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.
Market Summary:
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