The global baking ingredients market is expected to witness significant growth in the forthcoming years, primarily due to changing food habits. The increasing adoption of bakery items as staple food across Europe and North America coupled with the rising demand for baking ingredients such as sweeteners, yeast, fats, and baking soda is providing a fillip to the market. Moreover, the development of gluten free and innovative baking ingredients is estimated to open up lucrative opportunities for the market.
As per a research report by Transparency Market Research (TMR), the opportunity in the global baking ingredients market was pegged at US$11.7 bn in 2015 and is poised to reach US$18.1 bn by 2024, rising at a CAGR of 4.9% between 2016 and 2024.
Rising Disposable Income to Promote Uptake of Baking Ingredients
The increasing inclination towards western eating habits in emerging markets such as Asia Pacific and Latin America is driving the uptake of baking ingredients in the market. The rising per capita expenditure of the youth across countries such as India, China, and Brazil is likely to facilitate upswing in the demand for baked food items. Furthermore, the introduction of sophisticated confectionaries is likely to augur well for the growth of the overall market.
Increasing Consumption of Bakery Products to Fuel of Asia Pacific Market
Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa are the key regions studied in the report. Europe and North America will command a large share in the market owing to the high consumption of baked goods. Asia Pacific will rise at a promising pace during the forecast period. The growth of the region can be attributed to the sweeping shift towards western food habits, rising disposable income, and increasing consumption of bakery products. On the basis of ingredients, flavor and color additives will continue to be the dominant segment the market. The increasing demand for luxury and exotic bakery products is boosting the demand for flavor and color additives.