“The baking ingredients market size was US$ 17.2 Billion in 2023 and is likely to grow at a decent CAGR of 6.5% in the long run to reach US$ 23.6 Billion in 2032.”
Market Dynamics
Introduction
Baking ingredients are those products that are essential components used to prepare a variety of baked products. Common baking ingredients include flour, sugar, eggs, fats, leavening agents, salt, flavorings, and add-ins. The global bakery ingredients market is developing at a rapid growth rate, with increased interest in home baking coupled with the need for diversified and high-quality baked goods.
The people's changing patterns to forex a healthier option and seeking organic, gluten-free, and non-GMO ingredients, advancements in technology in ingredient processing, and an emerging artisan baking trend are some of the other trends enhancing the market dynamic and currently influencing the flow of the market. Additionally, technological advancements in food processing and the rising popularity of artisanal and home baking are also contributing to the market's expansion.
Drivers
- The trend towards clean labeling and the demand for organic and non-GMO products have led manufacturers to innovate and develop natural baking ingredients.
- The rise of home baking and the proliferation of baking enthusiasts have significantly contributed to market growth.
- The current trend appears to be primarily driven by veganism and its relative, vegetarianism whereby the consumers are actively shifting their attention away from foods that are produced from animal products to the plane.
Market Segments' Analysis
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Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Ingredient-Type Analysis
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Emulsifiers, Leavening Agents, Enzymes, Baking Powders & Mixes, Oil, Fats & Shortenings, Starch, Colors & Flavors, Preservatives, and Fibers
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Baking powders & mixes are expected to be the demand generator, whereas enzymes are likely to grow at the fastest rate in the coming years.
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Application-Type Analysis
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Bread and Sweet Bakery
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Bread is anticipated to be the dominant, whereas sweet bakery is expected to have faster growth in the foreseen years.
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Form-Type
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Dry and Liquid
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Dry form type is expected to remain the dominant whereas liquid form type is anticipated to grow at a faster rate in the market in the upcoming years.
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Region Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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North America is expected to remain the largest market, whereas Asia-Pacific is expected to be the fastest-growing region for the bakery ingredients market during the forecast period.
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By Ingredient Type
“Baking powders & mixes segment expected to remain dominant, whereas enzymes are expected to be the fastest-growing type in the market in the foreseen years.”
- The market is segmented into emulsifiers, leavening agents, enzymes, baking powders & mixes, oil, fats & shortenings, starch, colors & flavors, preservatives, and fibers.
- Baking powders & mixes is expected to remain dominant as well as the fastest-growing type in the market during the forecast period since there is a high and steady demand for these products across various consumer groups, including those who prefer homemade baking and those who buy ready-to-bake or pre-mixed products.
- Enzymes are expected to have the fastest growth since they help reduce costs and improve efficiency in the baking process by enhancing fermentation and reducing the need for emulsifiers and preservatives, and as natural and sustainable ingredients gain traction, enzymes, being biodegradable and derived from natural sources, are going to be more popular.
By Application Type
“Bread is expected to remain the dominant, whereas sweet bakery faster-growing application of the market during the forecast period.”
- The market is segmented into bread and sweet bakery.
- Bread is anticipated to remain the dominant application type since generally bread is consumed by many daily thus creating a continuous and constant demand market. Furthermore, the distribution of whole grain and high-fiber bread also addresses health consumption strategies.
- Sweet bakery is anticipated to be the fastest-growing application type in the market during the forecast period since products like cakes, pastries, cookies, and muffins are often seen as indulgent treats and are popular for their convenience.
By Form Type
“Dry form type is expected to remain the dominant whereas liquid form type is anticipated to grow at a faster rate in the market in the upcoming years.”
- The market is segmented into dry and liquid form types.
- Dry form type is expected to remain dominant because dry ingredients are basic ingredients in baking and every type of bakery product known will require at least one or more dry ingredients.
- The liquid form type is anticipated to achieve a faster growth rate since the liquid ingredients are comprised of extra functionalities stated as enriched oils containing omega-3 fatty acids or protein-fortified liquid egg products.
Regional Analysis
“North America is expected to remain the largest market, whereas Asia-Pacific is expected to be the fastest-growing region for bakery ingredients market during the forecast period.”
- In terms of region, North America is expected to remain the largest market for bakery ingredients during the forecast period, since this region is backed by customers generally having a fast-paced way of life and require products that do not take too much time to prepare and consume, especially bakery items that make for convenient snack foods.
- The Asia-Pacific region is expected to be the fastest-growing market for bakery ingredients in the forecast period. This growth is fueled by rising disposable income and young people enjoying increasing purchasing power and transforming their consumerism tendencies toward sustainability.
Key Players
The market is highly fragmented with the presence of over 500 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in the baking ingredients market. Some of the major players that produce baking ingredients are:
Here is the list of the Top Players (Based on Dominance)
- Associated British Foods Plc
- AAK AB
- Cargill
- Kerry Group Plc
- Flower Foods Inc
- Hostess Brands LLC
- Finsbury Food Group
- George Weston Ltd.
- Britannia Industries Ltd
- Mckee Foods Corporation
Note: The above list does not necessarily include all the top players in the market.
Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The global baking ingredients market is segmented into the following categories.
Baking Ingredients Market, by Ingredient Type
- Emulsifiers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Leavening Agents (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Enzymes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Baking Powders & Mixes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Oil, Fats & Shortenings (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Starch (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Colors & Flavors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Preservatives (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Fibers (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Baking Ingredients Market, by Application Type
- Bread (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Sweet Bakery (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Baking Ingredients Market, by Form Type
- Dry (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Liquid (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Baking Ingredients Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s baking ingredients market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances
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