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.
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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.
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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.
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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.
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