Baking Ingredients Market Overview:
Baking Ingredients Market Size was valued at USD 14.5 billion in 2022. The baking ingredients market industry is projected to grow from USD 15.42 Billion in 2023 to USD 22.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.3% during the forecast period (2023 - 2030).
Market Segmentation:
The Baking Ingredients Market Outlook is further bifurcated into various segments that will help the market grow as per the predicted CAGR growth. The market has been segmented based on the Product Type, Application, and Region. Segmentation is described as follows:
Based on the product type, the baking ingredients market has been segmented into Emulsifiers, Leavening agents, Enzymes, Oils, Fats, & shortenings, Colors & Flavors, Starch, and Others.
Based on the application, the baking ingredients market is segmented into Bread, Cookies & biscuits, Rolls & pies, Confectionary, and Others,
Based on the region, the baking ingredients market is segmented into North America, Europe, Asia-Pacific, and the Rest of the world.
The Global Baking Ingredients Market is expected to grow at a CAGR of 6.3% during the forecast period. The ingredients flour, water, and leavening agents determine the look, texture, and flavor of most baked items. Oils, eggs, emulsifiers, colors, shortening, and sugar can all be utilized to change these qualities and produce a high-quality product. Bakery ingredients are food additives that assist baked goods to retain their freshness, softness, and flavor, as well as lengthen their shelf life and increase their protein content. These products are sold in a variety of ways and are frequently regarded as the most basic diet for human survival. The ingredients and compositions used in baked goods determine the flavor and texture.
It has also thrown the supply chain and market into disarray. As food consumption changes from restaurants to home kitchens, frozen bakery players have seen fewer orders, with foodservice contributing to up to 70% of their sales. In the aftermath of the epidemic, consumers would almost likely demand new and better options. In this environment, improved nutrition is expected to attract consumer and government attention as a means of preventing diseases and improving immunity, freeing up enterprises to focus on innovation. Even if COVID-19 persists, such variables offer a substantial chance to rebalance the bread ingredients industry. Baking ingredients such as baking soda, baking powder, cocoa powder, and other condiments, on the other hand, have seen a boost in demand as consumers who have been forced to stay at home due to the Covid-19 shutdown have turned to bake. Logistical facilities were interrupted because of the lockout, producing additional problems in the market as customers were unable to receive products that fit their needs, causing the market to suffer.
Competitive Landscape
Leading market players have increased their global presence and productivity through methods such as expansions and new product releases. Food ingredient innovations based on consumer preferences also help the corporation achieve its cost-cutting goals. Apart from satisfying their normal safety and quality criteria, several businesses consider it critical to comply with local regulatory obligations. The major key players in the market are as follows:
- Ingredion Incorporated
- Darling Ingredients Inc.
- Kerry Group Plc
- Omega Protein Corporation
- Archer Daniels Midland Company
- Roquette Frères
- Cargill Incorporated
- SunOpta
- Koninklijke DSM N.V.
- BASF SE
Regional Classification:
The Asia Pacific region is expected to grow at the fastest rate in the Baking Ingredients Market Insights. The tides of the global baking industry are shifting as the North American and European markets mature and new global regions with huge growth potential emerge. The APAC area is expected to be a vibrant and fast-growing region for baking ingredients in the next years. Baked meals are also becoming more prevalent on store shelves around the region. As a result of their greater visibility, consumers in developing countries such as Singapore, Hong Kong, South Korea, and India are becoming more aware of these bakery products.
Industry News:
The major key players in the market are Ingredion Incorporated, Darling Ingredients Inc., Kerry Group Plc., Omega Protein Corporation, Archer Daniels Midland Company, Roquette Freres, Cargill Incorporated, SunOpta, Koninklijke DSM N.V., and BASF SE. Expansions and new product launches have helped leading market players expand their global presence and productivity. The corporation's cost-cutting efforts are also aided by food ingredient improvements based on consumer preferences. Several businesses feel it necessary to comply with local regulatory duties in addition to meeting their typical safety and quality standards.
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