NEWARK, Del, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global bakery ingredient market value is expected to rise from US$ 20,795 million in 2023 to US$ 39,867 million by 2033. This estimated growth is expected to be driven by a healthy CAGR of 6.7% in the global bakery ingredient market over the next decade.
Sales for bakery ingredients are predicted to run parallel to the positive consumer trends, such as lactose, gluten, or other free-from goods. Going forward, firms are predicted to concentrate on higher-value products and channels like in-store bakeries, artisanal bakers, and food service. As a result, it creates high growth opportunities for bakery ingredients businesses.
Players in the market are focusing on providing nationwide delivery for the convenience of consumers. Additionally, the development of new bakery ingredients that promote better formulation of bakery goods is supplementing the market growth.
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Increasing consumer cognizance of healthy meal consumption for the overall well-being of the body is creating scope for a ‘healthier’ baking range. Key players are thus predicted to offer cleaner and healthier baking ingredients to profit from these consumer trends.
Another important market propeller is the increasing adoption of new baking ingredients by end users to bring new delicacies to life. Apart from this, new advances in technology that boost the shelf life of baked products are redefining the scope of bakery ingredients. Moreover, regulatory approvals have opened doors for bakery enzyme manufacturers to supply new-age products.
The increasing popularity of plant-based bakery products in some parts of the globe is propelling sales of bakery ingredients. Governments are further supporting the bakery ingredient industry by making significant investments in this sector.
Key Takeaways from the Bakery Ingredient Market Report:
- The United States is predicted to expand at a CAGR of 9.3% over the forecast period.
- Germany is expected to lead the Europe bakery ingredient market, showcasing an impressive CAGR of 9.4% through 2033.
- Japan has been estimated to register a growth rate of 8% through 2033.
- Key stakeholders and investors are predicted to invest in the budding market for bakery ingredients in Australia. The country is expanding at a CAGR of 14.2% through 2033.
- China has been assessed to grow at a 3% CAGR over the estimated period.
- Baking mixes and concentrates are predicted to account for a share of 17% in 2023.
- Foodservice is projected to acquire market share of 28.4% in 2023.
“The inclusive nature of the bakery ingredient industry is creating a conducive environment for chefs and bakery enthusiasts who continuously innovate their dishes in line with consumer trends. Presently, demand for lactose, gluten, or other free-from-food products is gaining traction. Key players can tap into this opportunity, along with focusing on higher-value channels, including in-store bakeries, artisanal bakers, and food service,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Key Developments Taking Place in the Bakery Ingredient Market
- In October 2023, Kluman & Balter celebrates 100 years of baking innovation in the industry.
- In February 2023, Puratos US, a baking ingredient supplier expanded its operations to the West Coast with two significant investments. The new manufacturing line offers a full line of sweet and bakery goods improvers and mixes.
- In August 2023, Moyu, which is a superfood-driven baking and breakfast company, is predicted to introduce shipping services pan United States.
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Key Companies Profiled in the Bakery Ingredient Market
- Cargill Inc.
- DuPont De Nemours and Company
- Archer Daniel Midland
- Ingredion Inc.
- Tate & Lyle PLC
- DSM N.V.
- Associated British Foods
- Corbion N.V.
- Novozymes N.V.
- Puratos Group N.V.
- Lallemand Inc.
- BDF Ingredients
- Caldic B.V.
- Jiangsu BoliBioproducts Co., Ltd.
- AB Enzymes
- Others
Bakery Ingredient Market by Category
By Form:
- Dry
- Liquid
By Ingredient Type:
- Fiber
- Emulsifiers
- Enzymes
- Starches
- Oils, Fats, and Shortenings
- Baking Powder and Mixes
- Preservatives
- Colors and Flavors
- Leavening Agents
By Application:
- Foodservice Industry
- Bread
- Cookies and Biscuits
- Rolls and Pies
- Cakes and Pastries
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives. She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India. Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s Extensive Coverage in Food and beverage Domain:
- The bakery enzymes market had a market worth of US$ 975 million in 2022, and it is anticipated that it will reach a market value of US$ 1.6 billion by 2033, growing at a CAGR of 5.1% from 2023 to 2033.
- According to the research of Future Market Insights, over the projected period, the Bakery Improvers Market is expected to expand at a CAGR of 3.7%. The industry's estimated value will increase from US$ 1,283.9 million in 2023 to US$ 1,846.3 Million in 2033.
- Global bakery mixes market demand is anticipated to be valued at US$ 6,175.3 million in 2023, forecast to grow at a CAGR of 5.2% to be valued at US$ 10,300.3 million from 2023 to 2033.
- The global bakery products market is estimated to reach US$ 235 Billion in 2022. As per the report, sales will increase at a 4.2% CAGR over the forecast period, reaching US$ 354.6 Billion by 2032.
- The global bakery emulsions market is anticipated to be valued at US$ 445.7 million in 2023, forecasted to grow at a CAGR of 6.2% through 2033. The market is likely to reach a valuation of US$ 816.6 million by 2033.
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