Baking Ingredients Market (Ingredients - Yeast, Baking Powder and Baking Soda, Flour, Sweeteners, Flavor & Color Additives, and Fats; Products - Bread, Biscuits and Cookies, Cakes and Cupcakes, Pastries and Pie, Pizza and Buns, and Bagels and Donuts; Sector - Organized Sector and Unorganized Sector) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 09/10/2018 -- The global market for baking ingredients material is expected to grow at a healthy CAGR of 4.9% over the course of the given forecast period of 2016 to 2024. The overall valuation of the global baking ingredients market stood at about US$11.7 bn in the year 2015 and is estimated to reach the total valuation of about US$18.1 bn by the end of the forecast period. The flavor and color additives segment is expected to grow at a CAGR of 5.6% over the aforementioned forecast period.
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How Global Baking Ingredients Market Positively Impacted by Changing Food Habits?
Changing food habits of customers across the world is pointed out to be the chief driving factor for the development of the global baking ingredients market in the near future. People now a days are more inclined towards using baking ingredients such as flavors, fats, color additives, flour, sweeteners, baking powder, baking soda, and yeast.
This increasing preference for baking ingredients backed by substantial increase in the consumption of bakery items across North America and Europe as staple food has significantly boosted the growth of the global baking ingredients market. Moreover, the growing purchasing power and increase in the disposable income of the youth across the globe is projected to amplify the need for baked food products such as pizzas, biscuits, and cakes. An increasing preference for ready to eat meals and convenient snacks such as bread rolls, wraps, and pocket sandwiches over other time consuming food items is also projected to drive the global baking ingredients market in the coming years.
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However, there are some factors that may pose some problem in the development of the market. There has been a rising awareness among people about their health and are becoming more fitness conscious. These people are increasingly moving away from baked food products and thus, impeding the market growth. However, growing adoption of western lifestyle is anticipated to play an important part in the growth of the market for baking ingredients over the course of given forecast period.