Between 2017 and 2022, the Global Baking Ingredients Market is expected to grow at a CAGR of over 5 percent, reaching almost USD 21.08 billion by the year 2028.
The market for baking ingredients is being propelled forward by rising consumer demand for packaged and baked goods. The demand for food grows as the world’s population expands. The rise in dual and discretionary income, together with a shift in lifestyle, are driving up demand for this product. Furthermore, the food chain business is driving the baking ingredients market. The baking ingredients industry is being fueled by the increasing demand for frozen and baked goods. The rise of dual and discretionary income, as well as a shift in consumer preferences, are driving the growth of this industry.
Zion Market Research recently launched a study report on the global Baking Ingredients market project light on the significant drifts and vigorous cannon into the evolution of the trade, which includes the restraints, market drivers, and opportunities. The report talks about the competitive environment prevailing in the Baking Ingredients market worldwide. The report lists the key players in the market and also provides insightful information about them such as their business overview, product segmentation, and revenue segmentation. Growth in the Baking Ingredients market is mainly driven by Associated British Foods Limited, Cargill, Inc, Royal DSM N.V., Kerry Group plc, Corbian N.V., British Bakels Ltd, Muntons plc, AAK UK, Dawn Foods Ltd, Taura, CSM, Caravan Ingredients, crust n crumb food ingredients Pvt Ltd. and Empire Baking Company among others from critical infrastructures in the wake of COVID-19, increasing demand and supply under pandemic coronavirus spread, growing need for Baking Ingredients industries due to automation, artificial intelligence, and feature technologies, continued development of smart devices, and growing adoption of Baking Ingredients in each sector.
Key manufacturers in the market, on the other hand, are focused on new product releases and other tactics. A new clean label emulsifier will be launched by Ingredion, Inc. in the United States and Canada in June of 2020. For example, it can be used to substitute eggs in low- and high-fat vegan, spreadable, spoonable and pourable dressings, white cooking sauces, and ready meals. American Key Food Products also launched an organic starch in February 2021. Gluten-free, paleo, and vegan-friendly starch has been added to the product line.
Impact Assessment of the COVID-19
The epidemic has had a major impact on the snack and baking industries. Yet the food processing industry is essential, and bakers have fought relentlessly to keep their businesses functioning smoothly. If the COVID-19 pandemic is severe, the consumption of packaged products might climb by over 6% by 2020 compared to 2019, while fresh food consumption could fall by as much as 11%. As a result of labour shortages and other hygienic constraints, bake-offs were increasingly popular during the lockdown. Fresh bakery food deliveries (for resale) have decreased since the lockout because of the difficulty in maintaining regular delivery. New markets for industrial fresh commodities have emerged in various countries.
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Factors that promote growth
The increased popularity of ready-to-eat foodstuffs is predicted to boost sales of baking ingredients. Demand for these baked items has increased in developing economies due to a shift away from conventional home-cooked meals and toward convenience foods. Thus, the market has a wide range of potential opportunities. A growth in disposable income, a shift toward a more westernised way of life, an emphasis on health, and an increase in public knowledge of wellness are all contributing to an increase in the demand for baking ingredients.
Preliminary Type Segment Analysis
The Global Baking Ingredients Market is categorised into leavening agents, fats & shortenings, colours & spices, baking powders & mixes, emulsifiers, flour, enzymes, and oil and other types of baking ingredients.
The segment dominated the market in 2020 because of the increasing demand and active usage of starch in the baking process. Some of the benefits offered by the starch segment include its ability to improve texture and extend the shelf life of baked goods. As bread consumption increases around the world, the market for starch is likely to grow as starch is one of the primary ingredients in bread manufacture. For example, the overall bread consumption in 2016 was predicted to be 129,000 tonnes, compared to 122,000 tonnes in 2007.
Emulsifiers improve the mixing ability of immiscible liquids, such as oil and water, so that baked goods retain their freshness and quality. The use of emulsifiers in baking improves the stability of the batter, the volume and texture of the cake, the shelf life and the cost of the product. It follows that growth will be strong during the period of forecasting.