Bakery Ingredients Market Set to Witness Growth at CAGR 6.4% to 2032
Innovation in bakery supplies is aimed at enhancing the nutritional profile of products and addressing their calorie density, among other things. Consumer awareness regarding calorie density is increasing, as is the need for healthier food products. On the other hand, there is still significant craving for indulgent products. Overall, customers are looking for healthier alternatives to their favorites delicacies, which is being catered to by market players.
Frozen bakery products and thaw-and-serve bakery products are two essential categories in this space. Frozen bakery products include frozen pizzas (most common), frozen breads, frozen pies, frozen cakes, frozen crepes, and frozen waffles, among others. The growth of baked goods has a favorable impact on the growth curve for baking ingredients, in both, the foodservice and retail sectors.
Overall, the global bakery ingredients market is set to witness growth at a value CAGR of 6.4% over the forecast period (2022-2032).
Key Takeaways from a recent market research:
- The market for bakery ingredients is expected to grow at CAGRs of 7.3% in South Asia and Pacific, respectively, through 2032.
- Market share of Oceania countries is 30% of South Asia and Pacific in 2022.
- The Europe bakery ingredients market is expected to reach 5,345.5 MT by the end of 2032.
- Growing consumer preference for convenience food is positively impacting the sales of bakery Ingredients across global markets. Based on application, demand for cakes and pastries is expected to increase at a CAGR of 6.5%.
- Although by product type the colors and flavors segment holds the highest market share, the yeast segment of bakery ingredients is set to surge at a CAGR of 6.3%.
- The outbreak of COVID-19 disrupted the supply chain of bakery ingredients, due to which, there was a slowdown in the market. However, the market is expected to witness significant growth over the coming years with economies providing opportunities to bakery ingredient manufacturers.