February 23, 2023
Bakery ingredients are the building blocks of finished bakery foods such as bread, cookies & biscuits, rolls & pies, cakes & pastries, and others. Increase in trend of healthy eating and rise preference for convenience food are the primary factors boosting the growth of the market. Prominent players and large corporates are developing their products to follow the consumer trends and boost the company growth to occupy major bakery ingredients market share.
However, inclination toward healthier cereals, such as oats, as compared to baked products and stringent regulations on the ingredients used in baked food products & international quality standards hamper the bakery ingredients market growth.
Nevertheless, increase in popularity of frozen baked foods along with efforts of the key players to innovate & manufacture healthier food items, reduced production costs, and increased shelf life of products are anticipated to provide lucrative opportunities to the market players operating in the bakery ingredients market.
According to the bakery ingredients market analysis, the bakery ingredients market is segmented on the basis of type, the market is divided into enzymes, starch, fiber, colors, flavors, emulsifiers, antimicrobials, fats, dry baking mix, and others. On the basis of application, it is fragmented into bread, cookies & biscuits, rolls & pies, cakes & pastries, and others.
The enzymes segment is expected to grow at a significant CAGR during the forecast period, as enzymes serve as an ideal alternative to potassium bromate, which is banned in regions such as European Union, Canada, Brazil, Argentina, Peru, India, China, South Korea, and Sri Lanka.
North America and Europe accounted around 67.8% share of the bakery ingredients market in 2020, owing to the presence of different varieties and large-scale consumption of bakery ingredients. Rise in disposable income, increase in urbanization, and shift in trend toward Western-style diet boost the growth of the bakery industry in the Asia-Pacific.