that the total bread consumption accounted for 129,000 tonnes in 2016 as compared to 122,000 tonnes in 2007.
Emulsifiers help in maintaining the freshness and quality of baked food by improving the mixing capacity of immiscible liquids such as oil and water. Emulsifiers used in baking help you to improve batter stability, cake volume and texture, prolonged shelf life, and cost reductions. Thereby, the segment is expected to grow at a significant rate during the forecast period.
North America dominated the overall baking ingredients market in 2020 and is expected to continue its dominance over the forecast period. The baking industry contributes significantly to the US economy, raising more than $30 billion in sales in 2013. In the United States, there are 2,800 private bakeries and 6,000 retail bakeries. This graphic depicts the industry's scale and size. Despite the fact that there are many bakeries in the United States, the top four producers account for 35% of industry sales and commercial producers account for 91% of the total revenue. Moreover, various strategies adopted by the major player also support the growth of the market. For instance, recently, Grupo Bimbo acquired Sara Lee and Weston Bread Unit, making it the largest baked 6 goods company in the US. The aforesaid reasons are some of the key factors contributing to the growth of the market.
Asia Pacific region is expected to grow at the fastest rate during the forecast period. For instance, the bakery industry in India is the largest segment of the food processing industry and has enormous growth potential. More than 2,000 organized or semi-organized bakeries produce 1.3 million tonnes of bakery products in India, while 1,000,000 unorganized small-scale bakeries produce 1.7 million tonnes.
Some of the key players in the Baking Ingredients Market are British Foods Limited, Cargill, Inc, Royal DSM N.V., Kerry Group plc, Corbin N.V., British Bakels Ltd, Muntons plc, AAK UK, Dawn Foods Ltd, Taura, CSM, Caravan Ingredients, crust ‘n’ crumb food ingredients Pvt Ltd. and Empire Baking Company among others
The Global Baking Ingredients Market was valued at USD 14.98 Billion in 2020.
The Global Baking Ingredients Market is expected to reach USD 21.08 Billion by 2028, growing at a CAGR of 5.0% between 2021 to 2028.
Some of the key factors driving growth of the Global Baking Ingredients Market is rising consumption of bread worldwide
NorthAmerica region held a substantial share of the Baking Ingredients Market in 2020. This is attributable to the increased per capita income of people.
Some of the major companies operating in Baking Ingredients Market are are British Foods Limited, Cargill, Inc, Royal DSM N.V., Kerry Group plc, Corbian N.V., British Bakels Ltd, Muntons plc, AAK UK, Dawn Foods Ltd, Taura, CSM, Caravan Ingredients, crust ‘n’ crumb food ingredients Pvt Ltd. and Empire Baking Company among others.