Growth of Bakery Sector to Drive Baking Ingredients Market
According to our latest market study on “Baking Ingredients Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Baking Powder & Mixes; Emulsifiers; Enzymes; Starches; Colors & Flavors; Oils, Fats, and Shortening; and Others) and Application (Breads & Rolls, Biscuits & Cookies, Cakes & Pastries, and Others),’’ the market is projected to reach US$ 22,278.10 million by 2028 from US$ 16,444.97 million in 2022; it is expected to grow at a CAGR of 5.2% from 2022 to 2028.
Baking ingredients include bakery flours, yeast, sweeteners, livening agents, emulsifiers, shortening, stabilizers, colors, and flavors. Moreover, bakery inclusions, fillings, and decorations are among the key ingredient categories in the bakery sector. Every ingredient performs a specific function in baked goods. For instance, emulsifiers maintain the softness of bread and improve dough strength, whereas livening agents provide volume to the baked goods, making them light and fluffy. The rising consumption of bakery products such as bread, cakes, muffins, pastries, cookies, and biscuits favors the baking ingredients market growth.
The bakery sector is growing at a rapid pace with the rise in global population, rapid urbanization, changing consumer lifestyles, and increasing demand for comfort food. Bread, cakes, muffins, and doughnuts have become staples in many peoples’ diets. Consumers prefer bakery products for their convenience, affordability, and taste. According to the American Bakers Association, the annual turnover of the US bakery sector is ~US$ 154.0 billion. The sector employs ~800,000 skilled personnel, creating significant employment opportunities.
Key players operating in the global baking ingredients market are Cargill, Incorporated; ADM; Associated British Foods Plc.; Koninklijke DSM N.V.; Kerry Group Plc; AAK AB; British Bakels; Corbion; International Flavors & Fragrances Inc.; and Dawn Food Products Inc.; among others. These companies are making significant investments in R&D to develop innovative products, including organic, clean-label, genetically modified organisms-free (GMO-free), allergen-free, and plant-based varieties, to cater to the emerging consumer trends related to food and food ingredients.
Impact of COVID-19 Pandemic on Baking Ingredients Market
The COVID-19 pandemic brought unprecedented challenges for the food & beverages industry. Lockdowns, border restrictions, travel bans, plant shutdowns, and other government-led safety protocols disturbed the operations of manufacturing facilities. A shortage of raw materials due to disrupted supply chains led to elevated raw material prices and reduced production volumes. However, as governments allowed the sale of essential goods during lockdowns, sales of bakery products remained intact, thereby favoring the growth of the baking ingredients market. Moreover, due to the work from home mandates and lockdowns, people started consuming comfort food, such as cakes and cookies, to reduce pandemic-related stress. Further, in 2021, governments permitted the supermarkets and departmental stores to resume their operations, which positively impacted the sales of bakery products, especially frozen bakery products, as consumers stocked up on their groceries in response to the previous impacts of the outbreak. Thus, the COVID-19 pandemic had a mixed impact on the bakery industry and the baking ingredients market.
Baking Ingredients Market Breakdown – by Region
Baking Ingredients Market Forecast to 2028 by Size and Share
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Baking Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Baking Powder & Mixes; Emulsifiers; Enzymes; Starches; Colors & Flavors; Oils, Fats, and Shortening; and Others) and Application (Breads & Rolls, Biscuits & Cookies, Cakes & Pastries, and Others)
Baking Ingredients Market Forecast to 2028 by Size and Share
Download Free SampleBaking Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Baking Powder & Mixes; Emulsifiers; Enzymes; Starches; Colors & Flavors; Oils, Fats, and Shortening; and Others) and Application (Breads & Rolls, Biscuits & Cookies, Cakes & Pastries, and Others)
The report segments the baking ingredients market as follows:
Based on type, the baking ingredients market is segmented into baking powder & mixes; emulsifiers; enzymes; starches; colors & flavors; oils, fats, and shortening; and others. Based on application, the market is segmented into bread & rolls, biscuits & cookies, cakes & pastries, and others. Based on geography, the baking ingredients market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).
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