The
global baking ingredients market is a highly competitive one. Archer
Daniels Midland Company, Associated British Foods Plc, DSM N.V., and
Cargill Incorporated are the key players operating in the market. To
hold their position in the market, many established participants are
expected to invest largely in research and development and keep
innovating to stay ahead of the curve. The other prominent players in
the market include LALLEMAND Inc., British Bakels, LFI (U.K.) Ltd.,
Puratos, CSM Bakery Solutions, Taura Natural Ingredients Ltd.,
Muntons Plc, and Macphie of Glenbervie Ltd.
Although
the global
baking ingredients market is consolidated in nature, there is
always room for more players with innovative ideas. In a recent
development, Flatev, a startup company headquartered in Zurich,
Switzerland is working towards developing a way for consumers to
prepare a wide variety of flatbreads. The company will be launching
its first worldwide manufacturing operation in Bridgeton, NJ. The
Flatev Artisan Baking System will give consumers the ability to
produce tasty, freshly baked, and nutritious artisanal flatbreads at
the push of a button.
According
to the TMR report, the global baking ingredients market will rise
from the initial value of US$11.7 bn in 2015 to US$18.1 bn by the end
of 2024 and will grow at a CAGR of 4.9% within the forecast period of
2016 to 2024.
Major
Influence of Western Lifestyle Supplements Growth of Asia Pacific
Market
Persistent
consumption of baked products has driven the market growth in Europe;
this region is expected to dominate the market during the forecast
period as well. North America is the second leading contributor to
the market as baked goods are a staple in this region.
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Over
the forecast period, Asia Pacific is expected to register strong
market growth as the demand for bakes and confectioneries is
projected to remain high. Also, high influence of Western lifestyle
and rising inclination towards Western food habits will propel the
market growth. Newer baking ingredients that are gluten free will
further drive the global baking ingredients market, attracting more
consumers who, due to dietary restrictions, were unable to indulge in
fine bakes.
On
the basis of ingredients, the market for baking ingredients is
classified into yeast, flour, sweeteners, flavor and color additives,
baking powder and baking soda, and fats. Owing to its indispensable
usage in baking, flavor and color additives are leading the market.
Exotic and luxury bakes are expected to supplement demand. The flour
segment also holds strong market potential as it is the key
ingredient used for making almost all types of baked products.
Baked
Goods as Convenient Snacks to Boost Demand
Baked
products are being consumed more than ever. Product innovation and
changing food habits and lifestyles have resulted in high demand for
baking ingredients. Due to a fast-paced life, people are opting for
ready-to-eat meals, convenient snacks comprising of bread rolls,
wraps, and pocket sandwiches over time-consuming food items.
Increased purchasing power and rise in disposable income have further
propelled the demand for baked items such as breads, buns, pastries
and pies, pizzas, and cakes and cupcakes.
However,
baked items – known for being unhealthy and fattening – are
shunned by fitness-conscious consumers. In addition, laws pertaining
to quality standard baked goods are likely to limit the market growth
during the said period.
This
review is based on the findings of a TMR report titled ‘Baking
Ingredients Market (Ingredient - Yeast, Baking Powder and Baking
Soda, Flour, Sweeteners, Flavor & Color Additives, and Fats;
Products - Bread, Biscuits and Cookies, Cakes and Cupcakes, Pastries
and Pie, Pizza and Buns, and Bagels and Donuts; Sector - Organized
Sector and Unorganized Sector) - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2016 - 2024.’
Global
Baking Ingredients Market, by Ingredients Type
- Yeast
- Baking Powder and Baking Soda
- Flour
- Sweeteners
- Flavor & Color Additives
- Fats
- Others
Global
Baking Ingredients Market, by Product Type
- Bread
- Biscuits & Cookies
- Cakes & Cupcakes
- Pastries & Pie
- Pizza & Buns
- Bagels & Donuts
- Others
Global
Baking Ingredients Market, by Sector
- Organized
- Unorganized Sector
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