Baking Ingredients Market Demand for Organic Baking Ingredients Growing
Vendors Focusing on Product Differentiation and Service Offering to Increase their Presence in the Market
One of the popular trends being observed in the market is the hike in demand for organic baking ingredients, which include natural flavors, oils, and sweeteners. This is mainly because of growing health-conscious population, and rise in awareness about benefits regarding organic baking ingredients. The global baking ingredients market is highly fragmented in nature, with a large number of large and small vendors operating across the globe.
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In a bid to save time of end-users in production, vendors have developed freshly finished products, bake-off products, pre-packed long-life products, and pre-packed ready-to-use part-baked bakery items such as tortillas and donuts. These vendors compete on factors including quality, innovation, service, price, reputation, and distribution of products, while focusing on product differentiation and service offerings, in order to increase their presence in the market.
Global leaders in baking ingredients are making huge investments in various projects through research & development activities, with an aim of developing new innovative products, and increase their customer base.
Preference of Consumers toward Baked Food Products over Time-consuming Food to Propel Market Growth
Surging need for leisure, time constraints, and hectic lifestyles of people have led them towards adoption of packaged and convenience food. Improvement in economic conditions, and lifestyles of population across developed as well as developing regions have further augmented demand for convenience and packaged food products. This in turn has driven demand for baked products such as bread, pizza, cake, and pastries, consequently fuelling demand for baking ingredients. Increased spending on away-from-home food has led toward a rise in number of artisan bakeries, in-store bakeries, coffee shops, convenience stores, and retail outlets, which are providing various innovative baked food items. Consumers around the world, particularly in North America and Europe, are preferring wraps, pocket sandwiches, and rolls over time-consuming food, on the back of their fast-paced lifestyle. The aforementioned factors are expected to propel the market growth in the upcoming years.
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Demand for Organic Baking Ingredients - A Major Trend
With an aim of helping end-users save time in cooking, several vendors in the market have developed long-life pre-packaged food products, bake-off products, freshly finished products, and ready-to-use part-baked pre-packed bakery products such as donuts and tortillas. Leading market players are making investments in different projects via research and development, in a bid to develop innovative products, and widen their consumer base. A major trend being observed in the market is soaring demand for organic baking ingredients, which is expected to gain higher traction in the near future. This can be mainly attributed to growth in health-conscious population, and rising awareness about benefits of organic baking ingredients such as sweeteners, oils, and natural flavors. The global market for baking ingredients is highly fragmented, with the presence of many small and large vendors. Competing on factors including distribution, service, reputation, innovation, price, and quality, vendors in the market are focusing on service offerings and product differentiation for gaining a competitive edge.
Persistence Market Research (PMR), in its new study, has estimated a steady expansion for the global baking ingredients market during the forecast period 2017 to 2022. The market is expected to exceed revenues worth US$ 16,000 Mn by 2022-end.
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