Global Baking Powder Market: Overview
Baking powder is primarily used to for making different types of breads and bakery products such as pancakes, muffins, waffles, and cakes. It helps in holding the raised batter till it is set during the baking process. Baking powder is a mixture of cornstarch, dry acid, and baking soda. The sales of baking powder have witnessed a significant surge over the last couple of years owing to the growing demand for fast food products, bakery items such as pastries and cakes, and quick instant mixes. These items have gain popularity across caterers, bakeries, households, and restaurants. This trend is spreading significantly across the globe owing to the burgeoning urbanization.
Over the last few years, consumers have shifted towards a more lavish lifestyle and are keen on spending on luxurious items. Furthermore, they are increasingly relying on traditional tasting food items rather than convenience foods. Baking powder is becoming a crucial ingredient across several segments, thus exhibiting strong growth. The flourishing food markets worldwide are likely to bode well for the growth of the global baking products market. However, manufacturers are likely to face challenges from the repercussions that baking powder has on health from its prolonged consumption.
The global baking powder market is expected to exhibit a 5.3% CAGR between 2013 and 2019. The market is projected to reach US$3.4 bn by the end of 2019 from a valuation of US$2.3 bn in 2012.
Tartar-based Baking Powder to Gain Preference across Consumers
The global market for baking powder was dominated by tartar based baking powder or tartaric acid with a share of 30.4% in 2012. This growth can be attributed to the growing demand for tartaric acid based baking powder owing to the rising awareness among people regarding the health benefits associated with the consumption of bakery products made using it. Phosphate-based baking powder closely trailed tartar based baking powder with a share of 24.5% in 2012. However, its demand is expected to stay persistent owing to sales of various innovative baking powder items such as phosphate free and aluminum free baking powder. In terms of revenue, in 2012, other different baking powder items such as sodium aluminum phosphate and anhydrous phosphate collectively accounted for a share of 28.6% in the global baking powder market.
Asia Pacific to Hold Leading Position in terms of Consumption
With the involvement of several countries in the manufacturing of and trade of baking powder, the global market for baking powder is expected to expand at significant rate. Based on revenue, at present Europe and Asia Pacific together account a share of 64.8%. However, Asia Pacific emerged dominant in 2012. The baking powder market in Asia Pacific witnessed promising over the last few years owing to the rising urban population and increasing consumption of fast food across the region. In countries such as Brazil and the U.S., and parts of Europe, the market for baking powder has reached a saturation point due to the stable economic development and extreme urbanization. Thus, manufacturers can focus on regions countries such as China and India for capitalizing on the opportunities arising from the untapped markets of these countries.
The leading manufacturers in the global baking powder market are Weikfield Products Private Limited, ACH Food Companies Inc., Caravan Ingredients Inc., Clabber Girl Corporation, Davis, and Rumford.
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