Global baking ingredients market rising
By Bakers Journal
By Bakers Journal
With a universal increase in the consumption of ready-to-eat foods and rapid urbanization around the world, a new market insights report entitled Baking Ingredients Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016-2014, foresees a market that was valued at US$11.79 billion in 2015 growing to US$18.13 billion by 2024, with a compound annual growth rate of 4.9 per cent.
Published by Transparency Market Research, the global baking ingredients report breaks down baking ingredients into yeast, baking powder and baking soda, flour, sweeteners, flavour and colour additives, fats, and others (including starch, preservatives, enzymes and emulsifiers).
In terms of revenue, it is the baking powder and baking soda segment which held the leading market share in 2015, accounting for more than 25 per cent of the global baking ingredients market. The flavour and colour additives segment is expected to witness maximum growth potential, according to the report, due to increasing demand for flavour based bakery products such as cakes, pastries and biscuits.
With respect to volume, flour ingredients dominated the global baking market in 2015 and are expected maintain that position over the forecast period.
Breaking the global baking category down by products, the report looks at bread, biscuits and cookies, cakes and cupcakes, pastries and pie, pizza and buns, bagels and donuts, and others. A growing preference for health-oriented bakery products will contribute to market growth, a move is being driven globally by a changing consumer preference towards healthy products, growing affluence, and increasing penetration of products containing natural ingredients.
The bread product segment accounted for around more than one-third of the market in 2015 in terms of volume. According to the report the pastries and pie segment is expected to experience significant growth potential over the forecast period.
Geographically, Europe led in market share for baking ingredients in 2015 and is likely to retain its position through 2024. Asia Pacific is expected to be the most attractive market for baking ingredients with a rising demand for baked food items among consumers in countries such as China, Japan, India and ASEAN (Association of Southeast Asian Nations). Latin America is viewed as an emerging market and is estimated to grow at a considerable pace over the forecast period. Other regions looked at include North America, Middle East and Africa.
In a release announcing the new report, the company notes that even though multiple brands are present in the market for different baking ingredients, none occupy significant market share. The release lists some of the major players including: Archer Daniels Midland Co., Cargill Inc., Associated British Foods Plc, DSM N.V., Muntons Plc, LALLEMAND Inc., Taura Natural Ingredients Ltd., British Bakels, LFI (U.K.) Ltd., Puratos, CSM Bakery Solutions, and Macphie of Glenbervie Ltd.