The worldwide baking ingredients market was valued at USD 13.7 billion in 2020 and is expected to reach USD 19.7 billion by 2033, increasing at a 5.0% CAGR over the forecast period. The industry is being driven by rising demand for convenience meals, increased popularity of bakery items, and a growing preference for healthy and organic baked goods.
The bakery sector responds to a wide range of consumer tastes by supplying items of various flavors, textures, and sorts. Modern consumers want a variety of bakery experiences, including artisanal bread, specialized cakes, pastries with unusual fillings, gluten-free alternatives, and more. Meeting these changing demands requires a diverse set of baking materials, including flour, sugars, fats, flavors, and leavening agents. The expansion of the baking business has a direct impact on the demand for these components, which promotes market growth.
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Baking Ingredients Market Segmentation
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East
- Africa
By Application
- bread
- cakes
- pastries
- cookies
- biscuits
- rolls and pies
Key Players
- Cargill Inc.
- Archer Daniels Midland Company
- Kerry Group plc
- Associated British Foods plc
- Ingredion Incorporated
- Tate & Lyle plc
- Corbion N.V.
- Dawn Food Products Inc.
- Lesaffre Group
- Royal DSM N.V.
Market Trend
Consumer preferences for ready-to-eat items are shifting in response to working people’s rigorous work schedules and busy lives. This shift in consumer behavior is projected to have a substantial impact on the market under consideration throughout the projection period. Ready-to-eat items are seen as the closest substitute to conventional meals, as they may be taken at any time. The increasing demand for baked meals can be ascribed to the growing convenience food trend. In industrialized nations such as the United States and the United Kingdom, various local bakery shops, cafés, and supermarkets have grown in recent years to meet the growing demand for fresh and frozen bakery items, as well as a variety of baking ingredients. The rising demand for ready-to-eat foods is likely to enhance the baking ingredients industry.
The transition from traditional home-cooked meals to convenience foods has boosted demand for certain pastry components in emerging nations. Adoption of a Westernized lifestyle, dual-income families, emphasis on healthier lifestyles, increased nutrition awareness, and an increase in disposable income are the primary factors driving increased expenditure on bakery products and growth in the baked foods industry, which will drive demand for bakery ingredient manufacturers. Furthermore, rising customer desire for nutritional value in baked meals with low sugar, whole grain, and zero trans fat per serving is driving up demand for bakery products.
Demand for Organic Baking Ingredients
Several market vendors have produced long-life pre-packaged food items, bake-off products, freshly completed products, and ready-to-use part-baked pre-packed bakery products such as donuts and tortillas to assist end-users in saving time when cooking.
Leading market companies are investing in various R&D initiatives in order to produce unique goods and expand their consumer base. A prominent trend in the industry is the rising demand for organic baking ingredients, which is projected to gain pace in the near term. This is mostly due to an increase in the number of health-conscious people and a growing knowledge of the benefits of organic baking components such as sugars, oils, and natural flavors.
The global market for baking ingredients is extremely fragmented, with several small and major providers. To acquire a competitive advantage, market providers are focused on service offerings and product differentiation.
Scope of the Report
This report offers past, present as well as future analyses and estimates for the Baking Ingredients Market. The market estimates that are provided in the report are calculated through an exhaustive research methodology. The research methodology that is adopted involves multiple channels of research, such as – primary research, secondary research, and subject-related expert advice. The market estimates are calculated based on the influence of the current market dynamics along with various economic, social, and political factors on the Seasonal Affective Disorder Market. Also, various regulations, government spending, and research and development growth define the market data. Both positive, as well as negative changes to the market, are taken into consideration for the market estimates.
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