Baking Ingredients Market by Type (Emulsifiers, Leavening Agents, Enzymes, Baking Powders & Mixes, Oil, Fats & Shortenings, Starch, Colors & Flavors, Preservatives, Fibers), Application (Bread and Sweet Bakery), and Region - Forecast to 2026

Northbrook, IL -- (SBWire) -- 02/02/2022 --The global baking ingredients market is estimated at USD 16.6 billion in 2021 and is projected to reach USD 22.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026.

There has been a spike in demand for baking ingredients, such as baking soda, baking powder, cocoa powder, and other condiments, as consumers stranded at home due to the Covid-19 lockdown have taken aggressively to baking.

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Consumers are becoming sensitive to factors, such as health, sustainability, and social impact while making purchase decisions. The consumption of animal-based foods has raised environmental concerns. Also, some consumers have an ethical objection to using animals in food products. Consumers are encouraged to shift to veganism and vegetarianism due to factors such as animal welfare, environment, and personal health. According to the Good Food Institute, the US retail sales of plant-based foods have increased by 17%, accounting for nearly USD 3.7 billion. The largest market for plant-based foods includes plant-based milk and plant-based meat. The market for plant-based bakery products, such as vegan cake, muffins, bread, buns, is growing, which might increase the demand for vegan baking ingredients.

The baking powder and mixes hold the largest segment in the baking ingredients market. Baking powder is a dry chemical leavening agent—a mixture of a carbonate or bicarbonate and a weak acid. The base and acid are prevented from reacting prematurely by the inclusion of a buffer such as cornstarch. The baking powder is used to increase the volume and lighten the texture of baked goods. It releases bubbles in the wet mixture that expands. It works by releasing carbon dioxide gas into a batter or dough through an acid-base reaction, causing bubbles in the wet mixture to expand, thus leavening the mixture. Baking mixes are complex, ready-to-use mixtures of dry baking ingredients used to make bread, cakes, waffles, pizza dough, biscuits, and muffins. Ingredients in baking mixes may include flour, bread flour, baking powder, baking soda, yeast, sugar, and salt, depending upon the food type.

Asia Pacific region is expected to grow at the fastest rate in the baking ingredients market. The tides of the global baking industry are shifting as the North American and European markets are mature and new global regions are emerging with immense growth opportunities. The APAC region is expected to be a dynamic and fast-growing region for the bakery ingredients market in the coming few years. According to the Indian Bakers Federation (I.B.F), biscuits are the highest-selling product in India, followed by sliced bread, cupcakes, pastries, and brownies. Furthermore, more and more baked foods are finding their space on supermarket shelves across the region. This visibility is making these bakery products front-of-mind commodities for consumers in developing countries, such as Singapore, Hong Kong, South Korea, and India.

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Key participants in the baking ingredients market such as Cargill (U.S.), Archer Daniels Midland Company (U.S.), Associated British Foods plc (U.K.), Koninklijke DSM N.V. (The Netherlands), Kerry Group plc (Ireland), and AAK AB (Sweden). Other players include British Bakels (U.K.), Corbion (the Netherlands), IFF (US), and Dawn Food Products, Inc. (U.S.).

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