Global Bakery Ingredients Market is expected to register a CAGR of 6.12%, during the forecast period, 2019-2024.
- Evolving retail landscape of retail bakery products has been one of the crucial factors for the expansion of the market over the last few years. The market witnessed a high consumption rate in the categories of cakes, pastries, pies, scones, bread, biscuits, and cereals in the developed markets of North America and Western Europe.
- The trend of developing healthy alternatives is possible owing to the provision of adding fiber. Also, the enhancement of the nutritional level in bakery products has gained momentum. The incorporation of functional ingredients, such as omega-3, multigrain, probiotics, multivitamins, and phytosterols in bakery products, adds additional nutritional value.
]Scope of the Report
Bakery ingredients are broadly categorized in different ingredient types, which are fats and shortenings, emulsifiers, bases and mixes, functional blends, colors and flavors, leavening agents, and others. The bases and mixes segment accounts for the largest share followed by fats and shortenings. Bakery ingredients are extensively used in products like bread, cookies, biscuit, pastries, and pies. Bread and morning goods consist of a significant market share, owing to the availability of different varieties and highest consumption, followed by cookies & biscuits and cakes & pastries. Moreover, the study provides an analysis of the bakery ingredient market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, Middle East & Africa.
Key Market Trends
Growing Demand for Ready-to-Eat Bakery
The growing demand for ready-to-eat food is expected to boost the bakery ingredients market. The shift in the conventional home cooked food to convenience foods has also increased the demand of these bakery ingredients in the emerging markets. Adoption of westernized lifestyle, double income families, emphasis on healthier lifestyles, greater nutrition awareness, and increase in disposable income are the major factors that are responsible for the growth in the baked foods industry, which, in turn, will drive the demand for the bakery ingredients manufacturers. Also, growing consumer demand for nutritional content in baked foods with low sugar, whole grain, and zero trans-fat per serving is increasing the demand for bakery food,
Europe Holds the Major Share in Bakery Ingredient Market
Europe is the biggest market for bakery ingredients, followed by North America. However, these are matured markets, in regards to bakery ingredients. Asia-Pacific is the maximum growing segment, owing to the enhanced demand for bakery products and changing lifestyles. In North America, the United States and Mexico, with an increasing number of fast food chains, extensive use of baked foods and the use of bakery ingredients, are expected to develop. Germany is the major revenue generating market in Europe. India and China, with its increasing population and disposable incomes, are projected to be the fastest growing markets, globally, during the forecast period.
The leading market players have been using strategies, such as expansions and new product launches, to increase their global presence and their productivity. Innovations in food ingredients by consumer preferences also meet the company objectives of reducing costs. Several companies find it important to meet the local regulatory requirements, apart from meeting their standard safety and quality criteria. The leading players in the bakery ingredients market are - Associated British Foods, Cargill Inc, DSM, DuPont and Kerry Group, among others.
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