The bakery ingredients market is predicted to develop in response to rising demand for ready-to-eat foods. In emerging nations, the move from traditional home-cooked food to convenience foods has raised demand for these bakery components. The adoption of a westernized lifestyle, dual-income families, focus on better lifestyles, more nutrition awareness, and an increase in disposable money are the primary drivers driving the baked foods industry's expansion, which will fuel demand for bakery ingredients manufacturers. In addition, rising consumer demand for baked items with reduced sugar, whole grain, and zero trans-fat per serving is driving up bakery food demand. Baking ingredients are a blend of numerous substances that are submitted to stringent health and safety inspections based on local government standards. Regulatory organisations have done a number of studies to determine the influence of these items on human health. Products are categorised and the daily intake allowance (DIA) is calculated based on their findings. Food safety regulations are governed by international bodies such as the National Food Safety and Quality Service (SENASA), the Canadian Food Inspection Agency (CFIA), the United States Food and Drug Administration (FDA), the World Health Organization (WHO), and the Committee on the Environment, Public Health, and Food Safety (EU). These organisations have direct or indirect control on the use of various chemicals and materials used in food processing.
Region Analysis:
Europe, followed by North America, is the largest market for bakery ingredients. However, in terms of bread ingredients, these are mature markets. Due to increased demand for bakery products and changing lifestyles, Asia-Pacific is the fastest-growing segment. With an expanding number of fast-food franchises in North America, such as the United States and Mexico, significant use of baked goods and bakery products is predicted to grow. Germany is Europe's largest revenue-generating market. With their growing populations and disposable incomes, India and China are expected to be the world's fastest-growing markets during the forecast period.
Key Development:
- Kerry Group Plc (IrelandTaste ) & Nutrition subsidiary announced in November 2020 that it has signed a deal to buy Bio-K Plus International, a Canadian company (Canada). Kerry's probiotics portfolio would be expanded as a result of this acquisition.
- British Bakels (UK) released vegan baking ingredients in January 2020. As veganism gains traction in 2020, customer demand for high-quality vegan bakery choices is projected to soar. As a result, Bakels has added vegan-friendly rich fillings to their vegan offering.
- Kerry's Taste & Nutrition division announced in November 2020 that it has signed a deal to buy Bio-K Plus International, a Canadian company. Kerry's probiotics portfolio would be expanded as a result of this acquisition.
Segmentation:
The global Mushroom market accounted for US$ 15.34 billion in 2020 and is estimated to be US$ 25.12 billion by 2030 and is anticipated to register a CAGR of 6.2%. Global bakery ingredients market has been segmented on the basis of type, application, and region.
- On the basis of type, the global bakery ingredients market is segmented into enzymes, starch, fiber, colors, flavors, emulsifiers, antimicrobials, fats, dry baking mix, and others.
- On the basis of application, global bakery ingredients market is segmented into bread, cookies & biscuits, rolls & pies, cakes & pastries, and others.
- On the basis of region, global bakery ingredients market is segmented across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
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Competitive Analysis:
Key players operating in the global bakery ingredients market includes Koninklijke DSM N.V., Kerry Group Plc, Archer Daniels midland company, E. I. Du Pont De Nemours and company, Taura Natural Ingredients Limited, Dawn Food Products Inc., Corbion and British Bakels, Ingredion Incorporated, Novozymes and Puratos Group, and Crust ‘n’ Crumb Food Ingredients Pvt. Ltd.
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