According to a new report published by Allied Market Research, titled, “Bakery Ingredients Market by Type and Application: Opportunity Analysis and Industry Forecast, 2021–2027,”
The global bakery ingredients market size was valued at $13.9 billion in 2019, and is projected to reach at $19.2 billion by 2027, growing at a CAGR of 5.7% from 2021 to 2027. In 2019, the bread segment accounted for about 70% of the share by value in the global market.
Bakery ingredients are the building blocks of finished bakery foods such as bread, cookies & biscuits, rolls & pies, cakes & pastries, and others. Increase in trend of healthy eating and rise preference for convenience food are the primary factors boosting the growth of the market. Prominent players and large corporates are developing their products to follow the consumer trends and boost the company growth to occupy major market share.
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The key bakery ingredients market trends that fuels the growth of market include busy lifestyle of people, which in turn propels the demand for convenient and time-saving bakery products. Moreover, growth in demand for Western-style diet in developing nations, and rise in trend of low-trans fat & gluten-free products fuel the market growth. In addition, alarming obesity rates and increasing fitness-related concerns have shifted the interest of consumers toward healthier bakery food items. However, inclination toward healthier cereals, such as oats, as compared to baked products and stringent regulations on the ingredients used in baked food products & international quality standards hamper the bakery ingredients market growth. Nevertheless, increase in popularity of frozen baked foods along with efforts of the key players to innovate & manufacture heathier food items, reduced production costs, and increased shelf life of products are anticipated to provide lucrative opportunities to the market players.
Moreover, halt in the production of bakery products and its processing due to lockdown and social distancing being practiced all around the world have adversely affected the growth of this industry. The market on the other hand has not experienced a steep down trend, in terms of demand, as it remains somewhat similar prior to the virus outbreak being a daily consumable item. This disparity in the availability of product and its demand is expected foster quick recovery for the bakery ingredients market once the pandemic ends.
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The dry baking mix segment dominated the global market with around 19% share of the overall revenue in 2019. The fiber segment is expected to witness significant growth during the bakery ingredients market forecast period, owing to its associated health benefits such as healthy gut and weight management. The enzymes segment is expected to grow at the highest CAGR during the forecast period, as enzymes serve as an ideal alternative to potassium bromate, which is banned in regions such as European Union, Canada, Brazil, Argentina, Peru, India, China, South Korea, and Sri Lanka. North America and Europe accounted around 68% share of the market in 2019, owing to the presence of different varieties and large-scale consumption of bakery ingredients.
Bread segment held the major share in the bakery ingredients market, accounting 68.7% of the overall global market. This is attributed to the rise in disposable income, rapid urbanization, and shift in consumer preferences boost the demand for bread in the food industry. The market is dominated by white bread, however, over the years, brown bread and other nutritional breads are gaining high popularity among health-conscious consumers.
Rise in disposable income, increase in urbanization, and shift in trend toward Western-style diet boost the growth of the bakery industry in the Asia-Pacific region.
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The key players profiled in the bakery ingredients industry include Archer-Daniels-Midland Company, Associated British Foods Plc., Cargill Incorporated, E. I. Du Pont De Nemours and Company, Ingredion Incorporated, Kerry Group, Plc., Koninklijke DSM N.V., Dawn Food Products, Inc., Bakels Group, and Lallemand Inc.
Key findings of the study
The dry baking mix market was valued at $2.5 billion in 2019, and is anticipated to reach $3.6 billion by 2027, with a CAGR of 6.1% during the forecast period.
On the basis of application, the Bread led the market, garnering 68.7% of the global bakery ingredients market share in 2019.
In 2019, North America was the most prominent market, and is expected to grow at a significant CAGR throughout the forecast period.
In 2019, Europe held the major share in bakery ingredients market and is expected to grow at a significant CAGR during the forecast period.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned.