Sarasota, FL -- (SBWIRE) -- 10/05/2018 -- Zion Market Research has published a new report titled "Bakery Ingredient Market by Product (Baking powders & mixes, Enzymes, Leavening Agents, Starch, Emulsifiers, Oil, Fats & Shortenings, And Colors & Flavors): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024". According to the report, the global bakery ingredient market accounted for USD 14.07 billion in 2017 and is expected to reach USD 17.91 billion by 2024, growing at a CAGR of around 4.6% between 2017 and 2024.

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The global bakery ingredient market is expected to witness significant growth over the forecast period on account of increasing demand from the food industry across the globe. Increasing demand for bread and other bakery products from developing countries like China and India is anticipated to enhance demand for bakery ingredients. Bread is becoming a replacement for many conventional snacks items and breakfast. Bakery products are also affordable to all the price-sensitive customers in developing countries.

In addition, increasing adoption of westernized culture, families with double income, increase in disposable income, increasing the importance of nutrition awareness, and healthy lifestyles are the major factors that are responsible for the growth of bakery product industry, which results in high demand for the bakery ingredients by bakery product manufacturers.

Rising demand for powder & mixes, enzymes products are expected to be a major driver for the bakery ingredient market. Increasing awareness among the population regarding health benefits and adverse effects of the varying environmental and climatic conditions on the health has further increased the demand for bakery ingredient.

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However, increased regulations on the manufacturing and usage of bakery ingredients and the variable fraud related to food adulteration are restraining the growth of the bakery ingredient market within the forecast period. Rising demand for natural and unprocessed ingredients is expected to provide opportunities for the key players in the industry.

Baking powder & mixes and enzymes product segment dominated the global bakery ingredient market in 2017. In addition, baking powder & mixes segment accounted for over 35% of the global revenue and is expected to witness significant growth over the next six years owing to the rising demand for bakery products. Yeast and enzyme emerged as the second leading segment and is expected to grow on account of increasing demand for bakery & confectionery, fast food, and convenience products.

By product, baking powder & mixes is expected to grow at the highest CAGR during the forecast period. This can be expected to boost the demand for nutritious food by 2024. Baking powders & mixes and enzymes are expected to witness the highest demand of the bakery ingredient in the food and ingredient segment over the forecast period.

In terms of geography, Europe region has the largest market in other regions in 2017. Rising standard of living and health benefits of bakery ingredients is expected to fuel the growth of the bakery ingredient market. The Asia Pacific accounted for a good global market share and is expected to grow in light of urbanization and rising disposable incomes in the countries of the region. India and China are major countries in the Asia Pacific with a huge population which is expected to be a major point of attraction for the key market players.

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The key players in this industry are Ingredion, DuPont, ADM, Tate & Lyle, Cargill and Kerry Group.

This report segments the bakery ingredient market as follows:

Global Bakery Ingredient Market: Product Segment Analysis

Emulsifiers
Leavening Agents
Enzymes
Baking Powders & Mixes
Oil
Fats & Shortenings
Starch
Colors & Flavors

Global Bakery Ingredient Market: Regional Segment Analysis

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa