Baking Ingredients Market Size is anticipated to Record a Valuation of USD 22,278.10 Million by 2028 | The Insight Partners

The baking ingredients market is projected to reach US$ 22,278.10 million by 2028 from US$ 16,444.97 million in 2022; it is expected to grow at a CAGR of 5.2% from 2022 to 2028. Baking ingredients include bakery flours, yeast, sweeteners, livening agents, emulsifiers, shortening, stabilizers, colors, and flavors. Moreover, bakery inclusions, fillings, and decorations are among the key ingredient categories in the bakery sector.

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The List of Companies - Baking Ingredients Market
• Cargill, Incorporated
• ADM
• Associated British Foods plc
• Koninklijke DSM N.V.
• Kerry
• AAK AB
• British Bakels
• Corbion
• International Flavours & Fragrances
• Dawn Food Products Inc.

The bakery sector is growing at a rapid pace with the rise in global population, rapid urbanization, changing consumer lifestyles, and increasing demand for comfort food. Bread, cakes, muffins, and doughnuts have become staples in many peoples' diets. Consumers prefer bakery products for their convenience, affordability, and taste. According to the American Bakers Association, the annual turnover of the US bakery sector is ~US$ 154.0 billion. The sector employs ~800,000 skilled personnel, creating significant employment opportunities.

Based on type, the baking ingredients market is categorized into baking power & mixes emulsifiers, enzymes, starches, colors & flavors, oils, fats, and shortening, and others. The enzymes segment is expected to register the highest CAGR during the forecast period. Enzymes play vital roles in the making of bakery products. They increase the shelf life of the baked products eliminating the need for using chemical or artificial preservatives. Various enzymes used in the bakery sector are amylase, oxidase, and protease, among others.

The COVID-19 pandemic brought unprecedented challenges for the food & beverages industry. Lockdowns, border restrictions, travel bans, plant shutdowns, and other government-led safety protocols disturbed the operations of manufacturing facilities. A shortage of raw materials due to disrupted supply chains led to elevated raw material prices and reduced production volumes. However, as governments allowed the sale of essential goods during lockdowns, sales of bakery products remained intact, thereby favoring the growth of the baking ingredients market.

Moreover, due to the work from home mandates and lockdowns, people started consuming comfort food, such as cakes and cookies, to reduce pandemic-related stress. Further, in 2021, governments permitted the supermarkets and departmental stores to resume their operations, which positively impacted the sales of bakery products, especially frozen bakery products, as consumers stocked up on their groceries in response to the previous impacts of the outbreak. Thus, the COVID-19 pandemic had a mixed impact on the bakery industry and the baking ingredients market.

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This release was published on openPR.