Baking Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Baking Powder & Mixes; Emulsifiers; Enzymes; Starches; Colors & Flavors; Oils, Fats, and Shortening; and Others) and Application (Breads & Rolls, Biscuits & Cookies,

Baking Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Baking Powder & Mixes; Emulsifiers; Enzymes; Starches; Colors & Flavors; Oils, Fats, and Shortening; and Others) and Application (Breads & Rolls, Biscuits & Cookies, Cakes & Pastries, and Others)

The baking ingredients market is projected to reach US$ 22,278.10 million by 2028 from US$ 16,444.97 million in 2022; it is expected to grow at a CAGR of 5.2% from 2022 to 2028.

Bakery ingredients include flour, yeast, sweeteners, emulsifiers, flavors, colors, stabilizers, hydrocolloids, and enzymes, among others. With the rapidly evolving health and wellness trends, consumers are becoming concerned about the use of chemical preservatives and synthetic additives in bakery products. This is catalyzing their switch to products with natural preservatives, colors, and flavors. This factor is driving the demand for functional, organic, and clean-label bakery ingredients. Further, people are focusing on their daily intake of nutrients and seek products that may supplement their diet with additional vitamins, minerals, and proteins. Therefore, bakery product manufacturers consider offering products with essential nutrients to cater to the evolving consumer trends. DSM, one of the leading ingredient companies, offers ingredients such as omega-3 powder and vitamin D powder, which can be used in a broad range of bakery applications, including bread, cookies, rolls, cakes, muffins, bagels, and waffles. Thus, rising health and wellness trends are projected to provide new opportunities to the baking ingredients market players in the coming years.

Based on application, the baking ingredients market is segmented into bread & rolls, biscuits & cookies, cakes & pastries, and others. The bread & rolls segment accounted for the largest share of the baking ingredients market in 2021. However, the cakes & pastries segment is expected to register the highest CAGR during the forecast period. Bakery products are often associated with comfort and stress alleviation. Sweet bakery items, particularly cakes, are easily accessible indulgences that can be enjoyed with family and friends. Consumers engage themselves in guilt-free or conscious indulgences to ensure good health and pleasure, at the same time. This factor is expected to drive the growth of the cakes & pastries segment in the coming years.

Based on region, the baking ingredients market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2021, Asia Pacific held the largest share of the market, and the Middle East & Africa is estimated to register the fastest CAGR during the forecast period. The bakery industry in Asia Pacific is rapidly advancing with the growing consumption of convenience food products, rising disposable income levels of people, and the growth of the middle-class population. According to the US Department of Agriculture (USDA), the bakery sector in China is witnessing tremendous growth as retail sales of bakery products accounted for US$ 34 billion in 2020. Thus, the growth of the bakery sector in Asia Pacific is driving the growth of the baking ingredients market across the region.

The key players operating in the baking ingredients market include Cargill, Incorporated; ADM; Associated British Foods Plc.; Koninklijke DSM N.V.; Kerry Group Plc; AAK AB; British Bakels; Corbion; International Flavors & Fragrances Inc.; and Dawn Food Products Inc.; among others. These players are engaged in developing affordable and innovative baking ingredients. For instance, in January 2020, Puratos launched Smoobees, bakery inclusions that enhance the texture and flavor of products. Smoobees, which are available in different flavors, are soft beads that provide a creamy texture to bakery products.

The overall baking ingredients market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights about the topic. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the baking ingredients market.

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The List of Companies - Baking Ingredients Market

1. Cargill, Incorporated
2. ADM
3. Associated British Foods plc
4. Koninklijke DSM N.V.
5. Kerry
6. AAK AB
7. British Bakels
8. Corbion
9. International Flavours & Fragrances
10. Dawn Food Products Inc.