The global baking ingredients market size is expected to value at USD 19.4 billion by 2025. The market is subject to witness a substantial growth due to the varying food preferences and increasing consumption of packaged and processed food. Additionally, factors such as growing need for longer shelf life of food product, and rising need for organic ingredients in the final baked product is anticipated to boost the market growth over the forecast period. Baking ingredients are considered as a vital part of baking industry. Globally, the baking ingredients market is predicted to grow at a CAGR of 5.8% in forecast period, providing numerous opportunities for market players to invest in research and development in the market.
Baking ingredients like enzymes, additives, softening agents, and baking powders are increasingly utilized for the processing of baked goods similar to bread, patties, muffins, rolls, tartlets, and tarts. Growing demand for superior quality bakery products with the enhanced flavor, texture, taste and odor are estimated to complement the growth of the market in upcoming years. Additionally, increasing contribution from end-user sector involving bread, cookies, biscuits, muffins, rolls, tartlets and tarts are further expanding market reach of the baking ingredients industry.
The rise in end user’s inclination towards bakery products and increasing concern among general population for healthy dietary supplements is anticipated to drive the market demand during the forecast period. Recent developments in baking ingredients industry and introduction of innovative products are spurring the demand for bakery products in both developed and developing economies across the globe in near future.
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However, inflation, health consciousness among young population, and stringent laws & regulation regarding excessive use of artificial flavors are negatively affecting market growth, in the recent years. Yet, rapid urbanization and increasing per capita income in developing economies across the globe are leading to the rise in consumption of baked food.
Rise in production and large consumer base in developing countries is expected to propel the overall market growth. On-the-go food lifestyle and need for convenience food in developed economies is boosting the demand over the forecast period. Varying food patterns and rise in personal expenditure majorly in the developing economies are some of the key factors responsible for boosting the growth of the baking ingredients market in coming years.
Bread is considered as one of the fastest growing segment in the market with substantial revenue generation in the last couple of years. Growing consummation of bread is credited to high nutritional content and affordability to the price sensitive customers in the developing economies. Baking ingredients in the cakes & pastries segment has also witnessed significant growth owing to the increased consumption of snack items and availability of freezers in retail stores.
In addition, numerous initiatives and growing advertisement by industry players to include the bakery ingredients in the packaged food products and other applications are substantially contributing to the advancement of baking ingredients industry over the forecast period. Furthermore, major emphasis on the consummation of food products with high nutritional value by consumers in developed economies are propelling the growth of yeast ingredients market during the forecast period.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. European region has shown major growth in recent years owing to the changing food habits, increasing demand for demand for packaged and processed food, and existence of prominent industry players in the region.
Asia-Pacific region is predicted to hold major market share in the baking ingredients market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with shifting preference towards western style food, rise in per capita income and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the baking ingredients industry are Flowers Foods Inc., Hostess Brands LLC, MckeeFoods Co., George Weston Limited, Grupo Bimbo, S.A.B. de C.V., Uniferm Co., Koninklijke DSM N.V, General Mills Inc., Swiss Bake Pvt. Ltd., and Associated British Foods Plc.
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