Baking Ingredients Market is projected to grow at a CAGR of 5.2%
Baked products are highly popular due to their convenience and the ongoing innovation in product offerings. As such, baking ingredients are an essential part of this and Market Research Future's latest report on the global baking ingredients market has divulged several important details regarding the growth of the market over the review period from 2018 to 2023. The revenue generated by the global baking ingredients market in 2017 was recorded at USD 34.62 Bn. The market has been projected to register a consistent CAGR of 5.2% during the review period from 2018 to 2023, which will likely result in a market value of USD 44.02 Bn by the end of 2023.
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Prominent market participants in MRFR’s global Baking Ingredients market report include Koninklijke DSM N.V., Roquette Frères, Ingredion Incorporated, BASF SE, Cargill Incorporated, SunOpta, Omega Protein Corporation, Archer Daniels Midland Company, and Darling Ingredients Inc.
MRFR's segmentation of the global Baking Ingredients market has been done based on product type, application, and region. Product types have been categorized to include emulsifiers, leavening agents, enzymes, oils, fats & shortening, colors & flavors, starch, and others. Increasing preference for products with various flavors and colors have resulted in the colors and flavors segment acquiring the largest share of the global market. Meanwhile, the emulsifiers segment is expected to witness the highest growth over the forecast period.
Europe has been recorded as the regional market with a dominant share of the global baking ingredients market. The regions bakery products market is truly significant as several countries in the region have many types of baked products which are local and have considerable demand. The region is home to several market players of prominence who participate in the market and their various marketing strategies as well as the high demand for healthy bakery products is likely to support the European market’s growth over the assessment period.
Notably, the market's growth is expected to be hampered by the growing substitution of baked products with whole grain cereals, and the health consciousness trend continues. However, increasing applications of baking ingredients and the growth of the frozen bakery products market will likely yield opportunities in the coming years.
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