Global Baking Ingredients Market 2017-2021
About Baking Ingredients
Baking is a cooking technique that uses a high degree of dry heat for a prolonged period. While baking, heat is gradually transferred from the surface of the dough, transforming it into a cooked and baked product with a soft center but a firm, dry outer crust. To enhance the quality of the product, various ingredients are added to the dough or mixture while baking. Baking ingredients enhance the taste, texture, consistency, and color of baking products.
Technavio’s analysts forecast the global baking ingredients market to grow at a CAGR of 5.68% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global baking ingredients market for 2017-2021. To calculate the market size, the report considers the revenue generated through the sales of different types of baking ingredients.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Baking Ingredients Market 2017-2021
Technavio recognizes the following companies as the key players in the global baking ingredients market: Archer Daniels Midland, Associated British Foods, Cargill, DuPont, and Ingredion.
Other Prominent Vendors in the market are: AAK, Bakels, Corbion, Dawn Food Products, IFFCO, Kerry, Lallemand, Lesaffre, Novozymes, Puratos Group, Royal DSM, Taura Natural Ingredients, and Tate & Lyle.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of private label products. The market share of private label products is increasing across the world though it varies across products. National brands and private label products differ in promotion frequency and pricing.”
According to the report, one driver in the market is growth in the consumption of packaged and convenience foods. The demand for convenience and packaged foods is rising with an improvement in the living standards and lifestyles of consumers and a rise in disposable incomes in many developed and developing countries. Economic development and urbanization have also led to radical changes in food habits. Consumers today prefer convenience foods and packaged foods because of time constraints, hectic lifestyles, and increased need of leisure.
Further, the report states that one challenge in the market is intense competition among vendors. The global baking ingredients market is highly fragmented due to the presence of many small and large manufacturers. These players compete in terms of innovation, quality, price, service, and brand name to meet the needs of the end-consumers and the bakery product manufacturers. There are many categories of baking ingredients with a variety of product types and quality, and each vendor has varying specializations, capabilities, and financial strength.
Archer Daniels Midland, Associated British Foods, Cargill, DuPont, Ingredion, AAK, Bakels, Corbion, Dawn Food Products, IFFCO, Kerry, Lallemand, Lesaffre, Novozymes, Puratos Group, Royal DSM, Taura Natural Ingredients, and Tate & Lyle.
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