Baking Ingredients Market : An Insight On the Important Factors & Trends Influencing the Market

The first evidence of baking dates back to the Babylonian era, and Man has come a long way since then. New products as well as techniques of baking have been developed. However, the main ingredients have remained more or less the same. Baking ingredients include baking powder, baking soda, flour, butter, eggs, yeasts, honey, fruits, nuts, and several flavor and color additives. Baked products come in a wide variety, and the consumption trends depend on the preference of the local population. General bakery products include biscuits, cookies, breads, cakes, pastries, pies, torts, donuts, and chalets. Baking ingredients are not just industry specific, but also have many domestic markets scattered around the world.

The growth in the bakery ingredients market is directly related to the changing dimensions of the baking industry as a whole. Breads and cakes are the staple food of the western culture, and not as much relevant in Asia-Pacific. The annual per capita consumption of baked food in these geographies is more than twenty-five times the consumption in the Asia-Pacific region. The bakery market is matured in these countries, but it is expected to grow exponentially in the Asia-Pacific region. India and China have clocked double digit growths in this market recently, and even if the consumption per capita is not set to match the western standards, the population is a key factor for the estimated increase in the market for baking ingredients here.

This industry is driven by culture and taste-buds. Even though the diffusion of a common or similar global food habit has occurred due to globalization, staple food consumption is unlikely to alter substantially in any culture. The key markets of the U.S. and Europe are not going to dissipate, although there is a high chance of growth in the Asia-Pacific region where the food culture is gradually changing. Changing lifestyles, better distribution channels, and progress in science and technology has driven the growth of this industry.

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This industry is highly affected by the macro-economic situation of an economy, as the consumption of fancy bakery products decline sharply due to economic downturns. Also, the industry is highly competitive in nature, and constant innovation of products is absolutely necessary to sustain in the market. A large number of firms compete in this arena and some of the major players in the baking ingredient market are Taura, AAK UK, British Bakels Ltd, CSM, Dawn Foods Ltd, and Muntons plc.