Consumer preference for healthy bakery products, changes in culture and lifestyle, as well as demand for convenient foods drive the growth of the global bakery ingredients market. The global bakery ingredients market generated USD13.9bn in 2019 and is estimated to reach USD19.2bn by 2027, registering a CAGR of 5.7% from 2021 to 2027, according to the recent report published by Allied Market Research (AMR). Europe accounted for the highest market share in 2019 and is expected to maintain its lead position by 2027. However, Asia-Pacific is estimated to register the fastest CAGR of 6.6% during the forecast period.
Based on type, the dry baking mix segment held nearly one-fifth of the total share in 2019 and is expected to maintain its highest distribution in terms of revenue during the forecast period. However, the fiber segment is estimated to witness the largest CAGR of 7.5% from 2021 to 2027. Taking into account the application, the bread segment accounted for more than two-thirds of the global bakery ingredients market in 2019 and is projected to maintain its dominance throughout the forecast period. However, the rolls and pies segment would portray the highest CAGR of 6.7% from 2021 to 2027.
Leading players of the global bakery ingredients market analyzed in the research include Archer-Daniels-Midland Company, Cargill Incorporated, Associated British Foods Plc., Ingredion Incorporated, E. I. Du Pont De Nemours and Company, Koninklijke DSM N.V., Kerry Group, Plc., Bakels Group, Dawn Food Products, Inc., and Lallemand Inc.