Bakery Ingredients Market Overview
The global Bakery Ingredients Market size is projected to reach approximately USD 17.1 billion by 2024 and is expected to register a CAGR 5.9% during the forecast period of 2019 to 2024. Bakery ingredients are used in the preparation of bakery products. They hold a dominant position in improving the quality of baked products along with its longevity. Most commonly used bakery ingredients include an emulsifier, enzymes, starch, baking powder and mixes, colors & flavors, oil, fats & shortenings, and others. Each ingredient holds a significant role and functionality in preparation of bakery products. They offer several advantages such as reduced costs, increase protein content, volume enhancement, texture, color, and flavor enhancement.
Some of the key players profiled in the global bakery ingredients market are Archer Daniels Midland Company (U.S.), Kerry Group PLC (Ireland), Cargill Incorporated (U.S.), DuPont Nutrition & Health (Denmark), Tate & Lyle plc (U.K.), Associated British Foods PLC (U.K.), and Lallemand, Inc. (Canada)
Bakery ingredients are used in the preparation of bakery products including cookies & biscuits, bread, rolls & pies, cakes & pastries, and others. Changing lifestyle followed by growing consumption of convenience products is driving the growth of the global bakery ingredients market. Moreover, rising demand for bakery products is boosting the growth of the bakery ingredients market.
Increasing concern about obesity and inclination towards healthy diet is influencing innovation in bakery ingredients for low trans fats and gluten-free products. Continuous development of the packaging material and increased product diversification in the bakery industry is supporting the growth of the market. However, growing substitutes of bakery products may hamper the market growth.
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- Demand for natural ingredient bakery products is growing rapidly
- Rolls and pies have gained huge popularity in the U.S. and western countries of Europe.
On the basis of type, bakery ingredients are segmented as an emulsifier, enzymes, starch, baking powder and mixes, colors & flavors, oil, fats & shortenings, and others. Among all, baking powder and mixes segment are dominating the market. It is often used as a substitute for yeast in the baking industry owing to its quick processing time. However, emulsifier and enzymes are projected to be the fastest growing segment over the forecasted period.
Based on the application, bakery ingredients market is segmented into cookies & biscuits, bread, rolls & pies, cakes & pastries, and others. Among all, the bread is the dominating segment as owing to easy to prepare and a cost-effective. However, rolls and pies are witnessed to be growing at a substantial rate over the estimated period.
The global bakery ingredients market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the market followed by Europe. Asia Pacific is the fastest growing region for bakery ingredients market in which emerging markets of India and China are the major contributors.
In North America owing to the busy work schedule, most of the population prefers wraps, rolls and pocket sandwiches which is driving the growth of bakery ingredients in this region. In Europe, the U.K., Germany, and France are the major contributors to bakery ingredients market. Furthermore, rapid innovation in bakery industry with product diversification is likely to boost the growth of bakery ingredients in rest of the world.
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