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Bakery Ingredients Market to Rise 6.4% Annually, Reaching $18.14 Billion by 2032, According to Persistence Market Research

Discover the Bakery Ingredients market with insights on products (enzymes, emulsifiers, etc.), applications (bread, cakes), distribution channels, and regions (North America, Europe, etc.). Explore the dynamic facets of this industry for a comprehensive overview

New York, Jan. 18, 2024 (GLOBE NEWSWIRE) — The consumption of bakery goods has significantly increased due to the growing popularity of convenient foods driven by contemporary lifestyle-influenced changes in consumption patterns. Factors such as appearance, taste, texture, smell, shelf life, and fortification play a crucial role in influencing consumers’ purchasing decisions for baked goods. While older consumers are strongly influenced by the pricing of bakery items, younger consumers prioritize the quality of the products.

The global bakery ingredients market is expected to experience substantial growth during the forecast period of 2022-2032, with a projected Compound Annual Growth Rate (CAGR) of 6.4%. This growth is anticipated to elevate the current valuation of the market from US$ 9.76 billion to US$ 18.14 billion by the year 2032.

As a result, bakers are increasingly utilizing baking ingredients to uphold the quality of baked goods and meet the demands of a growing population. There is also a rising market for sustainable and natural bakery ingredients, such as fibers, driven by shifts in food consumption patterns influenced by food crises, environmental concerns, and lifestyle disorders. The Covid-19 lockdown further fueled the demand for bakery items, as consumers, confined at home, engaged in more frequent baking activities, leading to increased demand for ingredients like baking soda, baking powder, cocoa powder, and other condiments.

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Market Scope:

 Report Coverage  Details
 Market Revenue 2022  US$ 9.76 Billion
 Estimated Revenue 2032  US$ 18.14 Billion
 Growth Rate – CAGR  6.4%  
 Forecast Period  2022-2032
 No. of Pages  300 Pages
 Market Segmentation
  • Product Type
  • Application
  • Distribution Channel
  • Region
 Regions Covered
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • The Middle East & Africa
 Key Companies Profiled
  • Glanbia plc
  • Koninklijke DSM N.V.
  • Corbion N.V.
  • Efco Products, Inc.
  • KANEKA Corporation
  • IREKS GmbH
  • Kerry Group Plc
  • Lallemand, Inc.

Trends in the Bakery Ingredients Market

Increasing Demand for Convenient Bakery Products

There is a notable shift in consumer preferences towards ready-to-eat products, driven by the busy lifestyles and hectic work schedules of working individuals. This shift in consumer behavior is expected to significantly boost the market in the forecast period. Ready-to-eat products are considered a convenient alternative to regular meals, suitable for consumption at any time. The growing popularity of convenience foods is contributing to the increased demand for baked goods. In developed countries like the United States and the United Kingdom, various local bakery businesses, cafes, and supermarkets have emerged to meet the rising demand for fresh and frozen bakery goods and diverse bakery ingredients. The rising preference for ready-to-eat food is anticipated to drive the bakery ingredients market.

The transition from traditional home-cooked meals to convenience foods has also heightened the demand for bakery ingredients in emerging markets. Factors such as the adoption of a westernized lifestyle, the prevalence of double-income families, a focus on healthier living, increased nutrition awareness, and a rise in disposable income are key drivers for the growing expenditure on bakery products and the expansion of the baked foods industry. This, in turn, will fuel the demand for bakery ingredient manufacturers. Furthermore, consumer demand for nutritional content in baked foods, featuring low sugar, whole grains, and zero trans-fat per serving, is on the rise, contributing to the increased demand for bakery products.

