New York, NY, Sept. 30, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Bakery Ingredient Market by Product (Baking powders & mixes, Enzymes, Leavening Agents, Starch, Emulsifiers, Oil, Fats & Shortenings, And Colors & Flavors): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global bakery ingredient market accounted for USD 14.07 billion in 2017 and is expected to reach USD 17.91 billion by 2024, growing at a CAGR of around 4.6% between 2017 and 2024.
The global bakery ingredient market is expected to witness significant growth over the forecast period on account of increasing demand from the food industry across the globe. Increasing demand for bread and other bakery products from developing countries like China and India is anticipated to enhance demand for bakery ingredients. Bread is becoming a replacement for many conventional snacks items and breakfast. Bakery products are also affordable to all the price-sensitive customers in developing countries.
Browse through 93 Tables & 21 Figures spread over 110 Pages and in-depth TOC on “Global Bakery Ingredient Market: Industry Type, Size, Share, Growth, Segments Analysis, and Forecast, 2017 – 2024”.
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In addition, increasing adoption of westernized culture, families with double income, increase in disposable income, increasing the importance of nutrition awareness, and healthy lifestyles are the major factors that are responsible for the growth of bakery product industry, which results in high demand for the bakery ingredients by bakery product manufacturers.
Rising demand for powder & mixes, enzymes products are expected to be a major driver for the bakery ingredient market. Increasing awareness among the population regarding health benefits and adverse effects of the varying environmental and climatic conditions on the health has further increased the demand for bakery ingredient.
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However, increased regulations on the manufacturing and usage of bakery ingredients and the variable fraud related to food adulteration are restraining the growth of the bakery ingredient market within the forecast period. Rising demand for natural and unprocessed ingredients is expected to provide opportunities for the key players in the industry.
Baking powder & mixes and enzymes product segment dominated the global bakery ingredient market in 2017. In addition, baking powder & mixes segment accounted for over 35% of the global revenue and is expected to witness significant growth over the next six years owing to the rising demand for bakery products. Yeast and enzyme emerged as the second leading segment and is expected to grow on account of increasing demand for bakery & confectionery, fast food, and convenience products.
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By product, baking powder & mixes is expected to grow at the highest CAGR during the forecast period. This can be expected to boost the demand for nutritious food by 2024. Baking powders & mixes and enzymes are expected to witness the highest demand of the bakery ingredient in the food and ingredient segment over the forecast period.
North America has the largest market for bakery ingredients among other regions in 2017. Rising living standard and awareness about health benefits of bakery product is expected to fuel the growth of the bakery ingredient market during the forecast period. However, the demand for bakery ingredient has been increasing in the past few years due to the adoption of western culture and healthy living standards. Major companies in Canada and the U.S. are expanding their bakery production capacities to match growing demand for feed products in the American market. This is expected to fuel the market growth further.
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The Asia Pacific accounted for the second largest market share and is expected to grow considering rising disposable incomes and rapid urbanization in the countries of the region. India and China are major countries in the Asia Pacific with huge population are also expected to be a major point of attraction for the key market players.
The Latin American bakery ingredient market is expected to witness a good growth over the forecast period. Additionally, the bakery and confectionery industry in the region are also expected to fuel the demand for bakery ingredient market. Additionally, the double income families and increasing awareness among the consumers is expected to fuel the growth of the bakery ingredient market in the region. Growing consumer awareness regarding the high nutrition content and health benefits such as low sugar bakery product in Latin America and the Middle East is expected to fuel the growth of the bakery ingredient market over the years.
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The key players in this industry are Ingredion, DuPont, ADM, Tate & Lyle, Cargill and Kerry Group.
This report segments the bakery ingredient market as follows:
Global Bakery Ingredient Market: Product Segment Analysis
- Emulsifiers
- Leavening Agents
- Enzymes
- Baking Powders & Mixes
- Oil
- Fats & Shortenings
- Starch
- Colors & Flavors
Global Bakery Ingredient Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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