(I-BusinessNews.Com, February 27, 2020 ) The report “Baking Ingredients Market by Type (Emulsifiers, Leavening Agents, Enzymes, Baking Powders & Mixes, Oil, Fats & Shortenings, Starch, Colors & Flavors), Application (Bread, Biscuits & Cookies, Cakes & Pastries, Rolls & Pies), and Region – Forecast to 2022″ Increasing demand for bakery products across regions is projected to encourage manufacturers to invest in various bakery ingredients. According to MarketsandMarkets, the bakery ingredients market is projected to account for a value of USD 16.9 billion by 2022, recording a CAGR of 5.4%.
Market Dynamics
Changing consumer lifestyles increase the demand for convenience foods and support demand for baked goods
Emerging markets such as Asia, Latin America, and Africa show strong potential for growth due to changing lifestyles and eating habits of consumers along with rising per capita consumption. China is emerging as the high potential market for bakery products. Improvement in the standard of living and lack of time for preparing home cooked food drives the demand for baking ingredients. Additionally, the increasing population of working women has led to an increase in the demand for baked products, as they are becoming a part of conventional diets in both urban and semi-urban areas. The market for products such as bread, cereal, cakes, biscuits, and pastries is well-established in Europe, as it has a higher per capita consumption of these products.
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Stringent regulations and international quality standards to impact baking ingredients
Baking ingredients are a mixture of various compounds and are subjected to rigorous health and safety checks based on the governmental regulations in different countries. Various studies have been conducted by regulatory bodies to assess the impact of these products on human health. Based on their results, products are classified, and the daily intake allowance (DIA) has been set. International bodies such as the National Food Safety and Quality Service (SENASA), Canadian Food Inspection Agency (CFIA), U.S. Food and Drug Administration (FDA), World Health Organization (WHO), and Committee on the Environment, Public Health and Food Safety (EU) are associated with food safety regulations. These organizations have control over the usage of different chemicals and materials used in food processing, directly or indirectly.
Emerging functions of baking ingredients to drive market growth
Consumer demand for baked products with favorable taste, texture, and mouthfeel has resulted in the development of various new functions of ingredients in the form of enzymes, emulsifiers, leavening agents, and fats & oils, which are used in bread, cakes, muffins, and pizza crusts. Ingredients such as enzymes improve protein solubility and reduce bitterness in the end products, in order to facilitate the production of great-tasting nutritional foods. With heavy investment in R&D, new functions across various baking ingredients are emerging rapidly, such as protein-based fat replacements, flavor enhancements, textural improvements, and prolonging the shelf life of products.
Growing substitution of baked products with cereals to affect baking ingredient prospects
As a result of the health-conscious approach of consumers, manufacturers are constantly searching for alternative ways to develop low-calorie products. Consumers are looking to cut down their sugar, fat, and bread consumption. Hence, they prefer healthy snacks, granola bars, and cereal. 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. To meet this challenge, many baking ingredient manufacturers have introduced numerous high-fiber additives as ingredients in a variety of foods, especially baked products, to satisfy consumer demand for increased fiber content in foods.
Europe To Hold the Largest Share in the Bakery Ingredients Market During the Forecast Period
In parallel to the increasing number of events, the demand for bakery and confectionery products remains high across regions as a staple food. Retail and bakery outlets focus on aligning with the increasing trend of consuming bakery products as snacks. High demand for bakery products in regions such as Europe has encouraged manufacturers to allocate their budget to a range of bakery ingredients. Due to these factors, Europe is projected to hold the largest share in the bakery ingredients market during the forecast period.
Leading players operating in the bakery ingredients market include Corbion N.V. (Netherlands), Associated British Foods plc (UK), British Bakels Limited (UK), Royal DSM N.V. (Netherlands), and AarhusKarlshamn (Sweden). Key players are adopting strategies such as product innovations and new product developments to enhance their brand image across regions.
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All in all, the bakery ingredients market is projected to record moderate growth during the forecast period. Manufacturers focus on offering low-fat bakery products to align with the requirements of health-conscious customers. Also, an increasing number of events has encouraged the purchase decisions of consumers for bakery and confectionery products. These factors are projected to contribute to the growth of the market.
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