Baking Ingredients Market size is set to grow by USD 5.87 billion from 2023-2027, AAK AB, AB Mauri Food Inc. and AGRANA BEteilgungs AG, and more to emerge as Some of the Key Vendors, Technavio

NEW YORK, April 18, 2024 /PRNewswire/ -- The global baking ingredients market size is estimated to grow by USD 5878.8 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 6.21% during the forecast period. Europe held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of  34%. 

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Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

AAK AB, AB Mauri Food Inc., AGRANA BEteilgungs AG, Archer Daniels Midland Co., Associated British Foods Plc, Azelis SA, Bakels Worldwide, Bakemark USA LLC, Cargill Inc., Corbion nv, Dawn Food Products Inc., Ingredion Inc., Kerry Group Plc, Koninklijke DSM NV, Lallemand Inc., Lesaffre and Cie, Palsgaard AS, Puratos Group NV, Swiss Bake Ingredients Pvt. Ltd., Zeelandia Group BV

Analyst Review

The Baking Ingredients Market encompasses a wide range of products, including bakery goods and baked goods. Natural baking ingredients, such as baking soda and baking powder, are in high demand due to growing environmental concerns and lifestyle disorders. Cocoa powder is another essential baking ingredient, widely used in the production of pastries, bread, cakes, rolls, tarts, pies, and convenience foods. Young people are increasingly opting for alternative snack products, leading to a surge in demand for enzymes and emulsifiers. Urbanization and the rise of food and beverage industries have further fueled market growth. Online retail stores offer a convenient platform for purchasing baking ingredients, including baking powders, yeast, cookies, biscuits, and saturated fat and cholesterol-reduced alternatives.

Key Market Drivers

The Baking Ingredients Market is experiencing robust growth, driven by the expanding urban population and rising disposable income, particularly in emerging economies. Working consumers and young people are increasingly opting for convenient bakery items, such as pastries, bread, cakes, rolls, tarts, pies, cookies, and biscuits. Enzymes and emulsifiers are essential baking ingredients that enhance product quality and shelf life. The Food and Beverage industry's shift towards natural bakery ingredients and alternative snack products is a significant trend. However, concerns over saturated fat, cholesterol, and trans fatty acids are driving demand for protein-rich, gluten-free, and bakery goods. Commercial bakery ingredients, including baking soda, baking powder, and cocoa powder, are in high demand. Online retail stores and local bakery businesses are capitalizing on this trend, offering frozen bakery goods and home baking options. Environmental concerns and lifestyle disorders are also influencing market dynamics, with a growing preference for clean-label and organic baking ingredients.

Challenges and Opportunities

The Baking Ingredients Market has experienced significant growth due to the increasing global trend of urbanization and the rise in demand for convenient, packaged foods among working consumers and young people. However, concerns over health issues, such as metabolic diseases and diabetes mellitus, have led to a shift towards plant-based alternatives. Margarine, traditionally high in trans fats, is being replaced with healthier options like vegan and dairy-free milk. Frozen bakery products, functional ingredients like oats, fortified flour, millets, prebiotics, and protein-rich alternatives are gaining popularity. The use of enzymes, emulsifiers, baking powders, and yeast in place of saturated fat and cholesterol-laden ingredients is also on the rise. The market for baking ingredients in the bread segment, cakes and pastries, pies, and alternative snack products continues to expand, with a focus on gluten-free and protein-rich options. Online retail stores offer a wide range of baking ingredients, including cookies, biscuits, and alternative snack products, catering to diverse dietary needs and preferences.

The baking ingredients market is experiencing significant growth due to the rising preference for healthier bakery goods. Consumers are increasingly seeking natural bakery ingredients, such as aluminum-free baking powder, gluten-free flour, and organic baking flour, in response to environmental concerns and lifestyle disorders. These ingredients, which are free from synthetic pesticides, chemical additives, and genetically modified organisms (GMOs), are driving the popularity of organic bakery products, despite their higher cost of manufacturing. Baking soda and baking powder are essential baking ingredients, with baking powder also available in aluminum-free versions. Cocoa powder, a key ingredient in many baked goods, is also available in organic and fair-trade varieties. Convenience foods, such as frozen bakery goods and commercial bakery ingredients, are increasingly being replaced by home-baked goods made with plant-based ingredients, including dairy-free milk, oats, fortified flour, millets, prebiotics, and functional ingredients. Trans fats, commonly found in margarine, are being phased out due to their link to metabolic diseases, including diabetes mellitus. Veganism and vegetarianism are also influencing the market, with demand for enzymes, emulsifiers, and other plant-based alternatives to traditional baking powders, yeast, and other ingredients. The trend towards healthier bakery products is being driven by urbanization, packaged foods, and working consumers, as well as young people who prioritize convenience and health. Online retail stores are also playing a key role in making these ingredients more accessible to consumers. Products such as pastries, bread, cakes, rolls, tarts, and pies continue to be popular in the food and beverage industry, with innovation focused on reducing trans fats, sugar, and other unhealthy ingredients. Functional ingredients, such as probiotics and fiber, are also being added to bakery products to improve their nutritional value. Overall, the baking ingredients market is expected to continue growing as consumers prioritize health and sustainability in their food choices.

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Market Overview

The Baking Ingredients Market encompasses a variety of essential goods used in the preparation of baked items. Key components include flour, sugars, baking powder, and baking soda. Milk, eggs, and butter are also integral baking ingredients. Convenience items, such as pre-mixed batters and ready-to-use dough, are gaining popularity. Fruits and nuts are common additives, while functional ingredients like yeast and vital gluten are used in specific baking applications. Fortified ingredients, such as enzymes and emulsifiers, enhance product quality and shelf life. Emulsifiers like lecithin and monoglycerides are used to improve texture and stability. The market for baking ingredients is diverse, catering to various dietary needs and preferences, including gluten-free, organic, and vegan options. The use of natural and clean-label ingredients is a growing trend in the baking industry.

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SOURCE Technavio