ID: MRFR/F-B & N/5229-HCR | February 2021 | Region: Global | 100 pages
The report on the Global Baking Ingredients Market has been projected to grow at an average CAGR of 5.2% during the review period from 2018 to 2023 .Most bakery items' appearance, texture, and flavor are essentially determined by the ingredients flour, water, and leavening agents. Oils, eggs, emulsifiers, colors, shortening, and sugar can be used to alter these characteristics and make a high-quality product. Bakery ingredients are food elements that help baked goods keep freshness, softness, and flavor, extend shelf life, and boost protein content. These goods are available in a variety of forms on the market and are often regarded as the most fundamental diet for human sustenance. The flavor and texture of baked foods are determined by the ingredients and compositions used.
COVID-19 has had a disastrous effect on the bakery ingredients market in two ways: it has directly affected production and demand, and it has disrupted the supply chain and market. Frozen bakery players have faced lower orders as food consumption shifts from restaurants to home kitchens, with foodservice accounting for up to 70% of their sales. Consumers would most certainly want new and better solutions in the aftermath of the pandemic. Improved nutrition is predicted to receive consumer and government attention in this scenario as a means of preventing diseases and strengthening immunity, allowing businesses to focus on innovation. Even in the face of continuing COVID-19, such variables provide a significant opportunity to rebalance the bread ingredients business. But baking materials such as baking soda, baking powder, cocoa powder, and other condiments have seen a surge in demand as consumers left from home due to the Covid-19 shutdown have resorted to baking. This has led to increasing Baking Ingredients Market Growth and Market Trends. The sales of edible products such as bakery, meat products, and many others were up to par, as the supply of bakery was insufficient as many bakers had shut down operations due to a labor shortage. Because of the lockout, logistical facilities were disrupted, causing extra problems in the market, as consumers were unable to obtain products that met their needs, causing the market to suffer. Another aspect that had an impact on the market was a lack of raw material availability, which caused improper product manufacture and decreased Baking Ingredients Market Outlook. Supply chain disruptions, workforce shortages, and insufficient raw materials plagued bakery ingredient makers. However, as time passed, the authorities began to allow the shops to reopen. The demand for bakery items, particularly bread and other baked goods, has increased, as these are basic foods that are consumed regularly, mostly as breakfast and evening snacks which have resulted in increased Market Size. As a result, the household sector's demand for bread items has soared. The foodservice sector, on the other hand, has seen a fall in the market for bakery products, which were formerly regarded as one of the most in-demand items in the industry.
Changing consumer habits have increased demand for readily available, easy food items resulting in increased Baking Ingredients Market Trends. A movement in customer preferences for gluten-free foods and healthy foods made with natural ingredients has also encouraged Market Growth, owing to the numerous opportunities for expansion that this shift has brought. With the expanding need for convenience foods and consumer preferences for appealing, flavorful, and textural delicacies, the Baking Ingredients Market Value for confectionery and bakery items is increasing. As a result, bakery products have become a necessary component of many people's life. This has boosted the Baking Ingredients Market Outlook and demand for a variety of baking ingredients that are used to create flavorful and texture-rich baked items.
Increasingly severe food safety rules and the demand for high-quality ingredients are projected to harm the Baking Ingredients Market Forecast. The availability of alternative ingredients to replace emulsifiers, as well as the strong demand for cereals to replace baked goods, are likely to stymie the global bakery ingredients market's growth. Regulatory organizations have done several studies to determine the influence of these items on human health. The decrease in salt and sugar has become one of the most pressing issues in the food sector. The rise in diabetes and obesity cases in the community has also become one of the primary variables influencing product buying decisions during the Baking Ingredients Market Analysis. As a result of these circumstances, demand for high-fat, high-sugar bakery items may decline dramatically. This would undoubtedly affect the demand for various baking ingredients used in the production of these products.
To increase taste and flavor, new technology is being applied in the bakery products production industry. Because of the increased popularity of bakery products among customers due to their health benefits, manufacturers are developing new bakery items with improved flavor and quality utilizing cutting-edge technology and techniques. Manufacturers are experimenting with new techniques to extend the shelf life of their products, such as natural preservatives and enhanced flavor till the time of consumption. All of these elements are beneficial to the market's growth. In addition, bakery product consumption is fast increasing in emerging economies, which could help baking ingredient manufacturers.
The Baking Ingredients Market is further bifurcated into various segments that will help the market grow as per the predicted CAGR growth. The market has been segmented based on the Product Type, Application, and Region. Segmentation is described as follows:
Based on the Product Type, the Baking Ingredients Market is segmented as follows:
Based on the Application, the Baking Ingredients Market is segmented as follows:
Based on the Region, the Baking Ingredients Market is segmented as follows:
Rest of the world
In the baking ingredients market, the Asia Pacific region is predicted to develop at the quickest rate. The global baking industry's tides are moving as the North American and European markets age and new global regions emerge with enormous growth potential. In the coming years, the APAC region is predicted to be a vibrant and fast-growing region for baking ingredients. Biscuits are the most popular product in India, according to the Indian Bakers Federation (I.B.F), followed by sliced bread, cupcakes, pastries, and brownies. Furthermore, baked meals are becoming more common on shop shelves throughout the region. Consumers in developing nations such as Singapore, Hong Kong, South Korea, and India are becoming more aware of these bakery products as a result of their increased visibility.
Leading market players have increased their global presence and productivity through methods such as expansions and new product releases. Food ingredient innovations based on consumer preferences also help the corporation achieve its cost-cutting goals. Apart from satisfying their normal safety and quality criteria, several businesses consider it critical to comply with local regulatory obligations. The major key players in the market are as follows:
The global baking ingredients market study provides a detailed analysis of the market and its major segments. The analysis has recorded various essential elements that affect market growth, taking into account historical factors as well as current trends in the baking ingredients market. Insights into the same are provided, as well as the market structure, which is broken down into groups based on product type, application, and region. The geographical study divides the global market into many important regions, each with its own set of market growth influencing aspects to consider.
Frequently Asked Questions (FAQ) :
Baking ingredients market valuation would be USD 44.02 billion.
Baking ingredients market value in 2017 was USD 34.62 billion.
Baking ingredients market CAGR would be 5.2% during the forecast period.
The players included in the baking ingredients market are Darling Ingredients Inc., Omega Protein Corporation, SunOpta, Ingredion Incorporated, Roquette Frères, Cargill Incorporated, Koninklijke DSM N.V., Archer Daniels Midland Company, and BASF SE.
Europe would lead the baking ingredients market.