The Baking Ingredients Market is projected to reach $27.2 billion by 2030, at a CAGR of 6.4% from 2023 to 2030. The growing consumer demand for bakery products, increasing urbanization and changing food consumption patterns, and rising demand for healthy bakery products are the key factors driving the growth of the baking ingredients market. The growth of the baking ingredients market is mainly attributed to the growing consumer demand for bakery products, increasing urbanization and changing food consumption patterns, and rising demand for healthy bakery products. However, an increase in health-conscious consumers is expected to hinder the growth of this market to some extent. Furthermore, growing consumer demand for frozen bakery products and emerging functional bakery ingredients are expected to provide significant growth opportunities for manufacturers of baking ingredients in the coming years.
The baking ingredients market is segmented by type (emulsifiers, leavening agents, enzymes, baking powders, shortening agents, flavors, colors, starches, fibers, preservatives, sugars, yeast, and other bakery ingredients), form (dry and liquid), application (bread, pies & tarts, croissants, sponge cakes, muffins, cookies & biscuits, doughnuts, waffles, and other bakery products), and geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.
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Based on type, the baking ingredients market is segmented into emulsifiers, leavening agents, enzymes, baking powder, shortening agents, flavors, colors, starches, fibers, preservatives, sugars, yeast, and other bakery ingredients. The enzymes segment is poised to register the fastest growth during the forecast period owing to its increasing usage as a cost-effective alternative to emulsifiers and its benefits, such as reduced mixing time, increased oxidation, and the speed management of fermentation. In addition, enzymes also improve the dough structure & softness and increase the shelf-life of various bakery products.
Based on form, the baking ingredients market is segmented into dry and liquid forms. In 2023, the dry baking ingredients segment is expected to account for the largest share of the baking ingredients market. Key factors contributing to the dominant position of this segment are the easy availability, easy handling & storage, and the longer shelf life of the dry-form ingredients.
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Based on application, the baking ingredients market is segmented into bread, pies & tarts, croissants, sponge cakes, muffins, cookies & biscuits, doughnuts, waffles, and other bakery products. In 2023, the bread segment is expected to account for the largest share of the bakery ingredients market. Key factors contributing to this segment’s major share include the rising bread consumption globally, growing demand for fast food, changing lifestyles, and increasing consumer preference for healthy bread products, such as fortified, organic, whole grain, wheat alternative, and gluten-free. In addition, bread is a staple food in many countries and is experiencing high demand from developing regions, such as Asia-Pacific and the Middle East & Africa.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and RoE), Asia-Pacific (China, India, Japan, Australia, and RoAPAC), Latin America (Brazil, Mexico, Argentina, and RoLATAM), and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the baking ingredients market. The large share of this market is mainly attributed to the huge demand for bakery products in this region due to bakery products being their staple food, the region’s well-established food industry, rising preference for innovative food products, growing demand for gluten-free bakery products, and the presence of key players. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period
The baking ingredients market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the baking ingredients market are Cargill, Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Associated British Foods plc (U.K.), Corbion N.V. (Netherlands), Koninklijke DSM N.V. (Netherlands), Lesaffre (France), Kerry Group plc (Ireland), Tate & Lyle PLC (U.K.), and International Flavors & Fragrances Inc. (U.S.).
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Key Questions Answered in the Report-
What is the current value of revenue generated by the global baking ingredients market?
At what rate is the global demand for baking ingredients projected to grow for the next 5-7 years?
What is the historical market size and growth rate for the baking ingredients market?
What are the major factors impacting the growth of this market at global and regional levels? What are the major opportunities for existing players and new entrants in the market?
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