The global Baking Ingredients Market is estimated to value USD 16.6 billion in 2021 and is projected to reach USD 22.3 billion by 2026, at a CAGR of 6.0% during the forecast period. The growth of the baking ingredients market is driven by the rising demand for convenience food and changing food consumption patterns of consumers. Traditionally, the bakery was viewed as an indulgence category, which is likely why it is overlooked as a segment that could offer healthy products. This is now changing as the product developers incorporate new plant proteins into bread, waffles, snacks, etc. The most popular plant proteins, including pea and soy, are now being used in the formulation of bakery products to boost the nutrition profiles in a label-friendly way. Growing competitiveness among the small and medium-sized players is also helping this highly fragmented market. Increasing health awareness among consumers has led to the growth of the substitute market of cereals, which is considered a healthy food option. This is posing a challenge for the baking ingredients market.
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The baking powder and mixes hold the largest share in the baking ingredients market. Easy to use and store are key factors stoking the demand for baking mixes among individuals of various age groups. Baking mixes are available for several baked goods, including cakes, cookies, muffins, and bread. Baking mixes are available in powder form, with instructions on the box for mixing and baking. This, in turn, has increased its demand in developed countries. However, the use of enzymes has also been increasing. Enzymes are used to improve dough structure, softness, and increase the shelf life of products. Enzymes, such as amylases, xylanases, and lipases, are derived from natural sources. The global baking enzymes market was valued at USD 928.7 million in 2020 and is projected to reach USD 1,445.6 million by 2026. Other baking ingredients, such as leavening agents (yeast extracts), are primarily used for fermentation in baking. Emulsifiers such as lecithin are used in baked products to improve water absorption, crumb structure, and slicing characteristics of bread. Lecithin is a natural emulsifier that accounts for the major share in the baking ingredients market and also drives the market for low-fat foods. Emerging economies, such as India, China, and India, have a strong potential for growth in the baking ingredients market.
Furthermore, among the various application of baking ingredients, the sweet bakery segment is expected to rise at the fastest rate during the forecast period. Sweet bakery goods have also increased in demand. Owing to the COVID-19 crisis, people have started to demand comfort food, including bakery products, such as cakes, pastries, donuts, pies, and muffins. However, the demand was already strong before the pandemic hit the US shores, with all the key segments of the sweet bakery goods category has been showing growth over the past year. As more and more specialty bakeries are popping up as modern customers and dessert lovers are demanding treats with a personalized touch and are also on the lookout for local, fresh, and healthier options at the same time, the demand for various sweet bakery products is further expected to increase.
In the fastest-growing Asia Pacific region, China is expected to grow at the fastest rate during the forecast period due to the increase in consumption of varieties of flavored bread in breakfast and as a snack item. The thriving food industry in China is a broad sector, which comprises a wide variety of products, such as various bakery products, including both fresh and frozen bakery products. The industrialization has accelerated urbanization in China through the migration of rural populations to urban areas and the development of towns into cities. As a result of steady economic growth, Chinese households have experienced a continued increase in disposable income, which has contributed to an increase in the expenditure on food. Baked food, especially bread, is replacing traditional Chinese breakfast products, such as porridge and fried dough sticks. As per data provided by the National Bureau of Statistics of China, the per capita bread consumption increased from 2 kg in 2010 to 5.1 kg in 2015. This growth in the bakery sector presents opportunities for bakery-related industries, such as baking ingredients.
However, due to the increase in health-conscious people across the globe preferring a healthy lifestyle. The demand for bakery products, which are rich in fats and sugar, might reduce significantly. This will definitely cause an impact on the demand for various baking ingredients required in the manufacturing of these items. Trans-fatty acids are most commonly found in processed foods containing partially hydrogenated vegetable oils, such as margarine, palm oil, and butterfat, which are used as baking ingredients. Epidemiologic and biochemical evidence suggests that excessive usage of trans-fatty acid in the diet may lead to a significant risk of cardiovascular diseases and cancer in humans. Awareness about such negative health effects of trans-fatty acids is affecting the baking fats & shortenings market, and, in turn, the baking ingredients market. Baking ingredient manufacturers are focusing on reducing the trans-fatty acid content in their products and are also developing alternatives for them. The governments of many countries have fixed the intake level of trans-fatty acids and sugar content for various food products. Thus, helping people not to compromise taste for health.
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