The Global Baking Ingredients Market- Trends, COVID-19 impact and Forecast (2021-2025)
Global bakery ingredients market is segmented based on end use as breads, cakes & pastries, cookies & biscuits, rolls & pies and others; based on ingredient type as emulsifiers, leaving agents, enzymes, baking powder & mixes, oils & fats, starch and colours & flavours; based on geography as North America, Europe, APAC and ROW.
Introduction
Bakery ingredients are food products that help maintain freshness, softness, & taste; improve shelf life; and increase the protein content in the baked items. These items are available in different varieties in the market and are considered as the basic food for human nutrition globally. The choice of the ingredients and the compositions determine the flavor & texture of the baked food product.
Evolving retail landscape of retail bakery products has been one of the crucial factors for the expansion of the market over the last few years. The market witnessed a high consumption rate in the categories of cakes, pastries, pies, scones, bread, biscuits, and cereals in the developed markets of North America and Western Europe.
The trend of developing healthy alternatives is possible owing to the provision of adding fibre. Also, the enhancement of the nutritional level in bakery products has gained momentum. The incorporation of functional ingredients, such as omega-3, multigrain, probiotics, multivitamins, and phytosterols in bakery products, adds additional nutritional value.
Table of Contents
Market Overview
The Global baking ingredients market is expected to grow to $19.38 billion by 2025
Growth momentum is expected to accelerate during the forecast period with 5.7% CAGR
COVID-19 has resulted in a devastating impact on the bakery ingredients market in two main ways: by directly affecting production and demand, and by creating supply chain and market disruption
The global Baking Ingredients Market has witnessed strong growth owing to the increasing consumer’s choice for numerous bakery products.
Key Trends
The growing demand for ready-to-eat food is expected to boost the bakery ingredients market. The shift from conventional home-cooked food to convenience foods has also increased the demand for these bakery ingredients in the emerging markets.
Change in culture and routines of people in the developing nations and growth in demand for low trans-fat & gluten-free products are expected to increase the market growth. In addition, rapid rise in obesity rates and rise in fitness-related concerns have fueled the demand for healthy bakery food products.
Key Market Players
Some of the key players in the market are Flowers Foods, Hostess Brands, Mckee Foods Corporation, George Weston Ltd., Grupo Bimbo and Uniferm.
Growth Drivers and Challenges
The key drivers for the market’s growth are the changing consumer lifestyles, preference for convenience foods, demand for gluten-free foods, and growing demand for natural and healthy ingredients.
Changing lifestyle and the rising disposable income is driving the market.
Growing health consciousness and increasing awareness of the advantages of natural and organic baking ingredients such as sweeteners, natural flavors, and oils is leading the growth of the market.
Increasing consumer awareness towards health has further bolstered the growth of cereals substitutes, which is considered a healthier alternative and is expected to pose a challenge for the baking ingredients market over the forecast period.
The growing substitution of baked goods with cereals and other options is difficult to counter unless there are nutritious and innovative products in the bakery ingredients category