Baking ingredients market to reach US$31.18 billion by 2032

GLOBAL – The global Baking Ingredients market size is expected to reach US$ 31.18 billion by 2032, according to a new study by Polaris Market Research (PMR), a global market research and consulting company.  

The PMR report  gives a detailed insight into the current baking ingredients market dynamics and provides analysis on future market growth.

The increasing demand for convenient food and consumers’ preference for appealing, flavorful, and textured delicacies, coupled with factors like easy accessibility and competitive pricing, are projected to drive the demand for bakery ingredients.

Moreover, there is a growing emphasis on enhancing the nutritional profile of bakery products, incorporating functional ingredients like omega-3, probiotics, multivitamins, multigrain, and phytosterols to provide additional nutritional value.

The significant trend of gluten-free food is prominent in the market and is expected to endure during the projected timeframe.

The Baking Powder & Mixes segment secured the highest revenue share in 2023. Serving as a source of proteins, vitamins, and carbohydrates, it is extensively used as a fundamental ingredient in bakery products globally.

North America held the leading position in the market in 2023. The prevalence of on-the-go food lifestyles in countries like Canada and the U.S. is anticipated to boost demand consistently throughout the forecast period.

Developed markets in North America and Western Europe have experienced significant consumption rates, especially in categories such as bread, cakes, pies, scones, pastries, biscuits, and cereals.

The shift from traditional home-cooked meals to convenient foods has intensified the need for bakery ingredients in emerging markets.

Elements like the embrace of a westernized lifestyle, the prevalence of double-income families, a commitment to healthier living, heightened nutrition awareness, and an increase in disposable income play crucial roles in the escalating expenditure on bakery products and the growth of the baked foods industry.

The increasing consumer awareness of organic products is fostering the heightened popularity of wheat baking powder, known for its lower saturated fat and cholesterol content.

The Bread segment captured the leading market share throughout the forecast period. Recognized as a staple food in many countries worldwide, its sustained demand growth is attributed to affordability and nutritional value.

Shifting consumer preferences have motivated manufacturers to emphasize innovation, aiming to provide baked goods that cater to diverse tastes.

However, stringent regulations and adherence to international quality standards are expected to pose challenges to the market’s growth.

Bakery manufacturers providing convenient and portable options, such as pocket wraps and rolls, are further propelling this growth.

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