According to our latest market research on “Baking Ingredients Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – by Type (Baking Powder & Mixes; Emulsifiers; Enzymes; Starches; Colors & Flavors; Oils, fats & shortening; and others) and Application (Breads & Rolls, Biscuits & Cookies, Cakes & Pastries, and Others)”, the market is expected to reach US$ 22,278.10 million by 2028 from US$ 16,444.97 million US dollars in 2022; it is expected to grow at a CAGR of 5.2% from 2022 to 2028.
Baking ingredients include bakery flours, yeast, sweeteners, leavening agents, emulsifiers, shortening, stabilizers, colors and flavors. Additionally, bakery inclusions, toppings and decorations are some of the key ingredient categories in the bakery industry. Each ingredient performs a specific function in baked goods. For example, emulsifiers keep bread soft and improve dough strength, while leavening agents add volume to baked goods, making them light and fluffy. Rising consumption of bakery products such as bread, cakes, muffins, pastries, cookies, and biscuits is driving the growth of the bakery ingredients market.
The bakery industry is growing at a rapid pace with the increasing global population, rapid urbanization, changing consumer lifestyles and growing demand for comfort foods. Bread, cakes, muffins and donuts have become staples in many people’s diets. Consumers prefer baked goods for their convenience, affordability, and taste. According to the American Bakers Association, the annual turnover of the American bakery industry is approximately $154.0 billion. The sector employs around 800,000 skilled people, creating significant job opportunities.
Impact of the COVID-19 pandemic on the bakery ingredients market
The COVID-19 pandemic has brought unprecedented challenges to the agri-food industry. Shutdowns, border restrictions, travel bans, factory closures and other government-led safety protocols have disrupted operations at manufacturing facilities. A shortage of raw materials due to disrupted supply chains has led to higher raw material prices and reduced production volumes. However, as governments allowed the sale of essential products during the shutdowns, the sales of baked goods remained untouched, thus supporting the growth of the bakery ingredients market. Additionally, due to work-from-home mandates and lockdowns, people have started consuming comfort foods, like cakes and cookies, to reduce pandemic-related stress. Additionally, in 2021, governments allowed supermarkets and department stores to resume operations, which positively impacted sales of baked goods, especially frozen baked goods, as consumers made the full of groceries in response to previous impacts of the outbreak. Thus, the COVID-19 pandemic has had a mixed impact on the bakery industry and the bakery ingredients market.
Major players profiled in this study include Cargill, Incorporated; ADM; Associated British Foods Plc. ; Koninklijke DSM AG; Kerry Group Plc; AAK AB; British Bakels; Corbion; International Flavors & Fragrances Inc.; and Dawn Food Products Inc.; among others.
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The cutting-edge research of the Bakery Ingredients market, which is a detailed analysis of the business space comprising current market trends, competitive landscape and market size. Encircling one or more parameters among product analysis, application potential, and global and regional growth strategies.
Talking about this particular research report, it includes:
• Five types of segmentation (by product type, power, application, distribution channel, region)
• Five major regions (North America, Europe, Asia-Pacific, Middle East and Africa, South and Central America)
• Market information for 10 years (2017 and 2018 – historical years, 2021 – base year and forecast period 2020-2028)
• Key industry dynamics, including factors driving the market, dominant deterrent, potential opportunities as well as future trends.
• Ten company profiles (not just major players, but a mix of leading, emerging, market disruptors, niche market players, etc.)
• Analysis of the industry landscape
• Analysis of the impact of COVID-19 on this market at global and regional level.
A thorough evaluation of the market restraints included in the report which represents the difference with the market drivers and gives room for strategic ideas and developments. The research study has amalgamated growth analysis of different aspects that enhance the growth scenario of the market. It constitutes the major market drivers, restraints and trends that are transforming the market positively or negatively.
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TOC Market Research Study Covers:
2. Main Takeaways
3. Research methodology
4. Bakery Ingredients Market Landscape
5. Bakery Ingredients Market – Key Market Dynamics
6. Bakery Ingredients Market – Global Market Analysis
7. Bakery Ingredients Market – Revenue and Forecast to 2028 – Type
8. Bakery Ingredients Market – Revenue and Forecast to 2028 – Product Type
9. Bakery Ingredients Market – Revenue and Forecast to 2028 – Service
10. Bakery Ingredients Market – Revenue and Forecast to 2028 – Geographical Analysis
11. Impact of Covid-19 pandemic on the global bakery ingredients market
12. Industry Landscape
13. Bakery Ingredients Market, Key Company Profiles
15. List of tables
16. List of Figures
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