Global Baking Ingredients: Snapshot
Baking ingredients are critical items used for making baked goods that lend taste and texture to the final product. These ingredients are used for enhancing the look and the flavor of the baked items. Over the past few years, the growing demand for aesthetically crafted baked items that are made with utmost sophistication has upped the consumption of baking ingredients. In addition, the consumption of baking ingredients is also attributable to the fact that several consumers across the globe are making baked goods an important part of their daily diet. Owing to these reasons, the opportunity in the global baking ingredients market is expected to be worth US$18.1 bn by the end of 2024 as compared to US$11.7 bn in 2015. Between the years of 2016 and 2024, the global market is expected to be rise at a CAGR of 4.9% from 2016 to 2024.
Consumption of Baked Items as Staple Food Drives Global Market
The demand for baking ingredients in the coming few years will be backed by the increasing consumption of baked goods, functional foods, and convenience foods. This unprecedented consumption is a result of both product innovation and constantly evolving food habits and lifestyles. These trends are especially pronounced in developing countries of China, India. A rising preference for ready to eat meals, convenient snacks such as pocket sandwiches, bread rolls and wraps as compared to time-consuming food items due to lack of time are also anticipated to fuel the demand for baking ingredients. The rising disposable incomes and improving purchasing power of the youth in several economies is also expected to improve the uptake convenient snack food products such as different types of bread, pizza, buns, pastries and pie, cakes and cupcakes, thereby triggering a demand for baking ingredients in the coming years.
On the basis of ingredients, the global baking ingredients market is segmented into yeast, baking powder and baking soda, flour, sweeteners, flavor and color additives, and fats. The flavor and color additives segment is expected to show a remarkable progress in the coming years due to their indispensable usage in baking. The demand for luxury and exotic bakes are also projected to raise the demand for flavor and color additives in the coming years. The research report also suggests that flour ingredients will also show dominance in the overall market as flour is the main ingredient used for making any type of baked product.
Asia Pacific Shows Promise of Growth during Forecast Period
In terms of geography, the global market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Europe held the dominant share in the global baking ingredients market in 2015 due to persistent consumption of baked goods. North America followed suit as baked items are a staple in the region. Analysts anticipate that in in the coming years Asia Pacific will show a tremendous promise of growth to the overall market are demand for confectioneries and bakes is estimated to remain high. The rapid adoption of western lifestyle will play a significant role in the growth of the Asia Pacific baking ingredients market during the forecast period.
The global baking ingredients market is known to be high competitive due to the strong presence of several players in the market. Some of the significant players in the global market are Macphie of Glenbervie Ltd., Archer Daniels Midland Company, Associated British Foods Plc, Cargill Incorporated, DSM N.V., LALLEMAND Inc., Taura Natural Ingredients Ltd., Muntons Plc, British Bakels, LFI (U.K.) Ltd., CSM Bakery Solutions, and Puratos among others.
Global Baking Ingredients Market: Overview
The report covers the analysis and forecast of the baking ingredients market on a global and regional level. The study provides historic data of 2015 along with the forecast for the period between 2016 and 2024 based on revenue (US$ Mn) and Volume (Kilo Tons).
The study provides a detailed view of the baking ingredients market by segmenting it based on ingredients, product type, sector and regional demand. On the basis of ingredients, the baking ingredients market has been further segmented into yeast, baking powder and baking soda, flour, sweeteners, flavor & color additives, fats and other types of ingredients. The baking ingredients market has been segregated into bread, biscuits & cookies, cakes & cupcakes, pastries & pie, pizza & buns, bagels & donuts, and others types of products. On the basis of sector the baking ingredients market is segregated into organized sector and unorganized sector.
Global Baking Ingredients Market: Regional Outlook
Regional segmentation includes the current and forecast demand for North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. These have been further sub-segmented into countries and regions with relevance to the market. The segmentation also includes demand for individual product and applications in all regions.
The competitive profiling of the key players in the global baking ingredients market across five broad geographic regions is included in the study. These include different business strategies adopted by the leading players and their recent developments as in the field of baking ingredients.
A comprehensive analysis of the market dynamics that is inclusive of market drivers, restraints and opportunities is included in the purview of the report. Additionally, the report includes potential opportunities in the baking ingredients market on the global and regional level. Market dynamics are the factors which impact the market growth, thereby helping to understand the ongoing trends of the global market. Therefore, the report provides the forecast of the global market for the period from 2016 to 2024, along with offering an inclusive study of the baking ingredients market.
The report provides the size of the baking ingredients market in 2015 and the forecast for the next nine years up to 2024. The size of the global baking ingredients market is provided in terms of both volume and revenue. Market revenue and volume is defined in US$ Mn and Kilo Tons respectively. The market size and forecast for each product and application segment are provided in the context of global and regional markets. Numbers provided in this report are derived based on demand generated from different applications and types products. Market dynamics prevalent in North America, Europe and Asia-Pacific have been taken into account for estimating the growth of the global market.
Global Baking Ingredients Market: Segmentation
Market estimates for this study have been based revenue being derived through regional pricing trends. The price for commonly utilized quality of baking ingredients in each application and function has been considered. Demand for baking ingredients has been derived by analyzing the global and regional demand for baking ingredients in each application for its respective functions. The global baking ingredients market has been analyzed based on expected demand. Average selling price of baking ingredients products in the major countries has been taken into consideration to estimate regional and global revenue. Forecasts have been based on the expected demand from baking ingredients applications. We have used the bottom-up approach to estimate the global revenue of baking ingredients market, split into regions. We have initially determined the volume and price in every region for the baking ingredients market. Revenue has been determined with the help of volume and price derived from every region.
Based on product type, form type, application and function type, we have summed up the individual revenues from all the regions to achieve the global revenue for baking ingredients. The application split of the market has been derived using a bottom-up approach for each regional market separately, with the global application segment split being an integration of regional estimates. Companies were considered for the market share analysis based on their product portfolio, revenue, and manufacturing capacity. In the absence of specific data related to the sales of baking ingredients of several privately held companies, calculated assumptions have been made in view of the company’s product portfolio and regional presence along with the demand for products in its portfolio.
Key Players Mentioned in this Report are:
The report covers a detailed competitive outlook that includes market share and company profiles of key players operating in the global market. Key players profiled in the report are Archer Daniels Midland Company, Cargill Incorporated, Associated British Foods Plc, DSM N.V., Muntons Plc, LALLEMAND Inc., Taura Natural Ingredients Ltd., British Bakels, LFI (U.K.) Ltd., Puratos, CSM Bakery Solutions, and Macphie of Glenbervie Ltd. among others.
Global Baking Ingredients Market: By Geography
Global Baking Ingredients Market: By Ingredients Type
- Baking Powder and Baking Soda
- Flavor & Color Additives
Global Baking Ingredients Market: By Product Type
- Biscuits & Cookies
- Cakes & Cupcakes
- Pastries & Pie
- Pizza & Buns
- Bagels & Donuts
Global Baking Ingredients Market: By Sector
- Organized Sector
- Unorganized Sector
- Rest of Europe
- Rest of Asia Pacific
Middle East and Africa
- North Africa
- South Africa
- Rest of Middle East and Africa
- Rest of Latin America