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Baking ingredients are used in products such as buns, rolls & pies, cakes & pastries, biscuits & cookies, and bread. Baking ingredients are used in bakery items to improve the overall product quality and enhance the shelf life of the product. A good quality baking ingredient helps in retaining softness and taste of the baked product.
Demand for packaged and convenience food is on the rise, owing to improvement in living standards, and economic conditions in developing as well as developed economies. Growing need of leisure, hectic lifestyles, and time constraints have led consumers towards adoption of convenience and packaged foods. This has spurred demand for bakery products including pastries, cakes, pizza, and bread, thereby driving demand for baking ingredients.
Surge in away-from-home food expenditure has resulted into an increase in number of retail outlets, convenience stores, coffee shops, in-store bakeries, and artisan bakeries, which provide a variety of innovative baked food products. Conventional home-cooked food is being replaced by ready-to-eat baked food, especially in developed countries such as North America and Europe, where individuals prefer pocket sandwiches, rolls, and wraps over time consuming food owing to their busy lifestyle. These factors might impact growth of the global baking ingredients market.
With an aim of helping end-users save time in cooking, several vendors in the market have developed long-life pre-packaged food products, bake-off products, freshly finished products, and ready-to-use part-baked pre-packed bakery products such as donuts and tortillas. Leading market players are making investments in different projects via research and development, in a bid to develop innovative products, and widen their consumer base. A major trend being observed in the market is soaring demand for organic baking ingredients, which is expected to gain higher traction in the near future. This can be mainly attributed to growth in health-conscious population, and rising awareness about benefits of organic baking ingredients such as sweeteners, oils, and natural flavors. The global market for baking ingredients is highly fragmented, with the presence of many small and large vendors. Competing on factors including distribution, service, reputation, innovation, price, and quality, vendors in the market are focusing on service offerings and product differentiation for gaining a competitive edge.
Market Research Reports Search Engine (MRRSE), in its new study, has estimated a steady expansion for the global baking ingredients market during the forecast period 2017 to 2022. The market is expected to exceed revenues worth US$ 16,000 Mn by 2022-end.
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Emulsifiers are expected to remain sought-after among products in the global baking ingredients market, with sales projected to surpass US$ 4,000 Mn in revenues by 2022-end. This is mainly because of several positive influences related to emulsifiers in baking procedure such as reduced production cost, enhanced fermentation activity, extended shelf-life, and improvement in dough stability.
Biscuits and cookies are expected to be the fastest growing application of baking ingredients, accounting for over one-fourth share of the market in 2017. Sales of biscuits & cookies are expected to create an absolute $ opportunity of over US$ 1,000 Mn between 2017 and 2022. Sales of baking ingredients for application in bunds are expected to exhibit the lowest CAGR through 2022.
North America is expected to remain the most lucrative market for baking ingredients, and is projected to witness the fastest expansion through 2022. Increasing demand for packaged foods and convenience foods, along with rising health-conscious population are factors influencing growth of the market in North America.
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