Vegan Baking Ingredients Market to Experience Significant Growth During the Forecast Period 2018 to 2028
The vegan baking ingredients market remains highly consolidated with leading players holding over 50% of the market share
Rockville Pike, MD -- (SBWire) -- 03/13/2019 --According to a recent report by Fact.MR, vegan baking ingredients sales are expected to close in on 38,000 tons in 2019. Widespread adoption of veganism coupled with pervasive trends such as "mindful choices", "clean label", and "sustainability" continue to impact growth of the vegan baking ingredients market.
Growing research and development activities for the production of improved vegan baking ingredients is a vital aspect contributing to market proliferation. Innovations in the vegan baking ingredients manufacturing are enabling the production of vegan emulsifiers which are key to producing bakery products that mimic the texture and mouthfeel of normal bakery products.
A crucial factor complementing the vegan bakery ingredients market growth is the fortification of these ingredients with probiotics. Consumer awareness regarding the benefits associated with consumption of probiotics is gradually increasing which is causing an upward movement in the sales of products incorporated with the healthy ingredient. Additionally, development of probiotics which are resistant to higher temperature, varying pH levels, and have a longer shelf-life is enabling their incorporation into bakery products opening up new opportunities for manufacturers.
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Alternate emulsifiers such as aquafaba, a protein derived from legumes, are increasingly gaining traction due to their wide scope of applications such as leavening and foaming agents and their neutral impact on the taste and flavoring of products. Owing to its extensive nature aquafaba is increasingly being used in production of multiple vegan products driving research towards development of infrastructure for large scale extraction of the protein.
A notable development complementing the surge in demand for the alternative emulsifier was InnovoPro, a company based in Israel and specializing in chickpea protein production, raising US$ 4.25 million in funding. The company claims to have found a sustainable technique for extracting 70% of the protein concentrate from chickpeas. These developments are estimated to uphold the growing demand for emulsifiers in the vegan baking ingredients market with the Fact.MR study projecting total production of approximately 10,500 tons of emulsifiers in 2019.
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Demand for Vegan Baking Ingredients in Production of Bread Remains Robust
The consumption of bread has been gradually reducing in recent times with the advent of associated health problems such as increased blood sugar level, indigestibility, and obesity. Consequently, consumers are seeking healthy, gluten-free alternatives for bread which is prompting bakeries to foray into production of vegan bread. For instance, Pompadour, a bakery chain in Japan launched its new vegan curry bread manufactured using clean and organic ingredients.
Additionally, both brick & mortar and online retail stores are adding multiple variants of vegan bread to their portfolios to capitalize on the surge in demand with some stores launching their own proprietary vegan bread products. Trader Joe's, a chain of grocery stores in the USA, recently rolled out vegan banana bread loaf across its stores. While certain stores are foraying into manufacturing their own vegan bread products, other supermarkets such as Waitrose are assigning dedicated sections to vegan products providing an extensive network for their distribution.
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Surge in the demand for vegan products is also prompting food chains to expand their vegan product offerings. A Starbucks outlet in South Korea recently expanded its vegan product offerings with the addition of vegan focaccia bread to its menu. As competition in the vegan food market intensifies, manufacturers are focusing on the production of innovative offerings. For instance, Artisan Bread Organic, a leading producer of vegan products in the UK, recently launched a new vegan burger range with the company claiming its products to be completely vegan. Approximately 11000 tons of vegan baking ingredients were sold for bread production in 2018, according to the study.
The Fact.MR report tracks the vegan baking ingredients market for the period 2018-2028. According to the report, the vegan baking ingredients market is projected to grow at 6% CAGR through 2028.
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