Redding, California, Dec. 01, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Bakery Premixes Market by Type (Complete Mix, Dough Concentrate, Dough Base); Category (Conventional, Gluten-free); Application (Bread Products, Cakes & Pastries, Pancakes, Muffins, Biscuits & Cookies, Other Bakery Products) - Global Forecasts to 2029,” published by Meticulous Research®, in terms of value, the baking premixes market is projected to reach $547.8 Million by 2029, at a CAGR of 6.7% from 2022 to 2029.
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The bakery premixes are blends of ingredients that include one or more dry ingredients like flour, sugar, baking powder, and other necessary baking ingredients in proper proportions. Premixes are also fortified with micronutrients, such as folic acid. These premixes are used to prepare various bakery products such as pastries, cakes, doughnuts, bread, pancakes, muffins, doughnuts, and other bakery products. The growing consumer demand for bakery products, the convenience of using multiple ingredients in a single product, increasing demand for fortified food products, and increasing urbanization and inclination towards convenience foods are the key factors driving the growth of the baking premixes market. However, an increase in the number of health-conscious consumers and high costs of bakery premixes products are expected to hinder the growth of this market to a notable extent.
The baking premixes market is segmented by type (complete mix, dough concentrate, dough base); category (conventional, gluten-free); application (bread products, cake & pastries, pancakes, muffins, biscuits & cookies, and other bakery products), and geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
The Impact of COVID-19 on the baking premixes market
The COVID-19 pandemic has severely affected human health and well-being. To control the spread of the virus, governments worldwide announced partial or complete lockdowns, which severely impacted many industries, including food & beverage, pharmaceuticals, home & personal care, and dietary supplements. However, the pandemic had a positive impact on the baking premixes market.
The COVID-19 outbreak created a severe public health emergency globally, spreading rapidly in more than 150 countries. Many countries worldwide announced complete nationwide, state-wide, or citywide lockdowns to combat and control the spread of this virus, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally.
The pandemic has led to the adoption of some best-practice models for the bakery premixes industry as the coronavirus epidemic has conveyed to the forefront the importance of hygienic and shelf-stable packaged foods in the prevention of the disease. This industry has faced unprecedented demand from manufacturers, retailers, and consumers, particularly for bread premixes and bakery premixes, such as pizzas and cakes, from the storage and distribution point of view. Many companies in the bakery industry changed their strategies, witnessing sudden growth in demand. According to the World Bank, the women's global labor force was 47% in 2019. In 2019, the employment rate for women in the U.S. was 46% and in China was 44%, while in 2021, the women's labor force increased to 46.3% in the U.S. and 44.5% in China, showcasing an increase in the working women population. This led to the high demand for packaged baking premixes as it saved maximum cooking time.
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Furthermore, school and office closures compelled consumers to opt for at-home breakfast, coffee, and lunch, which contributed to a significant increase in the demand for convenience, ready-to-cook, and ready-to-bake bakery products with longer shelf lives, such as bread, rolls, and buns. Additionally, due to restrictions, no fast food products were available in the market, and the closure of all restaurants made people cook at home. Likewise, the more indulgent bakery items, such as pastries, doughnuts, and bakery snacks, also witnessed increased demand.
With the increasing urbanization, the demand for convenience food products is increasing rapidly, mainly due to changing lifestyles, the rising number of nuclear families, an increasing proportion of working women, and less time for food preparation. These factors create a strong case for the accelerated growth of the bakery premixes market, as bakery premixes are easily portable and have a long shelf life, which led to the high consumption of bakery premixes during the pandemic.
Based on type, the complete mix segment is projected to register the highest CAGR during the forecast period. Complete baking mixes eliminate the need for extra ingredients and require less preparation time. These factors are attributed to the fast growth rate of this segment.
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Based on category, the baking premixes market is segmented into conventional and gluten-free baking premixes. In 2022, the conventional segment is expected to account for the largest share of the baking premixes market. The large market share of this segment is mainly attributed to its easy availability and high preference in the bread segment.
Based on application, in 2022, the bread segment is expected to account for the largest share of the baking premixes market. The large market share of this segment is mainly attributed to the rising bread consumption across the globe, growing preference for fast food along with changing lifestyles, and increasing consumer preference for healthy products, such as fortified and gluten-free. In addition, bread is a staple food in many countries and is experiencing high demand from developing regions such as Asia-Pacific and the Middle East & Africa.
Based on geography, in 2022, Europe is expected to account for the largest share of the baking premixes market. Huge demand for bakery products in this region due to bakery products being their staple food for many decades, the region’s well-established food industry, rising preference for innovative food products, growing demand for gluten-free food products, and the presence of many key players in this region are the factors attributed to the large share of this market. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2019–2022). The baking premixes market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the baking premixes market are Nestlé S.A (Switzerland), Puratos Group (Belgium), Bakels Group (Amsterdam), Cargill, Incorporated (U.S.), Oy Karl Fazer Ab (Finland), General Mills, Inc. (U.S.), Grupo Bimbo S.A.B.de C.V (Mexico), KCG Corporation Co., Ltd (Thailand), Archer Daniels Midland Company (U.S.), Austrian Premix (South Africa), Manildra Group (Australia).
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Scope of the Report:
Bakery Premixes Market, Type
- Complete Mix
- Dough Concentrate
- Dough Base
Bakery Premixes Market, by Category
- Conventional Baking premixes
- Gluten-free Baking premixes
Bakery Premixes Market, by Application
- Bread Products
- Cake & Pastries
- Muffins
- Biscuits & Cookies
- Other Bakery Products
Bakery Premixes Market, by Geography
- North America
-
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATM)
- Middle East & Africa
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