Rise in disposable income, increase in urbanization, and shift in trend toward Western-style diets boost the growth of the bakery industry in the Asia-Pacific region.
Portland, OR -- (SBWIRE) -- 06/23/2018 -- 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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Bakery ingredients are the building blocks of the finished bakery foods such as bread, cookies & biscuits, rolls & pies, cakes & pastries, and others. Consumer trends for eating healthy and convenient food is one of the primary factors boosting the growth of the market. Prominent players and large corporates are developing their products to follow the consumer trends and boost the company growth to occupy major market share.
The global bakery ingredients market is driven by factors such as busy lifestyles of people, which needs convenient, easily accessible, and time saving bakery products. Moreover, change in culture and growth in demand for Western-style diets in the developing nations along with rise in trend for low trans-fat & gluten-free products fuel the market growth. In addition, alarming obesity rates and increase in fitness-related concerns of population have shifted the interest of consumers toward healthier bakery food items. However, preference to healthier cereals, such as oats than baked products and stringent regulations & international quality standards hamper the market growth. The potential market for frozen foods along with efforts of the key players to innovate & manufacture heathier food items, reduce production costs, and increase shelf life of products are anticipated to provide lucrative opportunities to the market players.
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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.
*In 2016, North America and Europe collectively accounted for around two-thirds share of the global market, and are anticipated to maintain a dominant position in the market throughout the forecast period. This is attributed to the high consumption rates, rise in health-conscious population, and increase in popularity of various bakery ingredients types.
The key companies profiled in the report 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.