IMARC Group’s latest report, titled “Bakery Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global bakery ingredients market size reached US$ 14.8 Billion in 2020. Bakery ingredients are food products that improve the taste, flavor, aroma and maintain the freshness of baked goods. They include emulsifiers, fats and conditioners, which enhance the shelf life of these products. Bakery ingredients are also used to improve the texture and modify the taste. The choice of the ingredients and the compositions determine the flavor and texture of the baked food products.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Bakery Ingredients Market Trends:
The global bakery ingredients market is primarily driven by the increasing demand for convenience food and ready-to-eat products among individuals. This can be attributed to busy lifestyles, changing dietary habits and rapid urbanization. Besides this, due to easy accessibility and low price, bakery products have become an essential part of the daily diet. The rising preference for attractive, tasty, and textured delicacies among young consumers in attractive packaging is also propelling the market growth. Apart from this, the rising health-consciousness among consumers has encouraged them to opt for low trans-fat and gluten-free products. It is also supported by the rapid rise in obesity rates and fitness-related concerns, which is escalating the need for healthy bakery items. Furthermore, the potential market for frozen bakery goods and the proactive efforts of manufacturers to reduce the production costs and increase the shelf life of bakery goods have also increased their demand across the globe. Moreover, the emergence of café culture, the expanding tourism and hospitality industry, and various product innovations are some of the other factors contributing to the market growth. Looking forward, the market is expected to exhibit a CAGR of 5% during the forecast period (2021-2026).
- Based on the product type, the market has been segmented into emulsifiers; leaving agents; enzymes; baking powder and mixes; oils, fats, and shortenings; colors and flavors; starch; and others. Amongst these, baking powder and mixes represent the most popular product types.
- On the basis of the application, the market has been classified into bread; cookies and biscuits; rolls and pies; cakes and pastries; and others. Currently, most of the ingredients are used for producing bread.
- The market has been categorized based on the end use sector into industrial, foodservice, and retail.
- Region-wise, Europe represents the largest market for bakery ingredients as baked goods are considered a staple food in the region. Other major regions are North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Cargill, Incorporated, Koninklijke DSM N.V., Kerry Group, Südzucker AB, AAK AB, Associated British Foods, Lesaffre ET Compagnie, Tate & Lyle, PLC Archer Daniels Midland Company, Ingredion Incorporated, Corbion N.V., IFFCO Ingredients Solution, Taura Natural Ingredients Limited, Dawn Foods Products, Inc., Muntons Plc, British Bakels Ltd., Lallemand Inc., Novozymes A/S, and Puratos Group.
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