Baking Ingredients Market to Surpass 29.73 Billion by 2030 Drives Due to Increasing Demand for Multi-Cuisine Bakery Products
SkyQuest projects that the baking ingredients market will attain a USD 29.73 billion value by 2030, with a CAGR of 6% over the forecast period (2023-2030). The baking ingredients market is set to experience significant growth, fueled by several factors. One of the key drivers is the increasing demand for multi-cuisine bakery products. Consumers increasingly seek diverse bakery offerings, from traditional bread and pastries to international favorites, reflecting the globalized culinary landscape.
Westford, USA, July 25, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the baking ingredients market is witnessing a wave of innovation as manufacturers strive to extend the shelf life of their products while maintaining freshness. Many innovative methods have been developed to achieve this goal, ensuring that baked goods remain appealing and flavorful for an extended period. One prominent trend is the introduction of baked products that incorporate natural ingredients and enzymes with low sugar levels. These natural additives enhance the products’ taste and freshness and address the increasing demand for healthier bakery options among consumers.
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- Pages – 242
- Tables – 98
- Figures – 76
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The global baking ingredients market is experiencing significant growth driven by individual contributions from various end-use segments such as bread, cakes & pastries, cookies & biscuits, and rolls & pies. The diverse demand for baked goods across these segments propels the market forward. Moreover, the market benefits from new applications and innovations in developed economies aimed at producing high-quality baked goods with improved taste, texture, and shelf life.
Prominent Players in the Baking Ingredients Market
- Cargill, Incorporated
- Archer Daniels Midland Company (ADM)
- Kerry Group plc
- Associated British Foods Plc (ABF)
- Koninklijke DSM N.V.
- Ingredion Incorporated
- Corbion N.V.
- Tate & Lyle plc
- Lallemand Inc.
- Lesaffre Group
- DuPont de Nemours, Inc.
- Arla Foods amba
- Puratos Group NV
- Dawn Food Products Inc.
- AAK AB (publ)
- British Bakels
- Taura Natural Ingredients Limited
- J&K Ingredients Corporation
- Barry Callebaut AG
- Callebaut & Co. NV
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Bread Segment is Expected to Grow the Market Due to its Aroma and Flavor
The bread segment emerged as a substantial contributor to the bakery ingredients market, holding a significant market share. Bakery ingredients play a crucial role in bread-making, as they contribute to the dough’s aroma, flavor, and overall conditioning. The demand for bread remains consistently high, making it a staple food in many cultures worldwide.
The markets in the North America accounted for a significant share of over 25.3% in the global baking ingredients market, and this region is projected to continue its growth momentum at a notable CAGR of 6.1% throughout the forecast period.
Dry Baking Powder and Mix Segment is Expected to Dominate the Market Due to Widely Used in Baking
The dry baking powder and mix segment emerged as the dominant force in the global bakery ingredients market, holding a substantial share of approximately 18.4% of the total market revenue in 2022. Baking powder, a vital component of this segment, is a dry, chemical-leavening ingredient widely used in baking.
Regional markets in the Asia Pacific are poised for rapid growth in the bakery ingredients market, primarily driven by the region’s growing economy and increasing consumer purchasing power. As countries in the Asia Pacific region experience economic development and rising disposable incomes, consumers have more spending capacity, leading to an elevated demand for bakery products.
A comprehensive analysis of the major players in the baking ingredients market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Baking Ingredients Market
- Koninklijke DSM N.V. from the Netherlands recently introduced two innovative solutions, BakeZyme Fresh XL and BakeZyme Master, to address freshness challenges encountered by bakers worldwide. These new maltogenic amylase solutions offer a breakthrough in the baking industry, enabling the production of high-quality baked goods. BakeZyme Fresh XL and BakeZyme Master are designed to enhance the shelf life of baked items, ensuring they stay fresher for longer, ultimately meeting the demands of both consumers and bakers alike.
- Kerry Group Plc, based in Ireland, recently made a significant acquisition by purchasing Bio-K Plus International, a Canadian company, through its Taste & Nutrition division based in Canada. This strategic move by Kerry Group allowed the expansion of its probiotics portfolio, further strengthening its position in the market.
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Key Questions Answered in Baking Ingredients Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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