Pune India, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Baking Ingredients market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Baking Ingredients market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as type, application, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Baking Ingredients market are Ingredion Incorporated, Darling Ingredients Inc., Archer Daniels Midland Company, Roquette Frères, Omega Protein Corporation, SunOpta, Koninklijke DSM N.V., Cargill Incorporated, Kerry Group Plc, and BASF SE among others. To achieve a substantial market share in the worldwide Baking Ingredients market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Ingredion Incorporated is one of the most significant manufacturers and distributors present in the global Baking Ingredients market.
Baking ingredients comprises of food coloring, baking flours, food extracts, leaveners, salt, sugar, cake premixes, and fondant among other add-ins such as chocolate chips and vanilla extract. Such bakery ingredients are being used to make incredible baking goods. Texture, appearance, and flavor of almost of all bakery items is essentially determined by aforementioned ingredients. In addition, it is used for enhancing the softness, freshness, and flavor of baked goods and extend their shelf life along with boosting the protein content.
An increasing demand for convenience food as well as consumer preference for tastier, attractive, & textured delicacies has led to the increased consumption of confectionery and bakery products. In addition, such products are easily accessible with lower price and enhanced nutrition. Moreover, significant rise in population of lower and middle income groups across developing countries is projected to boost consumption of confectionery and bakery products. This has driven growth of the global baking ingredients market.
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Scope of Baking Ingredients Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Type and Application |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Ingredion Incorporated, Darling Ingredients Inc., Archer Daniels Midland Company, Roquette Frères, Omega Protein Corporation, SunOpta, Koninklijke DSM N.V., Cargill Incorporated, Kerry Group Plc, and BASF SE among others |
Segmentation Analysis
Colors & flavors segment is expected to be the fastest growing segment in 2021.
The packaging type segment includes emulsifiers, enzymes, starch, fiber, oils, fats, and shortenings, baking powder and mixes, preservatives, colors & flavors, leavening agents, and others. Colors & flavors segment is expected to witness considerable growth rate during the forecast period. Upsurge in demand for natural colors & flavors in the global bakery industry has boosted growth of this segment. For instance, a recent survey by FMCG Gurus, about 34% of people pays more attention to natural ingredients while purchasing food and drink.
Rolls and pies segment is expected to be the fastest growing segment in 2021.
The application segment includes bread, cookies & biscuits, rolls & pies, confectionary and others. Rolls and pies is expected to witness considerable growth rate during the forecast period. A roll is filled with whipped cream, and a pie is a baked product made of pastry dough casing that contains a filling of different sweet or savory ingredients. Pies are available in a single or double crust with fruit and cream fillings. These are ready-to-eat baked products, which are extremely convenient to consume with no extra effort and time on cooking & preparation.
Rolls and pies are ready-to-eat baked products, which are extremely convenient to consume with no extra effort and time on cooking & preparation. Thus, hectic lifestyle is driving the market for rolls & pies, which is eventually contributing to the growth of the global baking ingredients market. Increase in changing lifestyle patterns in the regions of Asia-Pacific, such as India and China, which contribute to more than 37% of the total world population, fuels the demand for high-quality products and comfortable living. This in turn boosts the need for convenience food products; thereby, driving the growth of the market.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Baking Ingredients include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
North America region witnessed a major share. This is due to the fact that rise in demand for ready-to-eat and convenient products is boosting the sales of the bakery ingredients in the region. In addition, Canada and the U.S. has seen increased prevalence of obesity. However, Asia-Pacific is expected to witness considerable growth rate during the forecast period. Owing to the rise in demand for processed bakery food products and surge in consumer awareness toward clean label products and health ingredients has driven growth of the market in this region.
Country Analysis
Germany
Germany Baking Ingredients market size was valued at USD 1.86 billion in 2021 and is expected to reach USD 3.00 billion by 2029, at a CAGR of 6.4% from 2022 to 2029.
Germany has one of the leading baking ingredients industries in Europe. In addition, the country produces more than 3,200 types of bread every day due to availability of a variety of cereals in the country. For instance, the Germans uses almost all types of grains including wheat, rye, spelt wheat, barley, millet, corn, oats, and rice in their breads. This significance of baking of bread in the country is a major contributor to the baking ingredients market.
In addition, the industry manufacturers in this country are responsible for creation of some of the most widely known bakery products. Moreover, increased consumer awareness about baking ingredients and mounting chocolate consumption among teenager population in this country has driven demand for Baking Ingredients.
China
China Baking Ingredients market size was valued at USD 3.38 billion in 2021 and is expected to reach USD 5.37 billion by 2029, at a CAGR of 6.2% from 2022 to 2029. Rising population along with the increased disposable income in China has favored demand for baking ingredients. In addition, this country is one of the leading consumer of baked products. This has significantly boosted growth of baking ingredients sector in the country.
Moreover, according to the FAS China, tree nuts, butter, and dried & processed fruits are seeing huge growth potential as a baking ingredients in this country. Also, female consumers with aged 26-40 years are accounted for 94% of the home baking population in the country.
Such factors are expected to create lucrative growth opportunities for the market.
India
India Baking Ingredients market size was valued at USD 0.85 billion in 2021 and is expected to reach USD 1.42 billion by 2029, at a CAGR of 6.9% from 2022 to 2029. India is one of the strongest growing economies in Asia. The factors including increasing population, increasing disposable income, and changing lifestyle has driven growth of the India Baking Ingredients market.
In addition, upsurge in biscuits, bread, and fast-moving consumer goods consumption in India is further fueling demand for Baking Ingredients. Also, the country is seeing significant rise in western food trends. Such factors are expected to create lucrative growth opportunities for the market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, manufacturing, oil and gas, automobile, etc. However, the demand for Baking Ingredients has increased during the period. In most of the regions, demand for processed food category which includes baking condiments such as baking soda, cocoa powder, and baking powder have grown significantly.
On the other hand, the major end-users were temporarily closed during this period and thus the usage of Baking Ingredients significantly decreased. However, the Baking Ingredients market is projected to see considerable growth in post pandemic.
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