Global Vegan Baking Ingredients Market - 2023-2030

Global Vegan Baking Ingredients Market - 2023-2030

Global Vegan Baking Ingredients Market US$ 1.7 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 3.1 billion by 2030. The market is growing at a CAGR of 8.1% during the forecast period 2023-2030.

The number of people embracing a vegan lifestyle and following a plant-based diet is on the rise which boosts the vegan baking ingredients market. As individuals choose to eliminate or reduce their consumption of animal products, there is a corresponding increase in the demand for vegan alternatives, including vegan baking ingredients. The expanding vegan population acts as a significant driver for the growth of the vegan baking ingredients market.

The vegan baking ingredients market has witnessed a significant expansion in product variety. Manufacturers are continuously introducing new and innovative vegan alternatives to traditional baking ingredients. This includes plant-based egg replacers, non-dairy milk options, vegan butter substitutes, alternative sweeteners, and gluten-free flour. The focus is on providing a wide range of options to cater to different dietary preferences and allergen needs.

Market Dynamics
The Growing Availability of Vegan Food Products at Major Retailers is Driving the Market Growth of Vegan Baking Ingredients Market
The availability of vegan food products at major retailers reflects the mainstream acceptance of plant-based alternatives. It signals a shift in consumer demand and preferences towards vegan options, including vegan baking ingredients. As more consumers see vegan products prominently displayed and stocked alongside conventional options, it normalizes and encourages the adoption of vegan alternatives.

Major retailers, including supermarkets, grocery chains, and online platforms, play a crucial role in shaping consumer access to products. For instance, Aldi Supermarkets saw a 500% rise in vegan food sales during January 2022. The growing presence of vegan food products in these retail outlets ensures that vegan baking ingredients are more readily available to a wider consumer base. Increased accessibility encourages consumers to explore vegan baking and purchase the necessary ingredients.

Growing Awareness Among Consumers about the Health Benefits of a Plant-based Diet is Driving the Vegan Baking Ingredients Market
There is a growing recognition of the potential positive health impacts linked with adopting a plant-based diet. Consumers are recognizing that reducing or eliminating animal products from their diets can lead to various health advantages, such as lower risks of heart disease, certain cancers, and obesity. As a result, many individuals are actively seeking out plant-based alternatives, including vegan baking ingredients, to align with their dietary preferences.

Consumers are becoming more conscious of their food choices, even in baking. They are actively seeking healthier alternatives to traditional baking ingredients, such as eggs, butter, and refined sugars. Vegan baking ingredients offer a solution by providing plant-based alternatives that are often lower in saturated fats, cholesterol, and added sugars. This health-conscious consumer behavior drives the demand for vegan baking ingredients.

Texture and Performance Challenges Can Restrain the Market Growth of Vegan Baking Ingredients
Texture and taste are crucial factors in the baking industry. Achieving the desired texture and performance in vegan baking can be more complex compared to traditional baking. Certain characteristics that animal-based ingredients provide, such as moisture, binding properties, or leavening abilities, may be more challenging to replicate using plant-based alternatives.

Eggs and dairy products contribute to the moistness of baked goods. Without them, vegan alternatives like applesauce or mashed bananas may alter the texture, resulting in drier products. Vegan ingredients, such as non-dairy milk or butter substitutes, may have distinct flavors that can alter the taste of baked goods. Some consumers may find these flavors less appealing or different from the traditional versions. Some vegan baking ingredients may be less readily available or more expensive compared to their conventional counterparts. This can pose challenges for both manufacturers and consumers, limiting the market growth of vegan baking ingredients.

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).

Segment Analysis
The global vegan baking ingredients market is segmented based on product type, nature, application, and region.

Flour Held Highest Share in the Vegan Baking Ingredients Market
Depending upon the product type, the vegan baking ingredients market is divided into flour, flavoring agents, vegetable oil, sweeteners, others
In 2022, flour had the highest share in the vegan baking ingredients market. Flour is a fundamental ingredient in baking, regardless of whether it is vegan or non-vegan baking. It serves as a primary structure-building ingredient and provides texture, structure, and bulk to baked goods. Flour is used in a wide variety of recipes, including bread, cakes, cookies, pastries, and more. Given its essential role in baking, flour holds a prominent position in the vegan baking ingredients market.

Flour offers versatility in baking applications. It can be used as a primary ingredient or in combination with other vegan baking ingredients to create a wide range of textures and structures. Different types of flour have unique characteristics, such as gluten content, protein levels, and starch composition, which influence the texture and performance of baked goods. The versatility of flour makes it a crucial ingredient in vegan baking.

Geographical Analysis
Large Consumer Base of Baked Products in the Asia Pacific Region
The Asia Pacific region has a large population, and there has been a noticeable shift in consumer preferences toward plant-based diets and vegan lifestyles. Increasing awareness about health, animal welfare, and environmental sustainability has led to a growing demand for vegan products, including vegan baking ingredients.

The region's expanding middle-class population has contributed to the increased demand for baking ingredients. For instance, according to USDA, the per capita consumption of baked products in China is 7.2 kilograms per year. As disposable incomes rise, consumers have more purchasing power and are willing to invest in healthier and ethically conscious food choices. The growing middle-class segment is more inclined to explore vegan alternatives and experiment with vegan baking at home.

Competitive Landscape
The major global players include Dawn Foods, Inc., Associated British Foods plc, Bakels Group, BASF SE, Cargill, Inc., Dohler, Lallemand Inc., Turtle Island Foods, Kerry Group plc, and Ingredion Inc.
Why Purchase the Report?

• To visualize the global vegan baking ingredients market segmentation based on product type, nature, application, and region understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of vegan baking ingredients 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 Vegan Baking Ingredients 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