Baking Ingredients Market Is Expected To Reach 22.17 Billion By 2027 And Grow At A CAGR of 5.9 Percent Over The Forecast Period.
According to the report by Stellar Market Research, Baking Ingredients Market is estimated to grow at a CAGR of 5.9 percent over the forecast period 2022 to 2027, reaching nearly USD 22.17 Billion by 2027. Baking Ingredients Market size was valued at USD 15.72 Billion in 2021.
Baking Ingredients Market Overview:
The market for confectionary and bakery goods is booming in response to the growing need for convenience foods and customer preferences for attractive, flavorful, and textural elegances. The key factors impacting their survival in today’s market are their ease of access, low cost, and nutrition. As a result, bakery items have become an indispensable part of many people’s lives. This has resulted in a surge in demand for a variety of baking components that are recycled to make flavorful and texture-rich dried things. Bread products are made from basic ingredients. Some of the ingredients used in baking include flour, refined flour or Maida, sugar, shortenings, leavening agents, salt, and milk derivatives. Bakery ingredients can be classified based on their intended use in the bakery.
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Baking Ingredients Market Insights:
In 2021, the European area held a 40.1 percent share of the market. Europe dominates the baking ingredients market due to changing lifestyles, rising demand for low trans-fat and gluten-free products, increasing urbanisation, rising demand for longer shelf-life products combined with the demand for natural products in the final baked product, and rising consumer preference for diverse bakery products. Because of their hectic lifestyles, individuals in Germany, the United Kingdom, and France prefer fast-paced delicacies such as pocket sandwiches, pastries, cupcakes, and pies, which are in high demand. The use of various varieties of bread in meals and breakfast is predicted to stimulate demand for baking ingredients.
However, the Asia Pacific region is expected to grow at the fastest rate in the baking ingredients market. Asia Pacific region is expected to be a dynamic and fast-growing sector for baking ingredients in the next years. According to the Indian Bakers Federation (I.B.F), biscuits are the most popular product in India, followed by sliced bread, cupcakes, pastries, and brownies. Baked dinners are also becoming more prevalent on store shelves around the region. As a consequence of their greater visibility, consumers in emerging countries such as Singapore, Hong Kong, South Korea, and India are becoming more aware of these bakery items.
Baking Ingredients Market Segmentation:
- Cookies & Biscuits
- Rolls & Pies
- Cakes & Pastries
- Baking Powder
- Leavening Agents
Baking Ingredients Market Scope and Dynamics:
Food manufacturers must list all of the components in their products on the label. The ingredients on a product label are listed in descending order of predominance, with the ones used in the greatest amount first, followed by those used in the smallest amounts. Regulatory agencies have conducted various studies to evaluate the impact of these things on human health, which has a direct impact on product sales. Based on their findings, products are classified and the daily intake allowance (DIA) is computed. These organisations have direct or indirect influence over a variety of chemicals and materials used in food preparation. These significant issues are impeding market expansion.
The baking ingredients industry is expected to grow as a result of increased demand for ready-to-eat foods. The shift from traditional home-cooked cuisine to convenience foods has increased demand for these baking components in developing countries. The adoption of a westernised lifestyle, dual-income families, focus on healthier lives, more nutrition awareness, and an increase in disposable income are the key causes driving the baked foods industry’s rise, presenting a great potential for bakery ingredient makers.
Labor and ingredient costs should account for 30 to 50% of the ultimate retail price. This means that a USD 1.50 dessert may get anything from USD 3.00 to USD 4.50. One of the most serious challenges in the food industry is the reduction of salt and sugar. According to Bio springer, a company that develops leavening ingredients for the baking industry, minimal salt is one of the most essential aspects for worldwide customers when making purchase selections. These characteristics are attributed to the biggest difficulty for the baking ingredient industry.
Key Players in Baking Ingredients Market:
- Cargill (U.S.)
- Archer Daniels Midland Company (U.S.)
- Associated British Foods plc (U.K.)
- Koninklijke DSM N.V. (The Netherlands)
- Kerry Group plc (Ireland)
- AAK AB (Sweden)
- British Bakels (U.K.)
- Corbion (the Netherlands)
- IFF (US)
- Dawn Food Products, Inc. (U.S.)
- Tate & Lyle (U.K.)
- Lallemand, Inc. (Canada)
- Lesaffre (France)
- Flowers Foods Inc (Thomasville, GA)Hostess Brands LLC (U.S.)
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About Stellar Market Research:
Stellar Market Research, founded in 2018, is an India-based consultancy and advising firm focused on aiding customers in reaching their company transformation goals through advisory services and strategic business. The company’s goal as a strategic knowledge partner is to become an important component of the client’s business. Stellar Market Research provides comprehensive solutions that go beyond core research technology to help leaders in any organization achieve mission-critical goals. The company produces recommendations that will allow the organization to develop in the future. So far, the firm has worked with over 335 companies across 25 industries, providing dependable data with a 94 percent accuracy rate. The organization has domain-specific research specialists and 119 research analysts in several sectors who evaluate the industry on a regular basis, assisting the company in gaining a competitive advantage through high-quality market intelligence.
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