Portland, OR -- (SBWire) -- 09/28/2017 --According to a new report published by Allied Market Research, titled, Bakery Ingredients Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global bakery ingredients market was valued at $7,772 million in 2016, and is projected to reach at $11,225 million by 2023, growing at a CAGR of 5.4% from 2017 to 2023. In 2016, the bread segment accounted for more than half of the share by value in the global market.

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The choice of the ingredients and the compositions determine the flavor & texture of the finished baked food product. The major products, such as breads and biscuits, are growing at a significant growth rates, thus, these are anticipated to provide high growth opportunities to the key industrial players throughout the forecast period. In the mature markets of North America and Europe, the bakery ingredients exhibiting health benefits and those containing lesser or negligible artificial constituents are growing at a higher rate. The artificial ingredients include benzoyl peroxide, calcium bromate, and harmful colorings.

The report segments the global bakery ingredients market based on type, application, and geography. Based on type, it is divided into enzymes, starch, fiber, colors, flavors, emulsifiers, antimicrobials, and others. On the basis of application, it is classified into bread, cookies & biscuits, rolls & pies, cakes & pastries, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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The emulsifier segment dominated the global market with nearly one-fourth share of the overall revenue in 2016. The fiber segment is expected to witness significant growth during the forecast period, owing to the associated health benefits. In addition, it accounted for the second highest market share in 2016. The enzymes segment is expected to grow at the highest CAGR during the forecast period. North America and Europe accounted for more than 60% share of the market in 2016, owing to the presence of different varieties and large-scale consumption of bakery ingredients.

Key Findings of the Bakery Ingredients Market:

- The enzymes segment is projected to witness the highest CAGR of 9.1%, in terms of revenue, during the forecast period.

- Europe is expected to dominate the global market by 2023 due to high per capita consumption and increase in demand for new & healthier variety of bakery ingredients.

- The bread segment accounted for the highest value share of around 70% in 2016, and is expected to grow at a decent CAGR during the forecast period.

- Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to growth in population and rise in disposable income.

- The fiber segment is anticipated to occupy the highest market share by 2023, owing to its second highest CAGR and several health benefits offered.

The key leading players operating in the global bakery ingredients industry include Cargill Incorporated, Koninklijke DSM N.V., Associated British Foods plc., Kerry Group, DuPont, Lesaffre, Muntons plc., LALLEMAND Inc., Bakels, and Dawn Food Products, Inc.

The other players in the value chain include Sdzucker, Taura Natural Ingredients Ltd., AAK AB, Tate & lyle, Corbion, IFFCO Corporate, CSM Bakery Solutions, Novozymes, Puratos Group, Archer Daniels Midland Company, and Ingredion Group.