Transparency Market Research, in a report has stated that the global baking ingredients market is highly competitive owing to the presence of numerous companies. These players are increasingly investing in product development to stay ahead in the competition, leading to more exacting competition. Prominent players in this market include Puratos, CSM Bakery Solutions, LFI (U.K.) Ltd., British Bakels, Muntons Plc., Taura Natural Ingredients Ltd., LALLEMAND Inc., DSM N.V., Cargill Incorporated, Associated British Foods Plc., Archer Daniels Midland Company, and Macphie of Glenbervie Ltd.
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In the report, Transparency Market Research (TMR) has estimated that in 2015, the market was valued at about US$11.7 bn, and by 2024 is expected to attain the market value of US$18.1 bn. The market is expected to expand with a healthy CAGR of 4.9% for the forecast period of 2016-2024.
Being Major Ingredient of Baked Products, Flour Ingredient Segment Dominates the Market
The color and flavor additives segment of this market has shown a significant growth due to their increasing use in baking in the recent past, and is expected to continue to rise at a CAGR of 5.6% during the forecast period. Furthermore, the demand for color and flavor additives is expected to grow due to its increasing use in exotic and luxury bakes. Among the various baking ingredients, flour is expected to dominate the market as flour is the main ingredient used in the baked products. Geographically, Europe contributed for a significant share in the global market in 2015, exhibiting steady consumption of baked goods. However, Asia Pacific is expected to demonstrate a higher CAGR of 5.3% during the report’s forecast period.
Increasing Purchasing Power of Youth across World Boosts Baking Ingredients Market
Changing eating habits of consumers across the globe is expected to boost the demand for baking products, which is likely to drive the global baking ingredients market in the coming years. The demand for baking ingredients such as color additives, flavor, fats, flour, sweeteners, baking soda, baking powder, and yeast are expected to be fuelled due to the growing consumption of bakery items across Europe and North America as a staple food. Furthermore, the improving purchasing power and rising disposable income of the youth across the world is expected to amplify the demand for baked food items such as biscuits, pizzas, and cakes. A rising preference for convenient snacks and ready to eat meals such as wraps, bread rolls, and pocket sandwiches over time-consuming food items is expected to drive this market in the coming future.
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Health-Conscious Consumers to Act as a Restraint for Market Growth
In tandem with the growing number of consumers preferring baked products, the number of people who don’t prefer baked products is increasing as well. The health related concerns are keeping fitness-conscious people away from baked food products. This growing awareness could restrain the market’s growth. Nevertheless, adoption of western lifestyle is expected to play a key role in the growth of this market over the forecast period. The increasing consumption of convenience foods, functional foods, and baked goods are is the key drivers of this market. Furthermore, constantly evolving food habits and lifestyles and product innovation of baked products are expected to assist this market to grow in the future.
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