Asia-Pacific Bakery Ingredients Market - Growth, Trends, and Forecast (2018 - 2023)
Asia-Pacific Bakery Ingredients Market Insights
The Asia-Pacific bakery ingredients market is expected to register a CAGR of 7.2% during the forecast period, 2018 - 2023. The market is driven by the rising demand of processed bakery products, with growing awareness among consumers for clean label products as well as health ingredients.
Consumer Preferences for Bakery and Pastry – Driving the Bakery Ingredients Market in the Region
The rise in disposable income coupled with adoption of western lifestyles is expected to drive the growth of bakery products market in Asia- Pacific. Owing to rise in prevalence of time bound consumers, there has been a rise in the demand for functional bakery products. Growing affluence of middle income groups in emerging countries has created more scope for artisanal bakeries which offer customize products such as brownies, cookies, pastries and croissants, among others. The World Health Organization has recognized that food containing fatty acid trans-isomers and saturated fatty acids have adverse effects on human health. The drawbacks pertaining to the ingredients is expected to restrain the growth of bakery ingredients market in Asia-Pacific.
Enzymes Segment to record Highest CAGR Rate during the Forecast Period
The bakery ingredient market is segmented by enzymes, flour, sweetener, emulsifiers, leavening agents, preservatives, mixes, dairy ingredients, fats & oils/shortenings, colors & flavors, and other ingredients. The mixes, preservatives, and leavening agents segment accounted for share of 9.90%, 5.10%, and 1.60% in the total market value. The flour/starch segment is expected to record a CAGR of 7.6%, while enzymes are likely to register highest CAGR of 9.7% during the forecast period.
By application, the cookies & biscuits segment is likely to register CAGR of 7.8% during the forecast period, owing to increasing demand of healthy snacks in biscuit category, especially made from oats and millets.
By geography, the Australian bakery ingredient market was valued at USD 1.66 billion in 2016 and is likely to register strong growth during the forecast period.