Market Highlights
The Global Baking Ingredients market is projected to be valued at USD 24.85 Billion by 2033, recording a CAGR of around 6.01% during the forecast period. The baking ingredients market encompasses a variety of essential components crucial for baking, including flour, sugar, shortenings, leavening agents, eggs, water, salt, milk, and milk derivatives. These ingredients serve distinct functions in baking, such as providing structure, tenderness, moisture, and flavor enhancement to bakery products. With the global exposure to diverse bakery products, the demand for baking ingredients has increased significantly, offering benefits like cost reduction, volume enhancement, and improved texture and flavor. Enzymes, for instance, are highly valued for enhancing protein solubility and reducing bitterness in baked goods, highlighting the importance of each ingredient in achieving successful baking outcomes.
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The COVID-19 pandemic has caused supply chain hiccups, which have decreased demand or created shortages in the market for baking ingredients. Spending by consumers and businesses has decreased significantly as a result of the travel restrictions and social distancing measures, and this trend is expected to persist for some time. The epidemic has altered end-user trends and tastes, leading manufacturers, developers, and service providers to implement several measures in an attempt to stabilize their businesses.
Segmental Analysis
The global Baking Ingredients market has been segmented based on Type and Application
Based on Type, the market is segmented based on Emulsifiers, Enzymes, Starch, Fiber, Oils, fats, and shortenings, Baking powder and mixes, Preservatives, Colors & flavors, Leavening agents, Others. Baking powders and mixes made up approximately 27% of sales in terms of market share for the product sector in 2022. It is a major component of many baked goods around the world and a good source of carbs, vitamins, and proteins. Wheat baking powder has become more popular as a result of rising consumer awareness of organic products. This has decreased levels of cholesterol and saturated fat, which has raised market income for baking ingredients.
Based on End Users, the market has been divided into the Bread, Sweet Bakery. By 2023, the bread industry is expected to account for the majority of the demand for baking ingredients. The substantial market share of this category is influenced by factors such as increased bread consumption, growing demand for fast food, changing lifestyles, and growing customer desire for items with health claims including whole grain, organic, fortified, gluten-free, and wheat substitute.
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Regional Analysis
The Baking Ingredients market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. Asia-Pacific holds a dominant position in the Baking Ingredients Market. The market for baking ingredients in Asia-Pacific was valued at USD 6.6 billion in 2022 and is projected to rise at a substantial CAGR over the course of the study. This is a result of both the aging population in the area and the increasing number of ingredient manufacturers who supply emulsifiers, enzymes, baking powders, oils, and fats. The Europe region has indeed emerged as the fastest-growing market for the Baking Ingredients industry. Due to the availability of Baking opportunities resulting from high-quality product production, an aging population, and an increase in the market for businesses producing bakery ingredients in tandem with the demand for various components and changing consumer tastes, Europe’s baking ingredients market holds the second-largest market share.
