The
global baking ingredients market is projected to witness a steady
trajectory of growth over the coming years. According to Transparency
Market Research (TMR), the competitive landscape of the overall
baking ingredients market is predicted to be a tough due to presence
of numerous players – big and small. It would also lead to
consolidation in which large players will gobble up their smaller
counterparts. Astute players in the market are banking upon
technological advances to differentiate their products and lower
manufacturing and packaging costs too. The vendors compete on factors
such as quality, service, distribution, innovation and price,
impelling them to adopt a unique product and service manifesto.
Leading vendors in the global baking ingredients market are
Associated British Foods Plc, Archer Daniels Midland Company, Muntons
Plc, CSM Bakery Solutions, Cargill Incorporated, and Macphie of
Glenbervie Ltd.
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TMR’s
report estimates that the global bakery ingredients market, valued at
US$11.7 bn in 2015, will attain a value of US$181.1 bn by the year
2024. Thus, over the forecast duration of 2016 to 2024, the worldwide
bakery ingredients market is prognosticated to witness a 4.9% growth
rate. Based on geography, the Asia Pacific market is anticipated to
showcase immense potential for growth.
Based
on the type of ingredients, the global market for baking ingredients
is comprised of baking powder and baking soda, yeast, flour, flavor
and color additives, sweeteners, and fats. The segment of flavor and
color additives is projected to experience remarkable progress in the
coming years due to their vital use in the process of baking. The
surge in demand for exotic and luxury baked products are also
anticipated to uplift the demand for this segment in the years to
come.
Geographically,
while Europe held a large share in the global baking
ingredients market in the year 2015 due to frequent and
consistent consumption of bakery items, Asia Pacific is slated to
showcase immense potential for growth in the coming years, and is
forecasted to witness a higher growth rate in comparison to other
regions. This could be ascribed to the growing amount of young
generation adopting western lifestyles and food habits.
Due
to the tremendous consumer demand for healthy and nutritional
ingredients in baked foods, the use of whole grain, low sugar and
zero trans-fat per serving is in high demand. The rising rate of
obesity and the aging population have propelled the use of
nutritional ingredients to the forefront. Moreover, the perpetual
demand for ready-to-eat food is predicted to fuel the bakery
ingredients market too. The shifting consumer inclination from
conventional home cooked food to convenience, ready-to-eat foods is
also a key factor offering numerous growth opportunities to bakery
ingredients in the emerging markets. Adoption of westernized
lifestyle, double income families, emphasis on healthier lifestyles,
greater nutrition awareness, and increase in disposable income are
the major factors that are responsible for the growth in baked foods
industry, which in turn will drive the demand for the bakery
ingredients manufacturers.
While
the rapid surge in obesity rates and growing concerns with regard to
maintaining fitness has fueled the demand for healthy bakery food
products, the trend for replacement of baked products by cereals,
such as oats, is expected to act as a significant market
hindrance.Furthermore, stringent regulations and implementation of
international quality standards hamper the market growth.
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