Global Baking Ingredients Market - 2023-2030

Global Baking Ingredients Market - 2023-2030

The Global Baking Ingredient Market US$ 16.5 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 26.1 billion by 2030. The market is growing at a CAGR of 5.9% during the forecast period 2023-2030.

Busy lifestyles have resulted in a demand for convenient and time-saving baking solutions. Baking ingredient manufacturers are offering pre-mixed baking ingredient blends, ready-to-use doughs, and baking mixes that simplify the baking process. These products cater to consumers who seek convenience without compromising on the quality of homemade baked goods.

Health-conscious consumers are driving the demand for healthier baking options. This has led to a surge in the use of whole grain flours, alternative flours (such as almond flour, coconut flour, and chickpea flour), low-sugar or sugar-substitute sweeteners, and functional ingredients like fibers and protein-rich ingredients. Baking ingredient manufacturers are responding to this trend by offering healthier alternatives without compromising taste and texture.

Market Dynamics

The Increasing Demand for Bakery Products is Driving the Baking Ingredients Market

According to USDA, in 2021, per capita consumption of baked products was 40.2 kg in the United States. The growing demand for bakery products has resulted in an expanded product range, including traditional, specialty, and artisanal items. This diversification requires a wider variety of baking ingredients to cater to different recipes, flavors, and textures. Baking ingredient manufacturers need to meet this demand by offering an extensive portfolio of ingredients, including alternative flours, natural sweeteners, specialty extracts, and various functional additives.

Rapid urbanization and the influence of Western diets in many parts of the world have led to increased consumption of bakery products. As people migrate to cities and adopt busier lifestyles, they often rely on convenient and easily accessible bakery items. This trend drives the demand for baking ingredients to meet the growing production needs of bakeries and food service establishments.

Increasing Disposable Income and Urbanization are Driving the Market Growth

Rising disposable incomes enable consumers to allocate more funds to indulgent and premium food items, including bakery products. As individuals have more disposable income, they are more likely to spend on baking ingredients to create homemade baked goods or purchase higher-end bakery products. This expanded consumer base drives the demand for baking ingredients and fuels market growth.

Urbanization often leads to changes in consumption patterns, including an increased preference for convenience foods, including bakery products. With urban dwellers leading busy lifestyles, they seek quick and easy meal solutions, including baked goods. This shift in consumption patterns translates to a higher demand for bakery products, thus driving the need for baking ingredients.

Stringent Food Regulations and Standards can Restrain the Market Growth of Baking Ingredient

Meeting regulatory requirements can be costly for baking ingredient manufacturers. They need to invest in quality control measures, testing equipment, and documentation to ensure compliance with food safety standards. These costs can pose a financial burden, especially for small and medium-sized enterprises (SMEs) with limited resources. The expenses associated with compliance may limit the ability of some manufacturers to enter the market or expand their operations, thus hindering the overall market growth.

Adhering to food regulations involves extensive paperwork, documentation, and record-keeping. Manufacturers must maintain detailed records of ingredient sourcing, processing methods, quality control measures, and product labeling. This administrative burden can be time-consuming and divert resources from other critical aspects of business operations. It may deter potential entrants or restrict the growth of existing players in the market.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

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Segment Analysis

The global baking ingredient market is segmented based on product type, application, and region. Widespread Bread Consumption Boosts Segment Growth

Depending upon the application, the baking ingredient market is divided into bread, biscuits & cookies, cakes & pastries, rolls & pies, and others.

In 2022, bread had the highest share in the baking ingredient market. Bread is a staple food in many cultures and cuisines around the world. For instance, According to the National Diet and Nutrition Survey conducted by the government, the average daily consumption of bread is 80 grams, with males consuming more bread (96 grams) than women (66 grams). Bread is a common part of breakfast, lunch, and dinner in various forms such as loaves, rolls, buns, and baguettes. The consistent demand for bread as a dietary staple contributes to its significant share in the baking ingredient market.

Bread comes in a wide range of varieties, including white bread, whole wheat bread, multigrain bread, sourdough bread, and specialty bread like ciabatta or rye bread. Each variety requires specific baking ingredients to achieve the desired texture, flavor, and appearance. The diverse range of bread options contributes to the demand for a variety of baking ingredients.

Geographical Analysis

Large Consumer Base of Baked Products in the North American region

North America, particularly the United States, has a well-developed baking industry with a strong demand for baking ingredients. For instance, according to the Government of Cannada, in the United States, the retail sales of baked goods were 67,981.9 million dollars. The region has a long-standing tradition of baking, and a wide variety of baked goods, including bread, cakes, pastries, cookies, and muffins, are consumed regularly. This established baking culture contributes to the high market share of baking ingredients.

North America has a large population, including a substantial number of urban dwellers with disposable income. The region's sizeable consumer base supports the demand for bakery products, driving the need for baking ingredients. The presence of numerous commercial bakeries, retail chains, and food service establishments further contributes to the high market share of baking ingredients in North America.

Competitive Landscape

The major global players include DowDuPont Inc., Archer Daniels Midland, Koninklijke DSM N.V., Cargill Incorporated, BASF SE, Ingredion Incorporated, Roquette Frères, SunOpta, Darling Ingredients Inc. and Omega Protein Corporation

Why Purchase the Report?
• To visualize the global baking ingredient market segmentation based on product type, application, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of baking ingredient market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Global Baking Ingredient Market Report Would Provide Approximately 53 Tables, 54 Figures And 102 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies