Baking Ingredients Market Research Report - Global Forecast to 2023
Market Insights: Baked products are highly popular due to their convenience and the ongoing innovation in product offerings. As such, baking ingredients are an essential part of this and Market Research Future's latest report on the global Baking Ingredients Market has divulged several important details regarding the growth of the market over the review period from 2018 to 2023. The revenue generated by the global baking ingredients market in 2017 was recorded at USD 34.62 Bn. The market has been projected to register a consistent CAGR of 5.2% during the review period from 2018 to 2023, which will likely result in a market value of USD 44.02 Bn by the end of 2023.
Market growth is also encouraged by the increased demand for products low in trans-fat as well as glutenfree products which have prompted market players to expand their product offerings to tap into the high demand for bakery products. Healthy options are in high demand as consumers become more aware regarding food ingredients. Baked products are expected to witness consistent growth as bread, and other similar items are staples food items, particularly in certain developed countries. Meanwhile, changing trends in developing economies are expected to affect the market positively as the demand for bakery products increases.
Notably, the market's growth is expected to be hampered by the growing substitution of baked products with whole grain cereals, and the health consciousness trend continues. However, increasing applications of baking ingredients and the growth of the frozen bakery products market will likely yield opportunities in the coming years.
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Key Players: Prominent market participants in MRFR’s global Baking Ingredients market report include Koninklijke DSM N.V., Roquette Frères, Ingredion Incorporated, BASF SE, Cargill Incorporated, SunOpta, Omega Protein Corporation, Archer Daniels Midland Company, and Darling Ingredients Inc.
Regional Analysis: Meanwhile, the Asia-Pacific is slated to grow at the fastest pace and witness a high CAGR during the review period. Consumers in countries such as China, India, and Japan among others are increasing adopting bakery products in their diets. Innovation regarding these products to cater to the local market has greatly encouraged the growth of the bakery products sector which in turn has positively impacted demand for baking ingredients.
Market Segmentation: Applications of Baking Ingredients have been segmented into bread, cookies & biscuits, rolls & pies, confectionery, and others. Bread which is among the most consumed bakery item has the most significant share of the global Baking Ingredients market, while confectionery is expected to witness rapid growth at the highest CAGR during the assessment period.