Known and Unknown Adjacencies Impacting the Baking Ingredients Market

The baking ingredients market, estimated to be valued at USD 13.03 billion in 2017, and is projected to grow at a CAGR of 5.4% from 2017 to 2022, to reach a value of USD 16.91 billion by 2022. The basic objective of the report is to define, segment, and project the global market size of the baking ingredients market on the basis of type, application, and region. It will also help to understand the structure of the baking ingredients market by identifying its various segments. The other objectives include analyzing the opportunities in the market for the stakeholders, providing the competitive landscape of the market trends, and projecting the size of the baking ingredients market and its submarkets, in terms of value (USD Million) and volume (KT).

Baking ingredients are typically substances used for their unique functionalities to improve the quality, texture, volume, taste, and other parameters of baked products that are widely used in various applications such as bread, biscuits & cookies, cakes & pastries, rolls & muffins, waffles, and pizza crusts. The key drivers for the market’s growth are the changing consumer lifestyles, preference for convenience foods, demand for gluten-free foods, and increasing demand for natural and healthy ingredients. Growing demand for baked foods and increasing per capita consumption of bread and other baked items is driving this market.

Among the types of baking ingredients, baking powder & mixes are used widely for the preparation of everyday use baked items and face high demand in Western Europe and developing Asia-Pacific markets. Increasing demand for healthier, innovative products, and ingredients is driving the growth for baking ingredients in the emerging markets of the Asia-Pacific, Latin America, and the Middle East.

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Urbanization and the changing diet styles influence the market for baked products in the Asia-Pacific region. Moreover, in the U.S. and Europe, the baking ingredients market is highly fragmented and is growing at a fast pace owing to factors such as the use of high-quality natural ingredients and specialization of baked products to meet the changing consumer demand for healthy foods.

Increased demand for functional bakery foods in developed countries such as the U.S., Germany, the U.K., and France, has, in turn, increased the demand for baking ingredients. Europe accounted for the largest share in the global baking ingredients market in 2016. The Asia-Pacific market is projected to grow at the highest CAGR, in terms of both value and volume, from 2017 to 2022. China accounted for the largest country-wise market share in the Asia-Pacific region for baking ingredients in 2016, followed by Japan. The U.S. and China were the two major baking ingredients consumers, globally, in 2016.

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