“Baking ingredients market projected to grow at a CAGR of 5.4%.”
The baking ingredients market is estimated at USD 13.03 billion in 2017 and is projected to grow at a CAGR of 5.4% to reach USD 16.91 billion by 2022. The market is driven by factors such as rising per capita consumption of baked goods and development of innovative baking ingredients that are cost-effective as well as beneficial for heath. The high growth potential in emerging markets and untapped regions provide new growth opportunities for market players. It is observed that there are no clear universal guidelines regarding the usage of individual ingredients in the end products. These ingredients and various mixtures of compounds are subjected to rigorous health and safety checks as per the region they are used in. Additionally, excess usage of trans-fatty acids poses health issues and is hence strictly regulated in various regions.
“Enzymes is projected to be the fastest-growing segment in the baking ingredients market.”
Among the types of baking ingredients?which include emulsifiers, leavening agents, enzymes, starch, oils, fats, & shortenings, colors & flavors, and others?the enzymes segment is expected to grow at the highest CAGR with increasing applications in baked products. Enzymes are naturally derived components that help bakers in maximizing the functionality of end products. It is also a cost-effective option which further satisfies the growing demand for clean label products from consumers as well.
“Cakes & pastries is projected to be the fastest-growing application segment in the baking industry.”
On the basis of application, the baking ingredients market is led by the bread segment, followed by cakes & pastries and cookies & biscuits. Cakes & pastries are the fastest-growing segment of baking ingredients, particularly in developing Asian economies with greater demand for convenience foods. The cakes and pastries market is driven by significant product innovation, new product introduction, changing preferences of consumers towards taste & flavor, and rising demand for premium quality products.
“China: The future of the baking industry.”
Increasing demand for convenience foods, functional foods, and baked goods, coupled with the constantly changing lifestyles, has increased the demand for baked products in China and other developing Asian economies. With a rise in disposable income and inclination towards western eating habits, several users are willing to spend on new innovative baked products and incorporate baked items such as bread and rolls in their daily diets.
The U.S. was the largest country-level market for baking ingredients, whereas the market in China is expected to grow at the highest CAGR of 7.0%, in terms of value.
Break-up of Primaries:
- By Company Type - Tier 1 – 50 %, Tier 2 – 20% and Tier 3 – 30%
- By Designation – C level – 28%, Director level – 22%, Others – 50%
- By Region – North America - 40%, Europe – 30%, Asia-Pacific – 21%, RoW – 9%
Leading players such as Koninklijke DSM N.V. (The Netherlands), Corbion (the Netherlands), Associated British Foods (U.K.), Cargill (U.S.), and Kerry Group plc (Ireland) have been profiled in the report. The other players include AAK AB (U.K.), British Bakels Ltd. (U.K.), Dawn Food Products, Inc. (U.S.), Muntons plc (U.K.), and Taura Natural Ingredients Limited (New Zealand).
The report analyzes the baking ingredients market across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as ingredient types, applications, brand, and region. The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, recent developments, and key market strategies.
Reasons To buy this report:
- To get a comprehensive overview of the global baking ingredients market
- To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them
- To gain insights about the major countries/regions in which the baking ingredients market is flourishing