The global bakery ingredients market was valued at $7,772 million in 2016, and is projected to reach at $11,225 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. Baking ingredients are the food materials used in the bakery industry for the preparation of ready-to-eat foodstuffs. These ensure improvement of food products in terms of texture, color, flavor, volume, softness, and others. These ingredients are available in a wide range of varieties, and their consumption is dependent on the dietary habits of regions. Bakery is a well-known and large industry accounting for a remarkable position in the food processing sector. The demand for bakery items has increased as a large section of population tend to prefer fresh and ready-to-eat convenience foods with high nutritional values due to busy lifestyle. In addition, the market growth for bakery food and bakery ingredients are coupled as these ingredients are required to prepare baked products.
The global bakery ingredients market is driven by increasing use of convenient bakery food products due to the busy schedule of the population. In addition, change in culture & lifestyles in the emerging economies and rise in demand for low trans-fat & gluten-free products drive the market. Moreover, alarming increase in obesity rates and growth in health concerns among people have led to higher preference for healthier bakery products. However, rise in substitution of baked products by cereals, such as oats, and increase in implementation of stringent regulations & international quality standards are expected to hamper the market growth. Conversely, emerging market for frozen bakery products and growth in focus of key players to reduce the production costs and improve the quality & shelf life of products are anticipated to provide lucrative opportunities for the market growth.
The report segments the global bakery ingredients market based on type, application, and geography. Based on type, it is divided into enzymes, starch, fiber, colors, flavors, emulsifiers, antimicrobials, and others. On the basis of application, it is classified into bread, cookies & biscuits, rolls & pies, cakes & pastries, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major strategies adopted by key players to expand their business include mergers and acquisitions to sustain intense competition in the global market.
The market players profiled in the study are as follows
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
OTHER KEY PLAYERS
*The above list of players are not profiled in the report, but can be added as per client interest.
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