Theglobal baking powder market is forecast to rise at above 5% CAGRbetween 2020 and 2030. According to Transparency Market Research (TMR), themarket’s valuation is expected to surpass US$ 4 Bn bythe end of 2020. The report offers a holistic market overview, giving insightsinto prevailing trends and uncovering hidden opportunities.
Accordingto the report, changing food habits of consumers and desire to spend onconvenience food are chief drivers of the baking powdermarket. As a result of the increasing demand for convenience andprocessed food, bakeries around the world are reporting surging sales.
This isparticularly true in case of high potential markets in Asia Pacific. Consumersin general are showing higher propensity to spend on food items with highershelf life. However, while exhibiting change in behavior, consumers also havebecome more conscious about their health and wellness.
Evidentlythe demand for baked food items has risen in compared to traditional oil-friendsnacks. Changing lifestyle of consumers has visibly impacted their food habitsas well. While there is demand for “free-from” food on one hand, “on-the-go”eating has surged on the other.
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Likewise,the food industry also has reported sales uptick of packaged and processedfood. Baking powder is a common ingredient found in on-the-go snacks such asbiscuits & cookies. Even the ingredient list of packaged and conveniencefood often display the presence of baking powder.
Spurred bythese factors, the global market will report consistent growth through thecourse of the report’s forecast period. Baking powder is a dry chemical foundin a wide range of fast food. Considering this, the expansion of fast foodchains and food service chains is expected to augur well for the baking powdermarket.
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Tartrate Segment to Demand DominantAmong Products
TMR’sreport on baking powder market, categorizes it into aluminum-free, tartrate,phosphate-free, phosphate, anhydrous phosphate, sodium aluminum sulfatephosphate, and others in terms of product. Of these, the tartrate segment isforecast to account for the highest share in the market.
It isexpected to remain dominant since consumers are exhibiting desire for healthybaked food items. However, over the course of the report’s forecast period,phosphate-based baking powder is expected to record growth at an increasedpace.
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Consistently Rising Consumption ofBread to Spur Growth Opportunities
Based onend user, baking powder will remain a key ingredient in the recipe fordifferent varieties of breads. Thanks to consumer inclination for exoticflavors and food innovations, bakers are not shying away from experimentingwith their recipes.
However,one ingredient that has remained unchanged is baking powder. In the last fewyears the market has witnessed higher scope for growth, especially due to theuse of baking powder as a key ingredient in cakes and pastries, cookies androlls, and biscuits.
Whileapplication at a commercial scales will continue contributing towards majorityof revenue generated in the market, baking powder also has emerged as anessential cooking item used in household across the world.
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Regionally,Asia Pacific is expected to remain dominant. The market also witnessesimpressive opportunities in North America and Europe. Both these regions arehubs for bakeries and confectioneries and food habits of consumers as well havecreated a conducive environment for the growth of baking powder market in theseregions.
Saturationof opportunities in North America and Europe has compelled market players tocapitalize on opportunities prevalent in the bustling food service sector ofAsia Pacific.
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