USD 16.6 billion
Report ID: SQMIG30C2040 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 98 | Figures: 76
Global Baking Ingredients Market size was valued at USD 16.6 billion in 2021 and is poised to grow from USD 17.6 billion in 2022 to USD 29.73 billion by 2030, growing at a CAGR of 6% in the forecast period (2023-2030).
The primary ingredients responsible for the look, texture, and flavour of most bakery items are flour, water, and leavening agents. Oils, eggs, emulsifiers, colours, shortening, and sugar are effective at changing these characteristics and producing a high-quality product. Baking materials such as baking soda, baking powder, cocoa powder, and other condiments have seen an increase in demand as consumers left at home due to the Covid-19 shutdown have turned to baking. Baking ingredient manufacturers and retailers have reported a considerable boost in sales since the lockout when compared to the same period last year. On-the-go cuisine has grown in popularity as a result of the recent inflow of multinational café and bakery companies. During the projection period, growth in the frozen bakery goods market will drive up demand for baking ingredients. Factors such as convenience, quickness of preparation, easy product availability, and inexpensive costs have contributed to the increased acceptance of frozen bakery. The baking ingredients market is also expanding due to increased demand from coffee shops and local and large-scale food chains. Frozen bakery items are predicted to acquire potential demand in emerging markets such as India and China due to rising disposable income and purchasing power parity (PPP) of these nations' growing populations.
US Baking Ingredients Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.6 billion
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Global baking ingredients market is segmented based on product type, application, form, and region. Based on product type, the market is segmented into emulsifiers, enzymes, starch, fiber, oils, fats, shortenings, baking powder and mixes, preservatives, colors & flavours, leavening agents, others. Based on application, the market is segmented into bread, sweet bakery. Based on form, the market is segmented into dry, liquid. Based on region, global baking ingredients Baking Ingredients Market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa.
Baking Ingredients Market Analysis by Form:
Based on form, dry ingredients have the highest proportion of the baking ingredients market. Due to the nature of several dry ingredients, dry ingredients are measured incorrectly. To accurately measure dry ingredients, use a set of measuring cups designed specifically for dry ingredients. There are distinctions between dry and liquid measuring cups. Dry measuring cups are designed to be completely filled with a dry ingredient (flour) and then levelled. Liquid measuring cups are often designed with a pouring spout and graded (with volume markers) for easy and exact liquid measurement. The improved quality of supermarket and commercial bakery products, as well as the presence of various artisan bakeries in Asian countries, has resulted in an increasing demand for both wet & dry baking ingredients.
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Based on region global baking ingredients market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. During the projected period, the European market is expected to expand the most in terms of revenue. Increasing demand for emulsifier ingredients due to the growing popularity of premium bakery products such as low-fat, low-calorie, sugar-free, mineral and vitamin-fortified breads and cakes. For example, in September 2018, Warburtons, the UK's largest bakery brand, introduced new sourdough toasties with pockets, half loaf, white bread, and wholemeal flavours for its customers in the UK. Furthermore, the bakery ingredients market in Europe is predicted to increase due to the well-established bakery products industry, strong distribution channel, and extensive range of products, as well as increasing inclination for bakery products during festivals and special occasions. In terms of revenue, the North American market accounted for a sizable portion of the global market. Changing lifestyle habits, combined with increased customer desire for fast foods and other bakery food products, particularly among younger sections of society, drive up demand for bakery ingredients in households, restaurants, and other fast-food suppliers and outlets. These are some of the primary drivers projected to fuel significant growth in the North American baking ingredients industry. Furthermore, increased demand for high protein bakery products with low fat and no trans fats is likely to drive growth in the North America bakery ingredients market over the forecast period.
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Baking Ingredients Market Drivers
Global Increase in Bakery and Confectionery Consumption
Baking Ingredients Market Restraint
International Quality Standards and Stringent Requirements
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The baking ingredients market is characterised by the presence of well-established players as well as several small and medium-sized players. These manufacturers are pursuing a variety of strategies, including new product launches, product portfolio expansion, and mergers and acquisitions. Several large firms are forming multiple strategic alliances in order to increase their market share and get a competitive edge.
Top Players in the Global Baking Ingredients Market
Baking Ingredients Market Recent Developments
In November 2019, BakeZyme Fresh XL and BakeZyme Master are two new solutions from Koninklijke DSM N.V. (Netherlands). These new maltogenic amylase solutions, developed to address freshness difficulties faced by bakers globally, will enable the manufacture of high-quality baked items.
In November 2020, Kerry Group Plc (Ireland) announced the acquisition of Bio-K Plus International, a Canadian company, through its Taste & Nutrition division (Canada). Kerry's probiotics portfolio would be expanded as a result of this acquisition.
In January 2020, Vegan baking ingredients have been introduced by British Bakels (UK). As veganism accelerates through 2020, customer demand for high-quality vegan bakery products is projected to skyrocket. As a result, Bakels has added vegan-friendly rich fillings to their vegan offering.
Veganism and Vegetarianism Trend Gaining Traction
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global baking ingredients market analysis, the Asia Pacific region is predicted to grow at the quickest rate. The tides of the global baking ingredients market are changing as the North American and European markets age and new global regions with enormous growth prospects emerge. By application, bread has the highest proportion of the baking ingredients market.
|Market size value in 2021||USD 16.6 billion|
|Market size value in 2030||USD 29.73 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Baking Ingredients Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Baking Ingredients Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Baking Ingredients Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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