04 March 2021
Visiongain has published a new report on Bakery Ingredients Market Report to 2031: Forecasts by Ingredient Type (Enzymes, Emulsifiers, Leavening Agents, Oils, Fats, and Shortenings, Baking Powder & Mixes, Colors & Flavors, Fiber, Starch, Antimicrobials, Preservatives, Others), By Application (Cakes & Pastries, Bread, Rolls And Pies, Cookies & Biscuits, Others ), By Distribution Channel (B2B, B2C (Online Channels, Offline Channels) PLUS Profiles of Leading Bakery Ingredients Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Bakery Ingredients market was valued at US$ XX billion in 2020 and is projected to reach at a market value of US$x billion by 2031. Increasing consumer preference for convenience food and coupled with changing consumer lifestyle is augmenting the demand for bakery ingredients.
COVID-19 Impact on Bakery Ingredients Market
Coronavirus has negatively impacted most of the industries, bakery ingredient market however have experienced increase in demand. Bakery ingredients like cocoa powder, baking soda and baking powder were in high demand during the COVID-19 pandemic situation. The demand was primarily driven by the consumers aggressively trying their hand on baking during the lockdown period. There has been a trend on social media platforms in countries such as India regarding preparation of ‘restaurant style food at home’, which contributed to the rise in demand for bakery ingredients. The industry has experienced demand supply gap for a brief period of time, but the demand was still high. The bakery industry had also witnessed disruptions in supply chain government intervention in terms of changing regulation to prevent the spread of contagious disease, but the industry players have managed to stay competitive and fairly did well during the difficult times.
Changing consumer lifestyle and increase in the consumption of bakery products
The consumers across the globe have witnessed rise in their income levels, whichis shoving the consumer spending on bakery products. The sales of United States baked products in 2017 were US$ 58.6 Bn and the average spending on bakery products by the U.S. households expected to reach US$ 383.75 Bn by 2021. In countries such as India bakery has been an integral part of food culture and widely being accepted due to its high nutrient value and range of affordability. Additionally, Indian bakery industry have experienced fluctuations in the demand owing to the foreign impact and emergence of large female working population in the country that has contributed to the rapid rise in the bakery product and thus increase in the demand for bakery ingredient. Additionally, the changing consumer lifestyle and urbanization with increasing exposure to the western culture across most of the developing economies create curiosity among people to explore new cuisine and spend more on creative food items such as bakery products. The increasing demand for bakery products primarily from the emerging economies is accentuating the growth of bakery ingredients market.
Rising consumer inclination towards healthy bakery products
Health consciousness among the consumers is shifting their focus on products with high fibre and low fats. Bakery product manufacturers are paying more attention to this trend and are introducing gluten-free bakery products that use natural sweeteners. This has pushed the bakery ingredient manufacturers to develop products that are beneficial to health and also improves the taste and texture of final bakery products. Heightened consumer awareness and preference for digestive health has significantly influenced the product reformation in the bakery ingredient market segment. In June 2020, Amyris, a biotechnology company and AB Mauri, a natural and sustainable bakery ingredients in entered in partnership. The partnership enables AB Mauri to produces baked goods with reduced sugar by using Amyris’ Purecane Brand Sweetener that has zero-calories and zero glycemic sweeteners.
Escalating demand for frozen bakery products
Hectic and fast paced and lifestyles have compelled consumers to make a shift towards convenient and ready to eat food products. Frozen bakery products are witnessing a high demand owing to their extended shelf life. The frozen bakery products are witnessing an increasing trend due to availability of easy thawing and baking facilitate. Additionally, frozen bakery products are available year round which is positively impacting the overall demand as the products are easily available. Moreover, the players in the frozen bakery products market space are introducing new products in the category and also investing in the R&D and improving the production capacity which is further expected to propel the market demand. For instance, in February 2020, Sara Lee Frozen Bakery entered into agreement to acquire Cyrus O’Leary’s Pies to expand the company’s presence in in-store bakery (ISB) and achieve strategic growth by providing new frozen bakery products to their customers.
Ongoing research in the field of bakery ingredients market space to improve the bakery products is expected to generate considerable demand during the forecast period
There are ongoing developments in bakery ingredients and methods to enhance the quality of bread and avoid the unpleasant aftertaste that occurs with the conventional leavening solutions. Developments in the improvement of other products such as flavouring agents and emulsifiers are also being undertaken. For instance, in September 2019, DuPont introduced a new emulsifier to replace hydrated monoglycerides in the bakery products. The new ingredient in non-GMO and kosher and comes in powdered form, which is easier to work with. In August 2018, LCI introduces fermented wheat flour preservative named ‘Cereclean’ for baked products. The new product launch was aimed at addition of the product to the company’s clean label range and contains natural and clean ingredients. Additionally, the bakery ingredients market is experiencing investments in development and research in the bakery ingredients market to fulfil the customized demands of their customers.
Some of the companies profiled in the report include ADM, DuPont, Cargill Inc., CSM Bakery Solutions, Novozymes, and Tate & Lyle among others. To fulfil the increasing demand for bakery ingredients form the B2B and B2C channels, companies are investing in research and development along with new product development to sustain in the highly competitive market. For instance, in February 2020, DuPont launched a new range of emulsifiers called ‘POWERBAKE’ to help the bakery industry in Europe meet he consumer demand for clean product labels.
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