The baking ingredients market is projected to reach US$ 22.2781 billion by 2028 from US$ 16.44497 billion in 2022; it is expected to grow at a CAGR of 5.2% from 2022 to 2028.
New York, Nov. 15, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Baking Ingredients Market to Forecast 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the market is projected to reach US$ 22.2781 billion by 2028 from US$ in 2022; it is expected to grow at a CAGR of 5.2% from 2022 to 2028. The rising demand for bakery products, especially cakes, cookies, and sweet baked goods, due to the rising trend of indulgent consumption is driving the growth of the baking ingredients market.
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Baking Ingredients Market Report Scope & Strategic Insights:
|Market Size Value in||US$ 16.44497 Billion in 2022|
|Market Size Value by||US$ 22.2781 Billion by 2028|
|Growth rate||CAGR of 5.2% from 2022 to 2028|
|No. of Pages||168|
|No. of Tables||58|
|No. of Charts & Figures||74|
|Historical data available||Yes|
|Segments covered||Type, and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Baking Ingredients Market: Competitive Landscape and Key Developments
The key players operating in the baking ingredients market include Cargill, Incorporated; ADM; Associated British Foods Plc.; Koninklijke DSM N.V.; Kerry Group Plc; AAK AB; British Bakels; Corbion; International Flavors & Fragrances Inc.; and Dawn Food Products Inc.; among others. These companies have widespread presence, which allows them to serve a large base of customers.
The Middle East & Africa is expected to register the fastest CAGR in the baking ingredients market during the forecast period. The rising consumption of convenience food and the proliferation of the foodservice sector are driving the bakery ingredients market in the region. The rapid development of food retail chains, including supermarkets & hypermarkets and departmental stores, which offer various processed food products, is contributing to a huge demand for convenience food in the Middle East & Africa. Moreover, food service is one of the fastest emerging sectors in the region owing to the rising trend of visiting cafes, restaurants, quick-service restaurants (QSRs), etc., during weekends. The increased consumption of convenience food boosts the growth of the bakery industry across the Middle East & Africa, thereby propelling the demand for baking ingredients.
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Growing Trend of Indulgent Consumption Drives Bakery Ingredients Market
Consumers frequently engage in indulgent consumption to enhance their sense of pleasure and fulfillment. Taste and enjoyment remain the fundamental factors driving people’s preference toward bakery items, such as cakes, pastries, and sweet delights, regardless of the growing health and wellness concerns among them. Moreover, people seek rewarding and enjoyable experiences to cope with everyday stress. The manufacturers of bakery products are innovating their products to make them more appealing to the consumers and build hyper indulgence. They focus on providing multisensorial experiences to their consumers by providing different textures and using bakery decorations, fillings, and inclusions. Dried fruits, nuts, seeds, chocolate, and confectionery chunks are the widely used bakery inclusions. Bakery fillings and inclusions enhance the overall texture of bakery products, and improve their sensory and visual appeal. Bakery inclusions and fillings are increasingly being incorporated in bakery products to innovate the existing product portfolios, which helps boost the revenues of bakers’ businesses. Thus, the rising trend of indulgent consumption and innovations by manufacturers to develop indulging bakery products boost the growth of the baking ingredients market.
Baking Ingredients Market: Segmental Overview
Based on type, the baking ingredients market is segmented into baking power & mixes, emulsifiers, enzymes, starches, colors & flavors, oils, fats, and shortening, and others. The enzymes segment is expected to grow at the highest CAGR in the baking ingredients market from 2022 to 2028. Enzymes play a vital role in the production of baked goods. They increase the shelf life of bakery products, thereby replacing artificial or chemical preservatives. Moreover, baking enzymes can help improve flour performance and dough stability. Companies such as International Flavors & Fragrances Inc. and Kerry Group Plc offer enzymes to the bakery sector. Danisco, a DuPont and International Flavors & Fragrances Inc. brand, has produced baking enzymes that help keep baked goods fresher for longer, thus reducing food wastage. The Danisco baking enzymes offer label-friendly alternatives to many commonly used baking ingredients.
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Based on application, the baking ingredients market is segmented into bread & rolls, biscuits & cookies, cakes & pastries, and others. The bread & rolls segment accounted for the largest share of the market in 2021, whereas the cakes & pastries segment is expected to register the highest CAGR during the forecast period. The growing popularity of customized pastries and continuous innovations in bakery products are expected to drive the baking ingredients market growth during the forecast period. Cakes & pastries are baked products made from flour, sugar, milk, butter, shortening, baking powder, and eggs. Consumers are shifting to bakery products that offer functional benefits and fulfill consumers’ specific dietary needs, such as gluten-free, kosher, organic, and natural ingredients, and flour other than wheat flour, such as rice and chia flour, with the elevating prevalence of diabetes and other chronic diseases.
Impact of COVID-19 Pandemic on Baking Ingredients Market
The COVID-19 pandemic, and the consequent lockdowns, travel bans, and business shutdowns, affected economies and industries in various countries in 2020. In the food & beverages industry, many production plants were shut down during the first wave of the pandemic, which disturbed the global supply chains, manufacturing activities, delivery schedules, and essential and nonessential goods sales. Many companies announced possible delays in product deliveries and projected a slump in future sales of their products. However, amid these health crises, people became more concerned about their health and fitness. They began shifting toward healthy alternatives that reinforce their immune system and improve their overall health, which propelled the demand for functional bakery products. These products include low-calorie, high-fiber, and high-protein ingredients, which support guilt-free and conscious consumption.
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