Baking Ingredients Market Regional Analysis & Global Forecast
The global baking ingredients market was estimated at USD 16.6 billion in 2021 and is projected to reach USD 22.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026.
Asia pacific is projected to be the fastest-growing market for global baking ingredients market, recording a CAGR of 7.2% from 2021 to 2026. Factors such as changes in eating habits of consumers, increasing urbanization, and rising consumption patterns of baked products have driven growth in the market in this region. In emerging economies such as India, China, and Indonesia, the penetration of packaged and convenience food is the key driver for the baking industry.
Europe projected to be the largest market.
Factors such as increased consumption of baked goods, especially as convenient food products, and awareness about natural baking ingredients, such as yeast extracts, enzymes, and fibers are the major factors for the large market size of Europe in the baking ingredients industry. According to AIBI bread market report 2012, Europeans on average consumed 58 kgs of bread and bakery products per capita. Bread and bakery products are produced in a number of different ways: by large industrial companies, by traditional smaller-scale bakeries, and by people at home.
Top baking ingredients companies include Cargill (U.S.), Archer Daniels Midland Company (U.S.), Associated British Foods plc (U.K.), Koninklijke DSM N.V. (The Netherlands), Kerry Group plc (Ireland), and AAK AB (Sweden). Other players include Taura Natural Ingredients Ltd (New Zealand), British Bakels (U.K.), Muntons plc (U.K.), Corbion (the Netherlands), and Dawn Food Products, Inc. (U.S.).
These players in this market are focusing on increasing their presence through new product launches and deals. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.