Table of Content

1 INTRODUCTION 35
1.1 OBJECTIVES OF THE STUDY 35
1.1.1 MARKET DEFINITION 36
1.2 MARKET SCOPE 36
1.2.1 MARKETS COVERED 36
FIGURE 1 MARKET SEGMENTATION: BAKING INGREDIENTS MARKET 36
1.2.2 INCLUSIONS AND EXCLUSIONS 36
1.2.3 GEOGRAPHIC SCOPE 37
1.3 PERIODIZATION CONSIDERED 37
1.4 CURRENCY CONSIDERED 38
TABLE 1 USD EXCHANGE RATES CONSIDERED FOR THE STUDY, 2017–2020 38
1.5 UNITS CONSIDERED 38
1.6 STAKEHOLDERS 39
1.7 SUMMARY OF CHANGES 39
2 RESEARCH METHODOLOGY 40
2.1 RESEARCH DATA 40
FIGURE 2 BAKING INGREDIENTS MARKET: RESEARCH DESIGN 40
2.1.1 SECONDARY DATA 41
2.1.1.1 Key data from secondary sources 41
2.1.2 PRIMARY DATA 42
2.1.2.1 Key data from primary sources 42
2.1.2.2 Breakdown of primaries 43
2.1.2.3 Key industry insights 44
2.2 MARKET SIZE ESTIMATION 44
2.2.1 TOP-DOWN 44
2.2.2 BOTTOM-UP 45
2.3 DATA TRIANGULATION 46
FIGURE 3 DATA TRIANGULATION METHODOLOGY 46
2.3.1 SUPPLY SIDE 47
2.3.2 DEMAND SIDE 47
2.4 RESEARCH ASSUMPTIONS 48
2.5 RESEARCH LIMITATIONS & ASSOCIATED RISKS 49
2.6 MARKET SCENARIOS CONSIDERED FOR THE IMPACT OF COVID-19 49
2.6.1 SCENARIO-BASED MODELLING 50
2.7 COVID-19 HEALTH ASSESSMENT 50
FIGURE 4 COVID-19: GLOBAL PROPAGATION 50
FIGURE 5 COVID-19 PROPAGATION: SELECT COUNTRIES 51
2.8 COVID-19 ECONOMIC ASSESSMENT 52
FIGURE 6 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020 52
2.8.1 COVID-19 ECONOMIC IMPACT: SCENARIO ASSESSMENT 53
FIGURE 7 CRITERIA IMPACTING GLOBAL ECONOMY 53
FIGURE 8 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY 54
3 EXECUTIVE SUMMARY 56
TABLE 2 BAKING INGREDIENTS MARKET SNAPSHOT, 2021 VS. 2026 57
FIGURE 9 BAKING INGREDIENTS MARKET SIZE, BY TYPE,
2021 VS. 2026 (USD MILLION) 58
FIGURE 10 BAKING INGREDIENTS MARKET SIZE, BY APPLICATION,
2021 VS. 2026 (USD MILLION) 58
FIGURE 11 BAKING INGREDIENTS MARKET SIZE, BY SWEET BAKERY,
2021 VS. 2026 (USD MILLION) 59
FIGURE 12 BAKING INGREDIENTS MARKET SHARE, BY REGION, 2021 60
4 PREMIUM INSIGHTS 61
4.1 OPPORTUNITIES IN THE BAKING INGREDIENTS MARKET 61
FIGURE 13 GROWING DEMAND FOR NATURAL INGREDIENTS DUE TO INCREASING CONSUMER AWARENESS TO DRIVE THE GROWTH OF THE BAKING INGREDIENTS MARKET 61
4.2 BAKING INGREDIENTS MARKET: KEY COUNTRY 62
FIGURE 14 INDIA TO BE THE FASTEST-GROWING COUNTRY IN THE BAKING INGREDIENTS MARKET BY 2026 62
4.3 BAKING INGREDIENTS MARKET, BY APPLICATION & REGION 62
FIGURE 15 EUROPE DOMINATED THE MARKET ACROSS ALL APPLICATIONS IN 2020 62
4.4 BAKING INGREDIENTS MARKET, BY FORM 63
FIGURE 16 THE DRY SEGMENT DOMINATED THE BAKING INGREDIENTS MARKET ACROSS ALL FORMS 63
4.5 EUROPE: BAKING INGREDIENTS MARKET, BY APPLICATION & COUNTRY, 2017 64
FIGURE 17 THE BREAD SEGMENT ACCOUNTED FOR THE LARGEST SHARE, BY APPLICATION, IN 2020, IN EUROPE 64
5 MARKET OVERVIEW 65
5.1 INTRODUCTION 65
5.2 MARKET DYNAMICS 65
FIGURE 18 INCREASED DEMAND FOR CONVENIENCE FOOD IS DRIVING THE GROWTH OF THE BAKING INGREDIENTS MARKET 66
5.2.1 DRIVERS 67
5.2.1.1 Global rise in the consumption of bakery products and confectionery 67
