As per the report furnished by Market Research Future (MRFR), the Global Bakery Ingredients Market will be experiencing a lavish growth at a stellar CAGR during the forecast period (2018-2023).
Emerging economies as well as developing countries around the world like India, Brazil, and Argentina, are exhibiting augmented demand for ready-to-eat products, for instance, bakery products and instant food products. This subsequently proves to be profitable for the bakery ingredients market. Nowadays, dining out has become part of a weekly routine, and not just something you do on special occasions. In addition, the café culture, especially in emerging economies is fast becoming more popular. The combination of these factors is contributing massively to the growth of the bakery ingredients market. Numerous manufacturers around the world are opting for advanced bakery solutions, like enzymes and emulsifiers, in order to cater to the increasing demand. This will give a significant push to the growth of the market in the coming years.
A large section of the modern population around the globe is currently living a hectic life, thereby leaving most people with no time to prepare meals. This indirectly results in the elevated demand for bakery products at a global level, and subsequently bakery ingredients.
Apart from this, ready-to-eat bakery products are replacing home-made meals among working-class consumers. This factor is compelling manufacturers to come up with nutritious bakery products, according to the latest trend of healthy foods. On that note, this particular preference for ready-made products is also extending to the younger age group, contributing substantially to the total global bakery product consumption. To sum it up, the availability of innovative bakery products along with unique flavor options is helping the bakery ingredients market to soar high globally.
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Kerry Group PLC (Ireland), Tate & Lyle plc (U.K.), Archer Daniels Midland Company (U.S.), DuPont Nutrition & Health (Denmark), Cargill Incorporated (U.S.), Lallemand Inc. (Canada), Associated British Foods PLC (U.K.), are some of the prominent companies competing in the bakery ingredients market.
January 2019 – Plant-Based Innovator Renmatix has entered into a partnership with Ingredient House with the intention of bringing about better cost-effective baking ingredients to prominent U.S. bakers. The two companies endeavor to replace eggs in baked goods with the incorporation of Simple Cellulose, which is a plant-based ingredient. This product has various benefits in emulsification, texturizing, moisture retention and fat replacement, which are desirable traits to cater to today’s healthy consumer tastes.
The market for bakery ingredients is segmented on the basis of type and application.
The types of bakery ingredients are emulsifier, enzymes, starch, baking powder and mixes, colors & flavors, oil, fats & shortenings, and others. Among these, the baking powder and mixes segment dominates the global market, with its growing use as a substitute for yeast in the baking industry as its processing time is quite short. But it is the segment of emulsifier and enzymes that is projected to grow the fastest over the forecasted period.
Bakery ingredients find various applications in preparation of cookies & biscuits, bread, rolls & pies, cakes & pastries, and others. Here, the bread is the dominating segment on account of its easy preparation and cost-effective aspect. However, the segment of rolls and pies is set to experience substantial growth over the estimated period.
The Global Bakery Ingredients Market is spread across the key regions of Europe, North America, Asia Pacific, and the rest of the world (RoW).
Among all the regions, North America has secured the leading position in the global market, with Europe tailing it as the second largest market. However, Asia Pacific is on its way to be the fastest growing region for bakery ingredients market, with emerging markets such as India and China being the major contributors.
Due to the busy work schedule of the majority of the population in North America, wraps, rolls and pocket sandwiches have gained immense popularity. This factor fosters the growth of bakery ingredients in the region.
The Europe region consists of countries like the United Kingdom (U.K), Germany, and France that contribute massively to the regional bakery ingredients market.
On the other hand, rapid innovation in bakery industry backed by product diversification is most likely to present numerous growth opportunities to the bakery ingredients in the rest of the world.