Development Growth in Global Baking Ingredients Market Size & Share Will Reach to USD 24.76 Billion By 2028: Polaris Market Research
The global baking ingredients market size is expected to reach USD 24.76 billion by 2028 according to a new study by Polaris Market Research.
The demand for baking ingredients has increased over the years owing to the consumption of fast-food products such as cakes, pizzas, sandwiches, and burgers. The busy lifestyle of consumers leads to an increase in consumption of convenience and on-the-go meals, supporting the growth of the ingredients industry.
The demand for the ingredients increased from consumers during the COVID-19 outbreak owing to the growing trend of home baking. Lockdowns worldwide, more incredible free time on hands, stress management, and social media played a role in increased home baking during the pandemic.
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Attractive advertising and positioning strategies and innovative product launches by industry players have fueled the industry’s growth. However, the closure of restaurants and bakeries due to lockdown, disruptions in the supply chain, halting of manufacturing activities, and limited availability of raw material and labor has severely affected the growth of the ingredients industry during the pandemic.
However, the demand for enzymes is expected to increase during the forecast period. The requirement of enzymes for sizeable commercial-scale production of bread, baked goods, and biscuits has increased. The use of enzymes offers benefits such as decreased mixing time, maintenance of dough uniformity, adjustment of gluten strength, and improvement of bread texture & flavor.
The different distribution channels include supermarkets and hypermarkets, specialty stores, convenience stores, online platforms, and others The online sales segment is likely to grow at a significant rate during the forecast period due to consumers’ busy lifestyles, rising penetration of mobile devices, and improved internet penetration.
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Industry leaders are gradually taking the initiative to set up their own online portals for sales. The emerging trend of e-commerce and easy availability of products on e-commerce portals has boosted the sales of these products. The outbreak of COVID-19 has encouraged more consumers to turn to e-commerce due to greater convenience and safety concerns.
Some major industry participants include AAK AB, Associated British Foods plc, British Bakels Ltd, Cargill, Carif. Corbion N.V., Dawn Food Products, Inc., DuPont, IFFCO, Ingredion Incorporated, IREKS GmbH, Kerry Group plc, Koninklijke DSM N.V., Lallemand Inc, Lesaffre, Millbaker, OYC Americas, Inc., Puratos Group, Rich Products Corporation, Sensient Technologies, SwissBake, TasteTech Ltd, Tate & Lyle PLC, and The Archer-Daniels-Midland Company (ADM).
Polaris Market Research has segmented the baking ingredients market report on the basis of type, application, distribution channel, and region:
Baking Ingredients, Type Outlook (Revenue, USD Billion, 2016 – 2028)
- Colors & Flavors
- Baking Powders & Mixes
- Leavening Agents
- Fats & Shortenings
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Baking Ingredients, Application Outlook (Revenue, USD Billion, 2016 – 2028)
- Biscuits & Cookies
- Cakes & Pastries
Baking Ingredients, Distribution Channel Outlook (Revenue, USD Billion, 2016 – 2028)
- Supermarkets & Hypermarkets
- Specialty Stores
- Convenience Stores
- Online Platforms
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