The
global baking powder market is consolidated with key players such as
ACH Food Companies Inc., Clabber Girl Corporation, Hansells Food
Group,Caravan Ingredients, Inc., and Weikfield accounting for
significant part of the market. The threat of new substitutes is
expected to be high as baking soda is a viable substitute for baking
powder. The threat of new entrants will also remain high owing to low
capital requirement for entering the market. Transparency Market
Research (TMR) in its new study, has found that key players are
focusing on product innovation and attempting to reduce production
costs by conducting forward and backward integration and achieving
economies of scale. Players in the market are focusing on wholesalers
and retailers as the consumption of baking powder by end consumers is
very low.
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According
to the report, the global market opportunity for baking powder is
expected to rise from US$2,723 mn in 2015 to US$3,361.9 mn by 2019.
On the basis of product, the tartrate segment is expected to continue
to lead and account for 30.2% of the market by 2019. By geography,
Asia Pacific led in 2012 and will continue to do so in the coming
years. Asia Pacific is expected to account for 37.1% of the global
baking powder market by 2019. Europe is also projected to be a key
regional segment in the coming years.
Rising
Consumption of Ready-to-eat Foods to Boost Demand for Baking Powder
Busy
lifestyles and a rise in the disposable income of the people are
having a huge impact on their food choices. Consumers are relying
more on ready-to-eat and convenient foods and this has led to a rise
in the demand for baking-powder-based foods such as pizzas, donuts,
burgers, and pastries. Thus, the trend of consuming junk food is
leading to heightened demand for baking powder across the globe. In
contrast, a growing number of health conscious people are
increasingly demanding well-balanced meals such as nutrition bars,
high fiber breads, and breakfast cereals. Since these food products
require baking powder, the market is expected to witness a growth.
Adverse
Effects of Junk Food to Threaten Baking Powder Market
As
consumers are increasingly becoming more aware about the adverse
effects of consuming excessive junk food, the demand for this type of
food is gradually declining and this is expected to threaten the
global baking powder market. The U.S. and Europe, which were key
markets for junk food are now reducing their demand for baking powder
as people are shifting towards healthier lifestyles. Another factor
hampering the growth of the market is the lack of awareness among
people regarding the difference between baking powder and baking soda
and thus, purchasing the latter owing to ignorance.
Product
Differentiation through Innovations to Create Opportunities of Growth
in Market
“Players
in the market are focusing on launching newer products with a
low-aluminum raising agent so as to achieve salt reduction in baking
powder,” says a TMR analyst. This is expected to reduce salt
amounts in baking powder without hampering the quality of the
product. Initiatives and innovations such as these are expected to
create new opportunities in the market. Manufacturers such as Kudos
Blends have launched innovative and healthier baking powder variants
which will be in favor of public health.
This
information is based on the findings of a report published by
Transparency Market Research titled “Baking
Powder Market - Global Industry Analysis, Size, Share, Growth,
Trends and Forecast, 2013 - 2019.”
The
global baking powder market is segmented as follows:
By
Products
- Phosphate-based Baking Powder
- Anhydrous Phosphate-based Baking Powder
- Sodium Aluminum Sulfate Phosphate-based Baking Powder
- Tartrate-based Baking Powder
- Aluminum-free Baking Powder
- Phosphate-free Baking Powder
- Others
By
Region
- Europe
- North America
- Asia Pacific
- Rest of the World
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