Market Research Report
Food ingredients used in the bakery industry are known as bakery ingredients. Some of the profoundly used bakery ingredients include baking powder, butter, baking soda, flour, eggs, fruits, nuts, honey, flavor enhancers, and color additives. The primary function of these ingredients comprise of performing emulsification, protein consolidation and aeration and conserving freshness in baked food. Baked products come in broad varieties, and the intake preferences vary innately to diverse eating habits and awareness from region to region. The global bakery ingredients market is estimated to grow at a CAGR between 5.5 % to 6.5% from 2019 to 2024.
The growth of the global bakery ingredients market is largely driven by factors such as increase in demand for bakery ingredients, and ever-changing lifestyles which leave little to no time to cook meals. In addition, the rising population of working women has prompted the need for ready to eat baked food, thereby replacing the orthodox home cooked food. However, high sugar and carb levels in the baked products which lead to health problems may act as the biggest restraining factor for the growth of this market. The diabetic epidemic is a key heath issue throughout the world and it has been escalating, especially in middle income families, who are the chief consumers of bakery products. Additionally, excess sugar intake is linked to metabolic dysfunction, liver damage, and obesity, which are driving the health conscious users away from baked food items.
The global bakery ingredients market is segmented based on application and type. The market for bakery ingredients, on the basis of application, is segmented into cookies & biscuits, cakes & pastries, rolls & pies, bread, and others. On the basis of type, the market is segmented into enzymes, baking powder & mixes, colours & flavours, starch, oils, fats & shortenings, leavening agents, emulsifiers, and others. Application of bakery ingredients in bread making is estimated to dominate the global market till 2024. However, the cookies & biscuits segment is anticipated to grow at the highest CAGR during the forecast period 2019 and 2024 due to growing demand from emerging economies. Based on type, the baking powders & mixes segment leads the global market, followed by oils, & shortenings. However, the enzymes segment is projected to grow at the highest CAGR in terms of value. Ingredients offering similar functionalities are engaging in an intense rivalry due to raw material unavailability and production expenses. For example, use of enzymes in baking limits the progress of emulsifiers in baking applications.
Based on geography, the global Bakery ingredients market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. Europe is the largest market for bakery ingredients followed by North America, due to the high rate of production and intake of baked food items in these regions. The developing markets of Asia-Pacific most importantly India and China, account for the high growth rate due to growing disposable incomes, and the popularity of western food trends among the middle class. Mexico, Japan, Canada, and South Korea are some of the other promising players in this market.
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