Europe Dominates Market Share

Europe holds the largest market share in the bakery ingredients market and is expected to maintain its leading position in the forecast period. The growth of the European market is driven by over 150 bakery companies and the prevailing snacking culture. The region’s high consumption of bakery products has led consumers to seek healthier alternatives, such as bread with whole grains, high fiber, and omega-3 content. Gluten-free and reduced trans-fat bakery products are popular choices among consumers supporting the health and wellness trend in the region. The European market thrives due to the significant percentage of bread consumption, coupled with factors like increasing consumer demand for healthy and convenient products and a focus on cost reduction while simultaneously improving product quality and shelf life.

Cookies and biscuits are gaining popularity, especially among the younger demographic. Ongoing product developments that enhance the taste, texture, and health benefits of these items are driving the demand for cookies and biscuits. Manufacturers are emphasizing new flavors and packaging to attract consumers, contributing to the increased demand for flavors and color ingredients in products. Additionally, cookies, biscuits, and other confectionery items like chocolates are becoming popular gift choices. Low-calorie cookies and biscuits are also gaining traction among health-conscious consumers, further supporting the bakery ingredients business.

In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at – https://www.persistencemarketresearch.com/market-research/bakery-ingredient-market.asp

Market Dynamics:

Key Drivers Shaping the Baking Industry Dynamics: Health and Wellness Trends, Increased Consumption of Bakery Products, and Strategic Marketing and Branding

The driving forces shaping the dynamics of the baking industry encompass several key factors. A heightened awareness of health and wellness among consumers has translated into an increased demand for bakery ingredients perceived as healthier, such as whole grains, high-fibre components, and natural sweeteners. Concurrently, the worldwide consumption of bakery products, spanning bread, cakes, pastries, and cookies, is steadily on the ascent, fuelled by urbanization, hectic lifestyles, and the allure of ready-to-eat baked goods.

In addition to health-conscious preferences, effective branding and marketing strategies wield significant influence over consumer choices in this industry. Collaborative efforts between ingredient suppliers and bakery manufacturers are often employed to strategically promote products that align with evolving consumer demands. This collaborative approach aims to create a market presence that resonates with consumers, emphasizing the importance of well-executed marketing and branding as pivotal drivers in the bakery industry’s overall dynamics.

Navigating Challenges in the Baking Industry: Managing Rising Ingredient Costs and Addressing Health Concerns with Healthier Bakery Products

One of the challenges facing the baking industry is the escalating costs of key ingredients, including flour, sugar, and dairy. The volatility in commodity markets introduces fluctuations that can impact the profitability of bakery businesses and pose difficulties in maintaining consistent pricing. Additionally, the rising awareness of health issues such as diabetes and obesity has spurred a consumer demand for healthier bakery products. This presents a challenge for ingredient suppliers who must navigate the development and sourcing of ingredients that align with health-conscious preferences, responding to the evolving landscape of health concerns and dietary restrictions.

Seizing Opportunities in the Baking Industry: Clean Label Ingredients, Gluten-Free Innovations, and the Rise of Plant-Based Alternatives

The baking industry is presented with promising opportunities that align with shifting consumer preferences. A notable trend is the increasing demand for clean-label ingredients, characterized by their exclusion of artificial additives and preservatives. Suppliers stand to benefit from this growing preference by offering ingredients that adhere to clean label criteria, catering to a consumer base increasingly conscious of the ingredients in their food.

Moreover, the surge in consumers seeking gluten-free and allergen-free bakery products presents a lucrative opportunity for manufacturers. By developing specialized ingredients such as gluten-free flours and allergen-free alternatives, businesses can tap into these niche markets and address the specific dietary needs of a discerning customer base.

In response to the rising popularity of plant-based diets, there is a heightened demand for plant-based bakery ingredients. This includes alternatives such as dairy-free milk, egg substitutes, and plant-based fats. Manufacturers attuned to this trend have the opportunity to innovate and diversify their product offerings, meeting the preferences of a growing segment of consumers embracing plant-based lifestyles.