FIGURE 19 PER CAPITA CONSUMPTION OF BAKED PRODUCTS, 2020, (KG PER YEAR) 67
5.2.1.2 Fast-paced lifestyles of consumers and changing consumption patterns 68
5.2.2 RESTRAINTS 68
5.2.2.1 Stringent regulations and international quality standards 68
5.2.2.2 Health issues due to excess consumption of trans-fatty acids 68
5.2.3 OPPORTUNITIES 69
5.2.3.1 Growing trend of veganism and vegetarianism among consumers 69
FIGURE 20 RETAIL SALES OF PLANT-BASED FOOD PRODUCTS, 2019 (USD MILLION) 69
5.2.3.2 Emerging functions of baking ingredients 69
5.2.3.3 Growth of the frozen bakery products market 70
5.2.4 CHALLENGES 70
5.2.4.1 Increase in awareness about health & wellness impacting the consumption of bakery products 70
5.2.4.2 Intense competition and product rivalry due to similar products 71
5.3 VALUE CHAIN ANALYSIS 71
FIGURE 21 VALUE CHAIN ANALYSIS 71
5.4 TECHNOLOGY ANALYSIS 72
5.4.1 TRANSCENDENTAL EMULSIFICATION 72
5.4.2 DETECTING BREAD QUALITY WITH 3D X-RAY 72
5.4.3 SODIUM REDUCTION TECHNOLOGY 72
5.4.4 RECOMBINANT DNA TECHNOLOGY AND PROTEIN ENGINEERING INVOLVED IN THE PRODUCTION OF ENZYME 73
5.5 PATENT ANALYSIS 73
FIGURE 22 NUMBER OF PATENTS GRANTED FOR BAKING INGREDIENT PRODUCTS, 2015–2021 73
FIGURE 23 REGIONAL ANALYSIS OF PATENTS GRANTED IN THE BAKING INGREDIENTS MARKET, 2015–2021 74
TABLE 3 LIST OF A FEW PATENTS IN THE BAKING INGREDIENTS MARKET, 2020 74
5.6 ECOSYSTEM & MARKET MAP 75
FIGURE 24 MARKET ECOSYSTEM 75
FIGURE 25 MARKET MAP 76
5.6.1 UPSTREAM 76
5.6.2 DOWNSTREAM 76
5.6.2.1 Regulatory bodies 76
5.6.2.2 Ingredient and raw material providers 77
5.7 PORTER’S FIVE FORCES ANALYSIS 77
TABLE 4 BAKING INGREDIENTS MARKET: PORTER’S FIVE FORCES ANALYSIS 77
5.7.1 THREAT OF NEW ENTRANTS 78
5.7.2 THREAT OF SUBSTITUTES 78
5.7.3 BARGAINING POWER OF SUPPLIERS 78
5.7.4 BARGAINING POWER OF BUYERS 79
5.7.5 DEGREE OF COMPETITION 79
5.8 YC-YCC SHIFT 80
FIGURE 26 YC & YCC SHIFT FOR THE BAKING INGREDIENTS MARKET 80
5.9 CASE STUDIES 80
5.9.1 PRODUCTION OF FIBER-RICH BROWNIES FOR THE UK MARKET 80
TABLE 5 DEVELOPMENT OF REDUCED SUGAR SNACK FOR KIDS 80
5.9.2 ADDING PROBIOTICS AND NOVEL FLAVOR TO A NEW, HEALTHIER BAKERY CONCEPT WITH INSIGHTS FROM KERRY TRENDSPOTTER 81
TABLE 6 DEVELOPMENT OF TASTY AND HEALTHY BAKERY ITEM 81
5.10 TRADE ANALYSIS 81
5.10.1 EXPORT SCENARIO OF ENZYMES 81
FIGURE 27 ENZYMES EXPORTS, BY KEY COUNTRY, 2016–2019 (USD THOUSAND) 81
FIGURE 28 LEAVENING AGENTS EXPORTS, BY KEY COUNTRY 2016–2019 (USD THOUSAND) 82
FIGURE 29 STARCHES EXPORTS, BY KEY COUNTRY, 2016–2019 (USD THOUSAND) 82
5.10.2 IMPORT SCENARIO OF ENZYMES 83
FIGURE 30 ENZYMES IMPORTS, BY KEY COUNTRY, 2016–2019 (USD THOUSAND) 83
FIGURE 31 LEAVENING AGENT IMPORTS, BY KEY COUNTRY,
2016–2019 (USD THOUSAND) 83
FIGURE 32 STARCHES IMPORTS, BY KEY COUNTRY, 2016–2019 (USD THOUSAND) 84
5.11 IMPACT OF COVID-19 ON MARKET DYNAMICS 84
5.12 REGULATORY FRAMEWORK 85
5.12.1 CANADA 86
5.12.2 EU 86
5.12.3 CHINA 87