The global baking ingredients market is estimated at USD 16.6 billion in 2021 and is projected to reach USD 22.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. Flour, water, and leavening agents are the ingredients primarily responsible for the characteristic appearance, texture, and flavor of most bakery products. Oils, eggs, emulsifiers, colors, shortening, and sugar are effective in modifying these qualities and produce a good-quality product. There has been a spike in demand for baking ingredients, such as baking soda, baking powder, cocoa powder, and other condiments, as consumers stranded at home due to the Covid-19 lockdown have taken aggressively to baking. Baking ingredient manufacturing companies such as Cargill (US), Kerry Group Plc (Ireland), and many others and retailers have reported a significant increase in the sale of these products since the lockdown compared to the same period last year. With the recent influx of international cafe and bakery chains, on-the-go food has become increasingly popular.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=172589056
Opportunities: Growing trend of veganism and vegetarianism among consumers
Consumers are becoming sensitive to factors, such as health, sustainability, and social impact while making purchase decisions. The consumption of animal-based foods has raised environmental concerns. Also, some consumers have an ethical objection to using animals in food products. Consumers are encouraged to shift to veganism and vegetarianism due to factors such as animal welfare, environment, and personal health. According to the Good Food Institute, the US retail sales of plant-based foods have increased by 17%, accounting for nearly USD 3.7 billion. The largest market for plant-based foods includes plant-based milk and plant-based meat. The market for plant-based bakery products, such as vegan cake, muffins, bread, buns, is growing, which might increase the demand for vegan baking ingredients.
The baking powder and mixes segment of the baking ingredients market is projected to account for the largest share, by type
The baking powder and mixes hold the largest segment in the baking ingredients market. Baking powder is a dry chemical leavening agent—a mixture of a carbonate or bicarbonate and a weak acid. The base and acid are prevented from reacting prematurely by the inclusion of a buffer such as cornstarch. The baking powder is used to increase the volume and lighten the texture of baked goods. It releases bubbles in the wet mixture that expands. It works by releasing carbon dioxide gas into a batter or dough through an acid-base reaction, causing bubbles in the wet mixture to expand, thus leavening the mixture. Baking mixes are complex, ready-to-use mixtures of dry baking ingredients used to make bread, cakes, waffles, pizza dough, biscuits, and muffins. Ingredients in baking mixes may include flour, bread flour, baking powder, baking soda, yeast, sugar, and salt, depending upon the food type.
The use of dry bakery ingredients is the highest, by the form of baking ingredients, across the globe
The dry ingredients hold the largest share in the baking ingredients market, by form. Dry ingredients are measured inaccurately because of the nature of several dry ingredients. To measure dry ingredients accurately, it is essential to use a set of measuring cups, specifically designed for dry ingredients. There are differences between dry measuring cups and liquid measuring cups. Dry measuring cups are made to be filled to the rim with a dry ingredient (flour) and then leveled. Liquid measuring cups are usually made with a pouring spout and graduated (with volume marks) for easy and precise measuring of liquids. The increased quality of supermarkets and commercial bakery products accompanied by several artisan bakeries in the Asian countries has led to the rise in the demand for both wet and dry baking ingredients.
Request for Customization @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=172589056
Asia Pacific is the fastest-growing market during the forecast period in the baking ingredients market
Asia Pacific region is expected to grow at the fastest rate in the baking ingredients market. The tides of the global baking industry are shifting as the North American and European markets are mature and new global regions are emerging with immense growth opportunities. The APAC region is expected to be a dynamic and fast-growing region for the bakery ingredients market in the coming few years. According to the Indian Bakers Federation (I.B.F), biscuits are the highest-selling product in India, followed by sliced bread, cupcakes, pastries, and brownies. Furthermore, more and more baked foods are finding their space on supermarket shelves across the region. This visibility is making these bakery products front-of-mind commodities for consumers in developing countries, such as Singapore, Hong Kong, South Korea, and India.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the baking ingredients market. It consists of the profiles of leading companies such as Cargill (U.S.), Archer Daniels Midland Company (U.S.), Associated British Foods plc (U.K.), Koninklijke DSM N.V. (The Netherlands), Kerry Group plc (Ireland), and AAK AB (Sweden). Other players include British Bakels (U.K.), Corbion (the Netherlands), IFF (US), and Dawn Food Products, Inc. (U.S.).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/baking-ingredients-market-172589056.html