Bakery Ingredients Market Insight
The global Bakery Ingredients Market size is projected to reach approximately USD 17.1 billion by 2024 and is expected to register a CAGR 5.9% during the forecast period of 2019 to 2024. Bakery ingredients are ingredients used in the preparation of bakery products to improve the overall quality of the product. There is a wide range of bakery ingredients, and their application depends on the expected performance and taste of the product.
Emerging economies as well as developing countries around the world like India, Brazil, and Argentina, are exhibiting augmented demand for ready-to-eat products, for instance, bakery products and instant food products. This subsequently proves to be profitable for the Bakery Ingredients Market Trends. Nowadays, dining out has become part of a weekly routine, and not just something you do on special occasions. In addition, the café culture, especially in emerging economies is fast becoming more popular. The combination of these factors is contributing massively to the growth of the bakery ingredients market.
Kerry Group PLC (Ireland), Tate & Lyle plc (U.K.), Archer Daniels Midland Company (U.S.), DuPont Nutrition & Health (Denmark), Cargill Incorporated (U.S.), Lallemand Inc. (Canada), Associated British Foods PLC (U.K.), are some of the prominent companies competing in the Bakery Ingredients Market.
The global Bakery Ingredients Market has been segmented based on type, application, and region.
Based on type, the global Bakery Ingredients Market has been classified as emulsifiers, enzymes, starches, baking powders & mixes, colors & flavors, oils, fats, & shortenings, and others.
Based on application, the global Bakery Ingredients Market has been categorized as bread & rolls, biscuits & cookies, cakes & pastries, and others.
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The global Bakery Ingredients Market is spread across the key regions of Europe, North America, Asia Pacific, and the rest of the world (RoW).
Among all the regions, North America has secured the leading position in the global market, with Europe tailing it as the second largest market. However, Asia Pacific is on its way to be the fastest growing region for bakery ingredients market, with emerging markets such as India and China being the major contributors.
Due to the busy work schedule of most of the population in North America, wraps, rolls and pocket sandwiches have gained immense popularity. This factor fosters the growth of bakery ingredients in the region.
On the other hand, rapid innovation in bakery industry backed by product diversification is most likely to present numerous growth opportunities to the bakery ingredients in the rest of the world.
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