As per the latest report by IMARC Group, titled “Bakery Ingredients Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global bakery ingredients market size reached US$ 13.7 Billion in 2018. Bakery ingredients include fats, colors, blends, flavors, emulsifiers and shortenings. They are employed in the preparation of bakery and confectionery products such as bread, cakes, cookies, tarts, pies, pastries, donuts and pizza. They help in improving the shelf life, maintaining the taste and freshness, enhancing the nutrition level and increasing the protein content of baked products. Bakery ingredients are widely utilized in the food processing industry as they are readily available.
Global Bakery Ingredients Market Trends:
On account of rapid urbanization, hectic schedules and altering dietary patterns, there is a rise in the demand for ready-to-eat (RTE) food products. Moreover, the increasing obesity levels have resulted in growing health awareness among consumers. As a result, they are shifting toward low trans-fat, gluten-free and other healthy variants of bakery products. Furthermore, owing to the burgeoning tourism and hospitality sector, there is a rise in the demand for bakery ingredients, emerging from bakeries, hotels and fast-food chains. Apart from this, the growing trend of social gatherings like corporate parties is also spurring the demand for cakes, muffins and pastries around the world. Other growth-inducing factors include the utilization of attractive packaging and the introduction of various product innovations, such as emulsifiers that offer high-fat stability and longer shelf-life to bakery and confectionery products. Looking forward, the market value is projected to reach US$ 17.8 Billion by 2024, expanding at a CAGR of 4.5% during 2019-2024.
- Based on the product type, the market has been segmented into emulsifiers; leavening 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 preferred product.
- On the basis of the application, the market has been segregated into bread; cookies and biscuits; rolls and pies; cakes and pastries; and others. At present, bread accounts for the majority of the total market share.
- The market has been classified on the basis of the end use sector into industrial, food service and retail.
- Region-wise, Europe represents the largest market. Other segments include 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 Plc, Südzucker AG, AAK AB (publ), Associated British Foods Plc, Lesaffre & CIE, Tate & Lyle Plc, Archer Daniels Midland Company, Ingredion Incorporated, Corbion NV, IFFCO Ingredients Solution, Taura Natural Ingredients Limited, Dawn Food Products Inc., Muntons Plc, British Bakels Limited, Lallemand Inc., Novozymes A/S and Puratos Group.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Tel no: +1-631-791-1145
Follow us on twitter: @imarcglobal