ALBANY, New York, March 8, 2019
ALBANY, New York, March 8, 2019 /PRNewswire/ --The global baking ingredients market has a highly competitive and slightly consolidative vendor landscape, Transparency Market Research analyses. Key players such as Associated British Foods Plc, Muntons Plc, Archer Daniels Midland Company, CSM Bakery Solutions, Macphie of Glenbervie Ltd, and Cargill Incorporated are operating in the global baking ingredients market. In order to stand alone in the market, major players are increasingly adopting strategies such as acquisition, mergers, and partnership. This is again leading to an increase in consolidation in the baking ingredients market.
According to the report by TMR, the baking ingredients market stood at US$11.7 bn in 2015 and is expected to attain a value of US$181.1 bn by 2024-end. The market is likely to expand with a healthy CAGR of 4.9% over the forecast period from 2016 and 2024.
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Based on the ingredients, the segment of flavor and color additives dominated the global baking ingredients market and is likely to witness growth over the forecast period. Based on geography, Europe accounted for a substantial share in the global baking ingredient market in the year 2015. However, the Asia Pacific region is projected to expand with lucrative CAGR over the forecast period. This growth is credited to the growing inclination toward western lifestyle and food habits.
Demand for Healthy Baked Product to Reflect Positively on Growth
Growing demand for healthy and nutritional ingredients in baked food mainly made from whole grains and low sugar is boosting the adoption of numerous baking ingredients. Additionally, growing demand for baked foodstuff with zero trans-fat and other nutritional factors is boosting demand for baked products. Rising awareness about the benefits of consuming nutritional baked products is fuelling growth of the global baking ingredients market.
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Additionally, growing disposable income is leading an increase demand for ready-to-eat food and baked foodstuff, which is boosting baking ingredients market. The shifting consumer inclination toward the baked food due to its convenience and longer shelf life is also reflecting positively on the growth of the market. Furthermore, growing inclination toward the westernized lifestyle and focus on the healthier lifestyle is boosting demand for the baked food industry, which in turn is fuelling growth of the global baking ingredients market.
Trend of Confectionaries to Drive Market Growth
Moreover, the availability of food products in a variety of color and flavor is expected to attract consumers and boost demand for baked products and confectionaries. This factor is majorly driving growth of the global baking ingredients market.
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The factors such as a preference for cereals and oats as healthier food product are leading to restrain growth of the global baking ingredients market to some extent. Additionally, stringent regulations imposed on the baked products and its quality is restraining growth of the baking ingredients market. Nonetheless, the growing adoption of oats and other cereals for baking itself is expected to offer lucrative opportunities for growth over the forecast period. Additionally, the trend of gifting confectionaries in the developing countries by following in the footsteps of western countries is expected to remain the same for years to come. This is expected to offer opportunities for growth of the baking ingredients market over the forecast period.
This information is encompassed in the report by TMR, titled, "Baking Ingredients Market (Ingredients - Yeast, Baking Powder and Baking Soda, Flour, Sweeteners, Flavor & Color Additives, and Fats; Products - Bread, Biscuits and Cookies, Cakes and Cupcakes, Pastries and Pie, Pizza and Buns, and Bagels and Donuts; Sector - Organized Sector and Unorganized Sector) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
For the study, the baking ingredients market has been segmented as follows:
o Rest of Europe
o Rest of Asia Pacific
o Rest of Latin America
o South Africa
o Saudi Arabia
o Rest of Middle East & Africa
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