Key Players Shaping the Global Bakery Ingredients Market: A Snapshot of Industry Leaders

  1. Cargill, Incorporated: A global food corporation, Cargill is involved in the production and marketing of food, agricultural, financial, and industrial products and services.
  2. DuPont de Nemours, Inc. (DuPont): A multinational conglomerate with a diverse range of products, DuPont is involved in the development and production of various materials, chemicals, and ingredients, including those used in the bakery industry.
  3. Kerry Group: A global taste and nutrition company, Kerry Group provides ingredients, flavors, and integrated solutions for the food and beverage industry, including bakery products.
  4. Archer Daniels Midland Company (ADM): A major player in the global agricultural processing and food ingredient industry, ADM provides a wide range of ingredients, including those used in bakery applications.
  5. Koninklijke DSM N.V. (DSM): A global science-based company, DSM offers a variety of innovative solutions, including ingredients for the food and beverage industry, with a focus on nutrition and health.
  6. Associated British Foods plc (ABF): An international food processing and retail company, ABF operates in various sectors, including grocery, agriculture, and ingredients. Its ingredients division provides products for the food industry.
  7. Ingredion Incorporated: A leading global ingredient solutions provider, Ingredion offers a wide range of starches, sweeteners, and nutrition ingredients for various industries, including bakery.
  8. Corbion N.V.: A Dutch biotechnology company, Corbion specializes in the production of bio-based products, including ingredients for the food and bakery industry.
  9. Lallemand Inc.: A privately-owned company specializing in the development, production, and marketing of yeast and other ingredients related to fermentation, with applications in the baking industry.
  10. Puratos Group: A global group providing innovative solutions for bakery, patisserie, and chocolate, Puratos offers a range of ingredients and products for the bakery sector.

Keep in mind that the competitive landscape may have changed, and it’s advisable to check the latest reports or industry updates for the most current information on key players in the bakery ingredients market.

Comprehensive Analysis of Bakery Ingredient Market Segmentation: Types, Forms, and Applications

Type Segment Analysis: Within the type segment, categories comprise baking powder & mixes, colors & flavours, emulsifiers, enzymes, preservatives, oils, fats, and shortenings, starch, yeast, and others. Leading the market, the baking powder & mixes segment held a significant share of 28.14% in 2022. Versatile components in various bakery products like bread, cakes, muffins, biscuits, and pancakes, baking powder, and mixes are indispensable in bakeries due to their adaptability to diverse recipes and formulations. Baking powder plays a crucial role as a leavening agent, facilitating the rise of dough and batter, resulting in light and airy baked goods. Its essential contribution to achieving the desired texture in bread and cakes further underscores its importance. Additionally, baking mixes, incorporating pre-measured quantities of dry ingredients, provide a convenient solution for both home and commercial bakers, saving time and reducing the need for stocking multiple ingredients.

Form Segment Analysis: The form segment, categorized as dry and liquid, witnessed the dominance of the dry segment, securing a share of approximately 65.49% in 2022. Dry ingredients, including flour, starches, powders, and dried fruits, boast an extended shelf life compared to their liquid counterparts, mitigating the risk of spoilage and minimizing waste in production and retail. The ease of handling, storing, and transporting dry ingredients, coupled with their resistance to spillage, spoilage, and contamination, simplifies logistics and storage in the bakery ingredient industry. Precise measurement and portioning, facilitated by dry ingredients, contribute to recipe adherence and consistent results in baking processes. Moreover, the versatility of dry ingredients, from flour for bread and pastries to powdered sugar for frostings, makes them indispensable for a wide array of recipes.

Application Segment Analysis: The application segment, encompassing bread, cakes & pastries, cookies & biscuits, rolls & pies, and others, observed the bread segment as the market leader, commanding a share of approximately 40.61% in 2022. Bread’s status as a daily staple in numerous cultures and regions solidifies its position as a dietary cornerstone, ensuring consistent demand for related ingredients. Its widespread consumption across diverse demographics, from children to adults, underscores its versatility and broad acceptance. With various forms such as traditional loaves, buns, rolls, baguettes, and more, the diverse range of bread products necessitates an extensive array of ingredients. Furthermore, the global nature of bread, consumed in different varieties like white, whole wheat, sourdough, multigrain, and gluten-free, demands specific ingredients and formulations, contributing to the enduring and stable market for bread-related ingredients.

