PORTLAND, Ore., Jan. 13, 2021
- Consumer inclination for healthier bakery products, surge in demand for convenient foods, and changes in lifestyle & culture fuel the growth of the global bakery ingredients market.
PORTLAND, Ore., Jan. 13, 2021 /PRNewswire/ -- Allied Market Research published a report, titled,"Bakery ingredients Market by Type (Enzymes, Starch, Fiber, Colors, Flavors, Emulsifiers, Antimicrobials, Fats, Dry Baking Mix, And Others), and Application (Bread, Cookies & Biscuits, Rolls & Pies, Cakes & Pastries, And Others): Global Opportunity Analysis and Industry Forecast, 2021–2027."According to the report, the global bakery ingredients industry garnered $13.9 billion in 2019, and is expected to reach $19.2 billion by 2027, witnessing a CAGR of 5.7% from 2021 to 2027.
Drivers, restraints, and opportunities
Consumer inclination for healthier bakery products, surge in demand for convenient foods, and changes in lifestyle & culture fuel the growth of the global bakery ingredients market. However, presence of other healthier alternatives and strict regulations & international standards for quality hinder the market growth. On the other hand, R&D activities to improve quality and shelf life, lesser manufacturing costs, and trend of frozen bakery products create new opportunities in the coming years.
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The dry baking mix segment to maintain its leadership status throughout the forecast period
Based on type, the dry baking mix segment contributed to nearly one-fifth of the total share of the global bakery ingredients market in 2019, and is projected to maintain its leadership status throughout the forecast period. This is attributed to its widespread usage in preparing waffles, breads, cakes, biscuits, muffins, and pizza dough. However, the fiber segment is expected to manifest the fastest CAGR of 7.5% from 2021 to 2027, owing to its usage in the preparation of baked items and healthy breads to offer nutritious products.
The bread segment to maintain its dominant share in terms of revenue by 2027
By application, the bread segment held more than two-thirds of the global bakery ingredients market in 2019, and is estimated to maintain its dominant share in terms of revenue throughout the forecast period. This is attributed to consumer preference for regular consumption as a breakfast food andartisan confectionery. However, the rolls and pies segment is expected to portray the largest CAGR of 6.7% from 2021 to 2027, owing to their availability as ready-to-eat baked products that offer convenience for consumption.
Europe, followed by North America, to maintain its lead position during the forecast period
Based on region, Europe, followed by North America, contributed to the highest market share, accounting for nearly two-fifths of the total shareof the global bakery ingredients market in 2019, and is projected to maintain its lead position during the forecast period. This is due to preference for ready-to-eat baked food over home-cooked food, increased product diversification of baked food, and development of new packaging materials. However, Asia-Pacific is expected to register the highest CAGR of 6.6% during the forecast period, owing to increase in demand for processed bakery food products,rise in consumer awareness toward clean label products and healthy ingredients, and adoption of western lifestyle in the region.
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