According to the report, global demand for baking ingredients market was valued at over USD 11.80 billion in 2015, is expected to reach above USD 15.73 billion in 2021 and is anticipated to grow at a CAGR of slightly above 5.0% between 2016 and 2021.
Baking is a process which involves radiation and convection technology and the food is baked using prolonged heating. Baking ingredients are the supporting agents in the process of baking. Baking ingredients improve baking and provide high texture, puffiness, and great taste. Baking ingredients ease the process of baking. Some of the frequently used baking ingredients are eggs, yeast, and butter among others.
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Rapidly growing population along with increasing food demand are some of the major driver for the bread and baked food market. This, in turn, increases the demand for baking ingredients market. The rise in hectic lifestyle with dual income spurs the demand for fast food. This results in the substantial growth of baking ingredients market. Escalating food chain industry and increasing disposable income further, fuels the growth of the market. However, limited shelf life of the baked products couple with health concern population which hesitates to use refined flour, high fats, and chemicals may impede the demand for these products in the market. Nevertheless, ongoing research and development for introducing gluten free bread with high nutrition are likely to offer ample opportunities to the baking ingredients market. Moreover, rising demand from the emerging countries owing to increasing attraction for the fast and processed food bid the demand for the bread and baked products in the forecast period.
The baking ingredient market can be segmented based on type and application. On the basis of type, baking ingredients can be classified as leavening agents, fats & shortenings, colors & flavors, baking powders & mixes, emulsifiers, starch, enzymes, and oil. Starch is considered as highly potential segment owing to its high demand in baking procedures. Some of the major applications for baking ingredients are cakes & pastries, bread, rolls & pies, biscuits & cookies, and other applications. Bread is the most widely consumed product in the European countries on a daily basis. Though, Biscuits and cookies are also gaining huge demand since past couple of years.
North America dominated the baking ingredients market followed by Europe owing to high consumption of bakery products. Moreover, reluctance for cooking on a daily basis leads to high demand for such ready to eat products. Asia Pacific is considered to be the most prominent market and is likely to gain traction in the forecast period. The factor mainly contributes to the growing bakers is surging demand for bakery products. Latin America is anticipated to experience decent growth over the coming years owing to growing demand for baked products in Brazil. The Middle East and Africa is expected to show sustainable growth owing to improvement in living standards and disposable income.
Some of the key players in the bakery ingredients are 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. The presence of various vendors had led intense competition; therefore the companies in this market space must practice constant innovation strategy by focusing on research and product development for maintaining their sales in the market.