The global baking ingredients market is anticipated to have a significant CAGR of 6.4% and to reach a valuation of around US$ 33.3 billion by 2032.
In recent years, total baked products consumption has increased, both in terms of value and volume, thereby strengthening the bakery ingredients market share. As demand develops, customers are looking for higher-quality products, which has provided more opportunities for bakery ingredients manufacturers in the current market.
There are two types of emulsifiers used in bread production: dough softener and dough strengthener. Both of the segments mentioned in the bakery ingredients market analysis report are thought to have had a vital role in the bakery ingredients market expansion.
COVID-19 has had a devastating effect on the global bakery ingredients market in two ways: it has directly affected demand for bakery ingredients and production, and it has affected the supply chain to that effect.
The growth of the bakery ingredients market is further influenced by mechanical motions and improvements in bakery ingredients. Furthermore, the growing preference for low-trans-fat and gluten-free bread store items has creatively spearheaded the market for bakery ingredient manufacturers.
Key Takeaways from Market Study
- The market is segmented based on form, wherein the dry bakery ingredients are anticipated to account for around 62.3% of the market share over the forecast period.
- The European Bakery Ingredients Market is anticipated to dominate the global market, with a share of around 28.6% in 2022.
- South Asia is expected to witness a lucrative bakery ingredients market growth rate over the forecast period covering the years 2022 to 2032.
- On the basis of type, baking powder and mixes are expected to hold a market share of 26.3% in 2022, but vanilla emulsifiers are expected to witness a lucrative growth rate over the forecast period.
- Following the pandemic outbreak, food consumption shifted from food businesses to home kitchens, resulting in a drop in orders for bread and bakery companies, with food services accounting for up to 55% of their revenues.
“Food manufacturers are concentrating on developing new products that have the potential to reduce and regulate obesity, resulting in consumers making healthier choices without sacrificing flavor and taste. Emulsifiers help to preserve the sensory properties of foods while also lowering the fat content. This function of producing tasty, low-fat food products has accelerated consumer acceptance of bakery ingredients such as emulsifiers,” says a Future Market Insights analyst.
As bakery ingredients manufacturers aim to minimize the uncertainty caused by increased cost and unpredictable demand, they are pursuing greater control over the supply chain to support in delivering organizational alertness and improving time to market.
Some of the major key players in the bakery ingredients market are Cargill Inc., DuPont De Nemours and Company, Archer Daniel Midland, Ingredion Inc., Tate & Lyle PLC, DSM N.V., Associated British Foods, Corbion N.V., Novozymes N.V., Puratos Group N.V., Lallemand Inc., BDF Ingredients, Caldic B.V., Jiangsu BoliBioproducts Co., Ltd., AB Enzymes, and Others.
Furthermore, by focusing on developing an organization that is sufficiently adaptable to thrive in today’s economy, bakery ingredients market players are keeping a close eye on the big picture. Manufacturers in the bakery ingredients industry are lowering operations and maintenance costs and improving supply chain efficiencies in order to increase profits in the extremely competitive industry.
Recent Developments in the Global Bakery Ingredients Market:
- In 2020, Ingredion introduced a clean label emulsifier derived from chickpeas. The product, marketed as an egg substitute or for use in sauces and dressings, satisfies several trends without sacrificing texture and taste.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global bakery ingredients market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on form (dry and liquid), by type (fiber, emulsifier, enzymes, starches, oils, fats & shortenings, baking powder & mixes, preservatives, colors & flavors, leavening agents, and others), by application (bread, cookies & pastries, rolls & pies, cakes & pastries, and others), across seven major regions of the world.
Information Source: https://www.futuremarketinsights.com/reports/bakery-ingredients-market