Analysis of Regional Segmentation:

The market has been scrutinized across various regions, including North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Notably, Europe emerged as the predominant player in the global Bakery Ingredients market, capturing a substantial 49.2% market revenue share in 2021.

Europe boasts a rich culinary heritage that places a strong emphasis on baked goods. Renowned for its extensive history of bread and pastry artisanship, the continent has significantly influenced the evolution of diverse bakery products. The region’s varied bakery culture, marked by distinctive specialties, has spurred innovation in ingredients and products, resulting in a wide array of offerings in the market. European ingredient suppliers, with a heritage of innovation and quality, have developed a plethora of specialized and premium ingredients to cater to the multifaceted needs of bakeries.

Moreover, Europe has been a frontrunner in the clean label trend, championing natural, minimally processed ingredients. Early adoption of clean-label products by European consumers has spurred innovation in ingredient sourcing and manufacturing practices. The region’s strong focus on health and wellness has led to the creation of healthier bakery ingredients and products, prompting ingredient suppliers to proactively meet these demands.

Following closely, North America claims the second-largest market share in the global bakery ingredients market, owing to several key factors contributing to its significant industry presence. The busy lifestyles of North American consumers and their high demand for convenient, ready-to-eat bakery products have driven a robust market for bakery ingredients, facilitating the production of a diverse range of pre-packaged baked goods. Notably innovative in baking trends, North America has pioneered concepts such as gluten-free, organic, and artisanal baked goods, fueling the demand for unique bakery ingredients. Additionally, the region’s substantial food service industry, encompassing bakery-cafes, restaurants, and fast-food chains, generates considerable demand for bakery ingredients in North America.

Recent Developments in the Baking Industry:

October 2023: McKee Foods is gearing up to unveil an enticing addition to its Little Debbie line of confectionery delights and bakery products – the Big Pack Cookies and Creme Brownies. These generously sized brownies, individually wrapped, come in crates of 12, each adorned with a tempting topping of white icing and chocolate cookie crumbs. The Big Pack Cookies and Creme Brownies offer a delectable fusion, combining the indulgent, fudgy texture of Little Debbie brownies with the delightful, crunchy creaminess of cookies and creme. This harmonious blend creates an elegant flavor and luxurious texture contrast to suit the preferences of every household member. The “big pack” designation emphasizes the substantial size of each brownie and the ample servings in each carton, making them a perfect choice for convenient snacking or sharing with friends and family.

May 2023: Angel Yeast took center stage at the Bakery China event, introducing a high-protein mixed-grain bread with an impressive protein content of 12 grams per 100 grams of bread. At the expo, Angel Yeast showcased an innovative, clean-label flavour enhancer in liquid form, poised to revolutionize the art of bread making. This breakthrough simplifies the process of infusing bread with delightful flavors while ensuring the enduring stability of those flavors. Angel Yeast’s comprehensive flavor enhancement solution goes beyond liquid products, encompassing lactic acid-fermented butter, all aimed at elevating the taste and quality of bread products.

March 2023: Novozymes A/S has pioneered a cutting-edge enzymatic baking ingredient called Novamyl BestBite, meticulously engineered to enhance the longevity and freshness of baked goods. This remarkable creation harnesses a groundbreaking bio-solution, elevating the entire eating experience.

About Persistence Market Research:

Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.

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Originally published at https://www.einpresswire.com/article/682205383/bakery-ingredients-market-to-rise-6-4-annually-reaching-18-14-billion-by-2032-according-to-persistence-market-research

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