The global baking ingredients market is a highly competitive one. Archer Daniels Midland Company, Associated British Foods Plc, DSM N.V., and Cargill Incorporated are the key players operating in the market. To hold their position in the market, many established participants are expected to invest largely in research and development and keep innovating to stay ahead of the curve. The other prominent players in the market include LALLEMAND Inc., British Bakels, LFI (U.K.) Ltd., Puratos, CSM Bakery Solutions, Taura Natural Ingredients Ltd., Muntons Plc, and Macphie of Glenbervie Ltd.
Although the global baking ingredients market is consolidated in nature, there is always room for more players with innovative ideas. In a recent development, Flatev, a startup company headquartered in Zurich, Switzerland is working towards developing a way for consumers to prepare a wide variety of flatbreads. The company will be launching its first worldwide manufacturing operation in Bridgeton, NJ. The Flatev Artisan Baking System will give consumers the ability to produce tasty, freshly baked, and nutritious artisanal flatbreads at the push of a button.
According to the TMR report, the global baking ingredients market will rise from the initial value of US$11.7 bn in 2015 to US$18.1 bn by the end of 2024 and will grow at a CAGR of 4.9% within the forecast period of 2016 to 2024.
Major Influence of Western Lifestyle Supplements Growth of Asia Pacific Market
Persistent consumption of baked products has driven the market growth in Europe; this region is expected to dominate the market during the forecast period as well. North America is the second leading contributor to the market as baked goods are a staple in this region.
Over the forecast period, Asia Pacific is expected to register strong market growth as the demand for bakes and confectioneries is projected to remain high. Also, high influence of Western lifestyle and rising inclination towards Western food habits will propel the market growth. Newer baking ingredients that are gluten free will further drive the global baking ingredients market, attracting more consumers who, due to dietary restrictions, were unable to indulge in fine bakes.
On the basis of ingredients, the market for baking ingredients is classified into yeast, flour, sweeteners, flavor and color additives, baking powder and baking soda, and fats. Owing to its indispensable usage in baking, flavor and color additives are leading the market. Exotic and luxury bakes are expected to supplement demand. The flour segment also holds strong market potential as it is the key ingredient used for making almost all types of baked products.
Baked Goods as Convenient Snacks to Boost Demand
Baked products are being consumed more than ever. Product innovation and changing food habits and lifestyles have resulted in high demand for baking ingredients. Due to a fast-paced life, people are opting for ready-to-eat meals, convenient snacks comprising of bread rolls, wraps, and pocket sandwiches over time-consuming food items. Increased purchasing power and rise in disposable income have further propelled the demand for baked items such as breads, buns, pastries and pies, pizzas, and cakes and cupcakes.
However, baked items – known for being unhealthy and fattening – are shunned by fitness-conscious consumers. In addition, laws pertaining to quality standard baked goods are likely to limit the market growth during the said period.
This review is based on the findings of a TMR report titled ‘Baking Ingredients Market (Ingredient - Yeast, Baking Powder and Baking Soda, Flour, Sweeteners, Flavor & Color Additives, and Fats; Products - Bread, Biscuits and Cookies, Cakes and Cupcakes, Pastries and Pie, Pizza and Buns, and Bagels and Donuts; Sector - Organized Sector and Unorganized Sector) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.’
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
- Unorganized Sector
Global Baking Ingredients Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa
- North Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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