Bakery Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global bakery ingredients market was worth US$ 13.7 Billion in 2018. Bakery ingredients refer to food products that are used to improve and maintain the freshness, aroma, taste and shelf-life of baked food products. These ingredients are usually available in the form of emulsifiers, fats, shortenings, blends, colors, flavors, etc., which are used for the preparation of a wide range of bakery and confectionary products such as bread, biscuits, pies, cakes, pastries, etc. The choice of these ingredients and their compositions determine the texture and flavor of the baked product. They also enhance the nutritional content of the product as they are rich in various amino acids, vitamins, carbohydrates and fats. Baking ingredients find wide applications in the food processing industry as they are readily available, are extremely convenient to use and blend well with other food ingredients.
The increasing demand for convenience food products is one of the key factors driving the growth of the market. Owing to the hectic schedules and changing dietary habits, there has been a rise in the consumption of bakery products across the globe. Furthermore, rising nutritional awareness among consumers and the availability of organic ingredients have further favored the market growth. Fueled by the thriving tourism and hospitality industry, there is a growing product demand for bakery ingredients from various fast food restaurants, bakeries and hotels. Also, the rising trend of social gatherings, corporate parties and related special and festive occasions has led to an increased demand for cakes and pastries. Other factors, including the use of attractive packaging and various product innovations, such as the development of emulsifiers that offer high-fat stability, water and oil holding capacity and longer shelf-life, are also contributing to the market growth. Looking forward, IMARC Group expects the market to reach a value of US$ 17.8 Billion by 2024, registering a CAGR of 4.5% during 2019-2024.
Historical, Current and Future Market Trends
Market Breakup by Product Type:
Baking Powder & Mixes
Oils, Fats, and Shortenings
Colors & Flavors
Based on the product type, the market has been segmented as emulsifiers, leavening agents, enzymes, baking powder and mixes, oils, fats and shortenings, colors and flavorings, starch, and others. Amongst these, baking powder and mixes are the most widely used ingredients.
Market Breakup by Application:
Cookies & Biscuits
Rolls & Pies
Cakes & Pastries
On the basis of the application, the market has been segregated into bread, cookies and biscuits, rolls and pies, cakes and pastries, and others. Currently, most of the ingredients are used for producing bread.
Market Breakup by End Use Sector:
The report has analyzed the market according to the end use sector, which mainly includes industrial, foodservice and retail sectors.
Market Breakup by Region:
Middle East and Africa
On a regional basis, Europe represents the largest market for bakery ingredients as baked goods are considered staple food in the region. Furthermore, there has been a rise in the demand for wholegrain, additive-free, gluten-free and ancient grain products, which has enabled manufacturers to use different ingredients in the production process. Other major regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
The report has also analysed the competitive landscape of the market with some of the key players being Cargill, Koninklijke DSM N.V., Kerry Group, Südzucker, AAK AB, Associated British Foods, Lesaffre, Tate & Lyle, Archer Daniels Midland Company, Ingredion Incorporated, Corbion, IFFCO Ingredients Solution, Taura Natural Ingredients, Dawn Foods, Muntons, British Bakels, Lallemand, Novozymes, Taura Natural Ingredients, Puratos Group, etc.
Key Questions Answered in This Report:
How has the global bakery ingredients market performed so far and how will it perform in the coming years?
What are the key regional markets in the global bakery ingredients industry?
What is the breakup of the market based on the product type?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end use sector?
What are the various stages in the value chain of the global bakery ingredients industry?
What are the key driving factors and challenges in the global bakery ingredients industry?
What is the structure of the global bakery ingredients industry and who are the key players?
What is the degree of competition in the global bakery ingredients industry?
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