Baking Ingredients Market Insight Regional Analysis, Recent Growth Application - 2030
Author : Shital Thakare | Published On : 14 Sep 2023
According to this latest publication from Meticulous Research®, based on value, the baking ingredients market is projected to reach $27.2 billion by 2030, at a CAGR of 6.4% from 2023 to 2030. The growth of the baking ingredients market is mainly attributed to the growing consumer demand for bakery products, increasing urbanization and changing food consumption patterns, and rising demand for healthy bakery products.
However, an increase in health-conscious consumers is expected to hinder the growth of this market to some extent. Furthermore, growing consumer demand for frozen bakery products and emerging functional bakery ingredients are expected to provide significant growth opportunities for manufacturers of baking ingredients in the coming years.
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The baking ingredients market is segmented by type (emulsifiers, leavening agents, enzymes, baking powders, shortening agents, flavors, colors, starches, fibers, preservatives, sugars, yeast, and other bakery ingredients), form (dry and liquid), application (bread, pies & tarts, croissants, sponge cakes, muffins, cookies & biscuits, doughnuts, waffles, and other bakery products), and geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Increasing Urbanization and Changing Food Consumption Patterns to Drive the Growth of this Market
The rise of fortified foods and dietary supplements has played a key role in healthy habits due to the growing concerns about health and the changing diet pattern to healthy nutrition through daily diet. The global demand for fortified food is mainly driven by increasing consumer awareness regarding micronutrient deficiencies, growing health concerns, rising incidence of various diseases, and increasing disposable income.
Consumers are getting conscious about consuming healthier baked goods, which are, ideally, gluten-free, lower in carbs, clean-label, high in fiber, and fortified with nutrients. Hence, rapid growth in these product categories boosts the demand for various baking ingredients.
Asia-Pacific: The Fastest-Growing Regional Market
The baking ingredients market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the baking ingredients market.
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Huge demand for bakery products in this region due to bakery products being their staple food, the region’s well-established food industry, rising preference for innovative food products, growing demand for gluten-free bakery products, and the presence of key players. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
Scope of the Report:
Baking Ingredients Market, by Type
- Leavening Agents
- Baking Powders
- Shortening Agents
- Other Bakery Ingredients
Baking Ingredients Market, by Form
- Dry Baking Ingredients
- Liquid Baking Ingredients
Baking Ingredients Market, by Application
- Cakes & Pastries
- Pies & Tarts
- Sponge Cakes
- Cookies & Biscuits
- Other Bakery Products
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The report includes a competitive landscape based on an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years. Some of the key players operating in the baking ingredients market are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Associated British Foods plc (U.K.), Corbion N.V. (Netherlands), Koninklijke DSM N.V. (Netherlands), Lesaffre (France), Kerry Group plc (Ireland), Tate & Lyle PLC (U.K.), and International Flavors & Fragrances Inc. (U.S.).
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