Global Baking Ingredients Market Status, Trends and COVID-19 Impact Report 2021, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Baking Ingredients market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Digital Evidence Management market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region.
The baking ingredients market size is expected to grow at a CAGR of 6.2% during the forecast period 2021-2027.
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Baking ingredients include enzymes, starch, leavening agents, fibers, extract and flavorings, fats, and emulsifiers. Baking ingredients enable good quality, soft, and fresh goods such as bread, cookies, and pastries. The baking process is influenced by humidity, temperature, and the amount of each baking ingredient used.
The use of correct elements results in consistent products by enhancing machinability, volume, and crumb structure. The foodservice sector uses baking ingredients and leavening agents to offer improved dough machinability, increased dough strength, superior loaf volume, reduced staling rate, greater shelf-life of products, and decreased processing time.
COVID-19 Impact
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the baking ingredients market also experienced a slowdown. Statista estimates that the baking ingredients market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the baking ingredients market generated revenues of US$ 5.4 trillion at a record high.
The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the baking ingredients market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
E-commerce platforms have gained popularity for the sale of the ingredients, especially during the pandemic. Online platforms offer a plethora of options to consumers on a single portal, offering convenience and saving time & effort. Rigorous online marketing supplemented with attractive offers and discounts offered by companies has increased the popularity of e-commerce in recent years.
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Rising consumption of fast food such as burgers, pizza, and pastries, rising adoption of western lifestyle & eating habits, and hectic consumer lifestyle has increased the demand for baked goods, especially in emerging economies. Growing disposable income, rising awareness regarding nutritional intake, and greater demand for enriched food products with health benefits are fueling the growth of the ingredients market.
Consumers with food allergies and special dietary needs are turning towards baking their own food products. Increasing health concerns coupled with food safety, growing health and fitness consciousness, and changing food habits have fueled the growth of the global ingredients market. Market players are expected to launch healthier options with enhanced nutritional content post-COVID-19 outbreak to cater to growing consumer demand for nutritious, low calorie, organic, and gluten-free ingredients.
Growth Drivers
The online distribution channel is well established in the developed markets such as Europe and North America due to higher internet penetration and greater adoption of mobile devices. However, significant growth in the sale of the ingredients through online channels has also been registered in the developing economies, encouraging many new market entrants to launch their own e-commerce sites.
Additionally, increased food safety concerns and disruption in the supply chain during the pandemic have encouraged consumers to bake their own bread and cookies. Consumers are also turning to bake as it is associated with emotion management, stress reduction, and enhanced social bonding.
The sale of convenience and ready-to-cook food products has increased considerably during the pandemic, primarily in developing markets such as China and India. However, the closure of restaurants and bakeries due to lockdown, disruptions in the supply chain, halting of manufacturing activities, and limited availability of raw material and labor has severely affected the growth of the market. High demand for baking ingredients coupled with low supply has resulted in increased prices during the pandemic.
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Global baking ingredients market report Segmentation
The market is primarily segmented on the basis of type, application, distribution channel, and region.
By Type
Emulsifiers
Preservatives
Enzymes
Colors & Flavors
Baking Powders & Mixes
Leavening Agents
Fats & Shortenings
Others
By Application
Biscuits & Cookies
Bread
Cakes & Pastries
Others
By Distribution Channel
Supermarkets & Hypermarkets
Specialty Stores
Convenience Stores
Online Platforms
Others
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
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South America
Brazil
Argentina
Rest of South America
Geographic Overview
Europe accounts for a significant share of the ingredients industry. The high disposable income of consumers and rise in consumption of convenience food drive the growth in this region There has been an increased demand for premium low cholesterol baked goods, desserts, and pastries in the region, increasing awareness regarding healthy eating habits.
Industry players of ingredients in the region are introducing low-calorie, whole-wheat bread, high-fiber, and other baked products to cater to the rising health issues and increasing cases of obesity-related diseases. Growth in a number of fast-food restaurants, and small bakery businesses further boost the sale of baking ingredients in the region.
Competitive Landscape
The leading players in the baking ingredients market include AAK AB, Associated British Foods plc, British Bakels Ltd, Cargill, Carif. Corbion N.V., Dawn Food Products, Inc., DuPont, IFFCO, Ingredion Incorporated, IREKS GmbH, Kerry Group plc, Koninklijke DSM N.V., Lallemand Inc, Lesaffre, Millbaker, OYC Americas, Inc., Puratos Group, Rich Products Corporation, Sensient Technologies, SwissBake, TasteTech Ltd, Tate & Lyle PLC, and The Archer-Daniels-Midland Company (ADM).
These players are expanding their presence across various geographies and entering new markets in developing regions to expand their customer base and strengthen presence in the industry. The companies are also introducing new innovative products in the industry to cater to the growing consumer demands.
Key questions answered in the global chemical market report are:
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