ALBANY, New York, December 13, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research entitled "Baking Ingredients Market (Ingredients -Yeast, Baking Powder and Baking Soda, Flour, Sweeteners, Flavor & Color Additives, Fats and Others; Products - Bread, Biscuits & Cookies, Cakes & Cupcakes, Pastries & Pie, Pizza & Buns, Bagels & Donuts, and Others; Sector - Organized Sector and Unorganized Sector) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024," in terms of revenue, the global baking ingredients market was valued at US$11,790.0 Mn in 2015, and is expected to reach US$ 18,132.7 Mn by 2024, expanding at a CAGR of 4.9% from 2016 to 2024.
The global baking ingredients market witnessed growth due to rapid urbanization coupled with steady increase in consumption of ready to eat foods'. Preference for health oriented bakery products is another major factor contributing to market growth. Currently, growth of the global baking ingredients market is primarily driven by factors such as changing consumer preference toward consumption of healthy products, growing affluence, and augmented per capita spending on value added products, and increasing penetration of products containing natural ingredients.
On the basis of ingredients type, the baking ingredients market is divided into yeast, baking powder and baking soda, flour, sweeteners, flavor & color additives, fats, and others. Others ingredients segment includes starch, preservatives, enzymes, and emulsifiers. Baking powder is a mixture of a bicarbonate or carbonate component and a weak acid, and is utilized to increase the volume and lighten the texture of baked goods. In terms of revenue, baking powder and baking soda segment held the leading market share in 2015 and accounted for more than 25% of the global baking ingredients market. Flavor and color additives segment is expected to witness maximum growth potential due to increasing demand for flavor based bakery products such as cakes, pastries, and biscuits. In terms of volume, flour ingredients segment dominated the global baking ingredients market in 2015 and is expected to retain its leading position over the forecast period. Bakery ingredients are widely used in different bakery products such as bread, biscuits & cookies, cakes & cupcakes, pastries & pie, pizza & buns, bagels & donuts, and others. Others product type segment includes torts, rolls, coffee cake, tarts, turnovers, and danishes. The bread product segment held the most significant market share in the global baking ingredients market and accounted for around more than one-third of the market in 2015 in terms of volume. Pastries and pie segment is expected to experience significant growth potential over the forecast period. On the basis of sector, the baking ingredients market is categorized into organized sector and unorganized sector. Among these two sectors, bakery products are largely produced by the organized sector.
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Europe accounted for the leading market share for baking ingredients in 2015 and is likely to retain its position over the forecast period. The adoption of healthier lifestyles coupled with rising demand for convenient baked food products around the globe is one of the key drivers for the growth of the baking ingredients market. The increased use of baking ingredients for production of bread and biscuits is a major driver for the baking ingredients market. Global manufacturers have focused on strategic partnerships and acquisitions of other firms in order to develop their product range of bakery food items.
This has led to increased demand for baking ingredients and is expected to drive the market during the forecast period from 2016 to 2024. Asia Pacific is expected to be the most attractive market for baking ingredients owing to strengthening economic conditions and rising demand for baked food items among consumers in developing countries in Asia Pacific such as China, Japan, India, and ASEAN. Increasing demand for bakery products across different regions is expected to drive the growth of the baking ingredients market further in the future. Demand for baking ingredients is expected to rise further in the future in these countries. Latin America is an emerging market and is estimated to grow at a considerable pace over the forecast period.
Even though multiple brands are present in the market for different baking ingredients, none occupy significant market share. Some of the major players in the baking ingredients market are Archer Daniels Midland Company, Cargill Incorporated, Associated British Foods Plc, DSM N.V., Muntons Plc, LALLEMAND Inc., Taura Natural Ingredients Ltd., British Bakels, LFI (U.K.) Ltd., Puratos, CSM Bakery Solutions, and Macphie of Glenbervie Ltd. along with local players across different regions. The market is expected to expand steadily in the next few years.
Global Baking Ingredients Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- North Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
Global Baking Ingredients Market: By Ingredients Type
- Baking Powder and Baking Soda
- Flavor & Color Additives
Global Baking Ingredients Market: By Product Type
- Biscuits & Cookies
- Cakes & Cupcakes
- Pastries & Pie
- Pizza & Buns
- Bagels & Donuts
Global Baking Ingredients Market: By Sector
- Organized Sector
- Unorganized Sector
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