Europe is Projected to Lead the Baking Ingredients Market in Coming Years
The global baking ingredients market is expected to grow from USD 16.6 billion in 2021 to USD 22.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026.
The growth of the baking ingredients market is driven by the rising demand for healthier food and changing food consumption patterns of consumers. The key drivers for the market’s growth are the changing consumer lifestyles, preference for convenience foods, and increasing demand for natural and healthy ingredients. A broad range of trends is driving innovation in the bakery products sector, providing products formulated with plant protein, healthier fats, creative flavors, and color combinations, or less sugar and synthetic ingredients. The industry is seeing major innovations in clean label, vegan, and gluten-free offerings.
Asia pacific is projected to be the fastest-growing market for baking ingredients market, recording a CAGR of 7.2% from 2021 to 2026. Factors such as changes in eating habits of consumers, increasing urbanization, and rising consumption patterns of baked products have driven growth in the market in this region. In emerging economies such as India, China, and Indonesia, the penetration of packaged and convenience food is the key driver for the baking industry.
Europe projected to be the largest market.
Factors such as increased consumption of baked goods, especially as convenient food products, and awareness about natural baking ingredients, such as yeast extracts, enzymes, and fibers are the major factors for the large market size of Europe in the baking ingredients market. According to AIBI bread market report 2012, Europeans on average consumed 58 kgs of bread and bakery products per capita. Bread and bakery products are produced in a number of different ways: by large industrial companies, by traditional smaller-scale bakeries, and by people at home.
This report includes a study on the marketing and development strategies, along with a study on the product portfolios of the leading companies operating in the baking ingredients market. It consists of the profiles of leading companies such as Cargill (U.S.), Archer Daniels Midland Company (U.S.), Associated British Foods plc (U.K.), Koninklijke DSM N.V. (The Netherlands), Kerry Group plc (Ireland), and AAK AB (Sweden). Other players include British Bakels (U.K.), Corbion (the Netherlands), IFF (US), and Dawn Food Products, Inc. (U.S.).