Global Baking Ingredients Market is Anticipated to Reach USD 25 Billion and Growing at a CAGR of 6% During Forecast Period 2022 - 2028

 By- Infinium Global Research

A new report by Infinium Global Research dives deep into the world of baking ingredients, analyzing not only the global market but also regional variations. It explores the factors driving and hindering growth, both in the short and long term, providing valuable insights into future trends and market value. This comprehensive report equips you with the knowledge you need to understand the current and future landscape of the baking ingredients industry. According to the report, the global baking ingredients market was valued at about USD 17 Billion in 2022 and is expected to reach about USD 25 Billion in 2028, with a CAGR of about 6% during the forecast period of 2022-2028.

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The baking ingredients market is expected to witness significant growth driven by several key factors. Changing consumer preferences for diverse and convenient bakery products, coupled with the increasing demand for ingredients that shorten fermentation time, are propelling the market forward. Additionally, growing urbanization and busy lifestyles are leading to the rise of in-store bakery products and online retail channels, further fueling market expansion.

The market is segmented into various end-use segments like bread, cakes & pastries, cookies & biscuits, and rolls & pies, each contributing to the overall growth. Innovation and new product development in developed economies are expected to further drive demand, while affordability and proximity to bakery products in developing economies are also contributing factors.

The market is characterized by a medium-to-high degree of innovation, with companies continuously introducing new products to cater to evolving consumer preferences. Sustainability is a growing trend, leading to the development of eco-friendly bakery ingredients. Mergers and acquisitions are also prevalent, as companies seek to enhance their product portfolios and gain a competitive edge.

Regulatory authorities ensure transparency and accurate information for consumers through strict labeling standards and food safety regulations. While there are no direct substitutes for bakery ingredients, the demand for alternative snack products may emerge in the future.

Within the different ingredient segments, emulsifiers are expected to witness significant growth due to their ability to extend shelf life and enhance product appeal. Bread, as a staple food, is projected to maintain steady growth, while the cakes & pastries segment is anticipated to witness the fastest growth rate due to rising snack consumption and the availability of freezers in retail stores.

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The pies market is undergoing a transformation with larger size formats (8-inch, 9-inch, and 12-inch) catering to special occasions and larger gatherings, leading to increased demand for sweeteners, salts, acids, and other ingredients.

Regionally, Europe holds the largest market share, followed by North America. Asia-Pacific is the fastest-growing region due to the rising demand for bakery products and changing lifestyles, with India and China projected to be the fastest-growing markets globally.

Market Segmentation:

The report delves into the baking ingredients market, breaking it down into two key categories: product types and applications. For product types, the report analyzes sub-markets like emulsifiers, leavening agents, enzymes, baking powders & mixes, oils, fats & shortenings, starch, colors & flavors, and others. On the application side, it focuses on sub-markets like bread, biscuits & cookies, cakes & pastries, rolls & pies, and others. This comprehensive segmentation provides a detailed understanding of the various ingredients and their usage in different bakery products.

Market Dynamics:

The popularity of baked goods like bread, pastries, cakes, and cookies is on the rise, as evidenced by the global retail sales reaching USD 17 Billion in 2022. This surge in demand is fueled by factors like population growth, urbanization, and evolving consumer preferences. As the bakery industry expands, the need for diverse baking ingredients to create these varied products also increases, driving the baking ingredients market.

Consumers are increasingly seeking unique bakery experiences, from artisanal breads and specialty cakes to pastries with exotic fillings and gluten-free options. This diverse demand necessitates a wide array of baking ingredients, including flour, sugars, fats, flavorings, and leavening agents. The growth of the bakery industry directly translates to increased demand for these ingredients, further propelling the baking ingredients market.

Market Keyplayers:

• Cargill
• DuPont
• Associated British Foods plc.
• Koninklijke DSM N.V.
• Kerry Group plc
• AAK AB
• British Bakels
• Corbion
• IFF
• Dawn Food Products, Inc.

 

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