Albany, NY -- (SBWIRE) -- 12/05/2018 -- TMR's report estimates that the global bakery ingredients market, valued at US$11.7 bn in 2015, will attain a value of US$181.1 bn by the year 2024. Thus, over the forecast duration of 2016 to 2024, the worldwide bakery ingredients market is prognosticated to witness a 4.9% growth rate. Based on geography, the Asia Pacific market is anticipated to showcase immense potential for growth.

Due to the tremendous consumer demand for healthy and nutritional ingredients in baked foods, the use of whole grain, low sugar and zero trans-fat per serving is in high demand. The rising rate of obesity and the aging population have propelled the use of nutritional ingredients to the forefront. Moreover, the perpetual demand for ready-to-eat food is predicted to fuel the bakery ingredients market too. The shifting consumer inclination from conventional home cooked food to convenience, ready-to-eat foods is also a key factor offering numerous growth opportunities to bakery ingredients in the emerging markets. Adoption of westernized lifestyle, double income families, emphasis on healthier lifestyles, greater nutrition awareness, and increase in disposable income are the major factors that are responsible for the growth in baked foods industry, which in turn will drive the demand for the bakery ingredients manufacturers.

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While the rapid surge in obesity rates and growing concerns with regard to maintaining fitness has fueled the demand for healthy bakery food products, the trend for replacement of baked products by cereals, such as oats, is expected to act as a significant market hindrance.Furthermore, stringent regulations and implementation of international quality standards hamper the market growth.

Demand for Exotic Bakes to Propel Color and Flavor Additives Segment

Based on the type of ingredients, the global market for baking ingredients is comprised of baking powder and baking soda, yeast, flour, flavor and color additives, sweeteners, and fats. The segment of flavor and color additives is projected to experience remarkable progress in the coming years due to their vital use in the process of baking. The surge in demand for exotic and luxury baked products are also anticipated to uplift the demand for this segment in the years to come.

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The study provides a detailed view of the baking ingredients market by segmenting it based on ingredients, product type, sector and regional demand. On the basis of ingredients, the baking ingredients market has been further segmented into yeast, baking powder and baking soda, flour, sweeteners, flavor & color additives, fats and other types of ingredients. The baking ingredients market has been segregated into bread, biscuits & cookies, cakes & cupcakes, pastries & pie, pizza & buns, bagels & donuts, and others types of products. On the basis of sector the baking ingredients market is segregated into organized sector and unorganized sector.