Redding, California, Jan. 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Baking Ingredients Market by Type (Emulsifiers, Enzymes, Baking Powders, Flavors, Colors, Starches, Sugars, Yeasts); Form (Dry, Liquid); Application (Bread, Cakes & Pastries, Croissants, Sponge Cakes, Cookies, Doughnuts) - Global Forecasts to 2030’, published by Meticulous Research®, the baking ingredients market is projected to reach $27.2 billion by 2030, at a CAGR of 6.4% from 2023 to 2030.
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The baking ingredients are responsible for most bakery products' appearance, texture, and flavor. They are used to modify the quality of bakery products. These ingredients are used to prepare various bakery products, such as pastries, cakes, doughnuts, bread, pancakes, muffins, and doughnuts, among others.
The growing consumer demand for bakery products, increasing urbanization and changing food consumption patterns, and rising demand for healthy bakery products are the key factors driving the growth of the baking ingredients market. However, an increase in health-conscious consumers is expected to hinder the growth of this market to a notable 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.
The Impact of COVID-19 on the Baking Ingredients 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 ingredients 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 the virus, halting all travel, transport, manufacturing, educational institutions, and non-essential trade, significantly impacting many industries globally.
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The pandemic has led to the adoption of some best-practice models for the bakery industry as the coronavirus epidemic has conveyed to the forefront the importance of hygienic and shelf-stable packaged foods in preventing the disease. This industry has faced unprecedented demand from manufacturers, retailers, and consumers, particularly for products such as breads, pizzas, and cookies & biscuits, from the storage and distribution point of view. Many companies in the bakery industry have already started changing their strategies, witnessing sudden growth in demand.
Further, school and office closures have compelled consumers to opt for at-home breakfast, coffee, and lunch, which has driven a significant increase in the demand for convenience, ready-to-cook, and bakery products with a longer shelf life as bread, rolls, and buns. Likewise, more indulgent bakery items, such as pastries, doughnuts, and bakery snacks, also witnessed increased demand. Additionally, due to restrictions, no fast food products were available in the market, and the closure of all restaurants made people cook at home.
The baking ingredients market is segmented by type (emulsifiers, leavening agents, enzymes, baking powders, shortening agents, flavors, colors, starches, fibers, preservatives, sugars, yeasts, 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.
Based on type, the enzymes segment is expected to grow at the highest CAGR during the forecast period. Enzyme adoption is growing as a cost-effective alternative to emulsifiers, and it offers benefits such as reduced mixing time, increased oxidation, and managed fermentation speed. In addition, enzymes improve the dough structure and softness and increase the shelf-life of various bakery products.
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Based on form, the baking ingredients market is segmented into dry and liquid forms. In 2023, the dry baking ingredients segment is expected to account for the largest share of the baking ingredients market. Key factors contributing to the dominant position of this segment are the easy availability, easy handling & storage, and the longer shelf life of the dry-form ingredients.
Based on application, in 2023, the bread segment is expected to account for the largest share of the baking ingredients market. The large market share of this segment is mainly attributed to the rising bread consumption across the globe, growing demand for fast food, changing lifestyles, and increasing consumer preference for healthy claimed bread products, such as fortified, organic, whole grain, wheat alternative, 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 2023, Europe is expected to account for the largest share of the baking ingredients market. The large share of this market is mainly attributed to the 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
The report also includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2020–2023). 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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Scope of the Report:
Baking Ingredients Market, Type
- Emulsifiers
- Leavening Agents
- Enzymes
- Baking Powders
- Shortening Agents
- Flavors
- Colors
- Starches
- Fibers
- Preservatives
- Sugars
- Yeasts
- Other Bakery Ingredients
Baking Ingredients Market, by Form
- Dry Baking Ingredients
- Liquid Baking Ingredients
Baking Ingredients Market, by Application
- Bread
- Cakes & Pastries
- Pies & Tarts
- Croissants
- Sponge Cakes
- Muffins
- Cookies & Biscuits
- Doughnuts
- Waffles
- Other Bakery Products
Baking Ingredients 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
- Latin America
- Brazil
- Mexico
- Argentina
- RoLATAM
- Middle East & Africa
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