Rockville , Oct. 05, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global vegan baking ingredients market is projected to hit a value of US $3.6 Billion by late 2033 while climbing at a CAGR of 6.5%.
Vegan baking ingredients are plant-based alternatives to animal-derived products used in baking. They're kinder to animals, as they don't involve any animal exploitation. Additionally, they're more eco-friendly, needing fewer resources and producing fewer greenhouse gas emissions. They offer health benefits by being lower in saturated fats and cholesterol, making them suitable for various dietary needs. Vegan ingredients also cater to those with allergies or dietary restrictions.
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The expansion of the market is primarily powered by the increasing adoption of plant-based diets, driven by concerns for animal welfare, health, and environmental sustainability. Rising awareness about the environmental impact of animal agriculture is prompting consumers to seek cruelty-free alternatives.
| Report Attributes | Details |
| Value Projection (2033) | US$ 3.6 Billion |
| Growth Rate (2023-2033) | 6.5% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 58 Tables |
| No. of Figures | 258 Figures |
Key Takeaways:
- Europe market witnessed a market share of 35% in 2023. Moreover, France and the UK are expected to offer better returns on investments when compared to Asian countries.
- Also, the US is expected to offer lucrative opportunities due to the rising popularity of vegan food and the establishment of vegan food restaurants.
- China and India are expected to witness high growth during the forecast period due to a hike in the popularity of veganism.
Increasing consumer awareness of environmental sustainability and animal welfare concerns, growing demand for allergy-friendly and plant-based alternatives in baking, and ongoing innovation and development of high-quality vegan baking ingredients are some driving factors of the industry - Says FACTMR Expert
Key Companies Profiled in This Report:
- Associated British Foods
- BASF SE
- Kerry
- DuPont
- Cargill Inc.
- Bakels
- Döhler Group
- Lallemand Inc.
- Dawn Food Products
- Ingredion
Market Competition
In the ever-growing industry, companies are focusing on creating new products. This helps them keep up with what customers want and attracts new buyers. Offering fresh options also means more sales, which is good for business. It shows that they're adaptable and innovative, important in a competitive market.
- In January of 2022, International Taste Solutions (ITS), a provider of natural flavors, unveiled a fresh line of vegan flavor enhancers. This Vegan Boost series is offered in both powdered and liquid forms, designed to replicate the authentic taste and texture of traditional baked goods.
- In September of 2020, Dawn Foods, a well-known American producer and distributor of baked goods and various food items, broadened its range of vegan options by introducing new vegan bakery mixes and frozen vegan bakery products.
Winning strategies
- In the vegan baking ingredients market, customers prefer ingredients with simple names and minimal processing. This is because people want to know what's in their food and often choose ingredients that are easy to understand. Additionally, less processing is seen as healthier and more natural.
- Providing options without common allergens like gluten, nuts, or soy is important. This helps a wider range of people with specific dietary needs or allergies. For example, those with celiac disease need gluten-free options, while people with nut allergies require nut-free choices. Addressing these needs fosters inclusivity and draws a niche consumer base.
- Partnering with influencers and respected chefs who advocate for plant-based diets in the vegan baking ingredients market can significantly boost brand recognition and trust among consumers. Their endorsement reaches a wide audience interested in vegan products and adds credibility to the brand's offerings.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global Vegan Baking Ingredients Market, presenting forecast statistics for the period of 2023-2033.
Vegan Baking Ingredients Market Analysis By Product Type (Starch, Raising Agents, Emulsifiers, Leavening Agents, Baking Powder & Mixes, Vegetable Oils, Colors & Flavors, Enzymes), By Nature (Organic, Conventional), By End Product (Cakes & Pastries, Biscuits & Cookies, Bread, Rolls & Pies, Buns), By Distribution Channel (Residential, Direct Sales) and Region
Explore More Related Studies Published by Fact.MR Research:
Vegan Baking Mix Market: Worldwide sales of vegan baking mixes are forecasted to increase at a CAGR of 5.3% and reach US$ 1.68 billion by the end of 2033.
Vegan Candies Market: vegan candies are likely to witness robust growth during 2021-2031.
Vegan Cookies Market: Worldwide demand for vegan cookies is anticipated to reach US$ 885.3 million by 2033-end.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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