The scope of our recent study on the "Baking Ingredients Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application" includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments. The report also provides a market share analysis.

The baking ingredients market is projected to reach US$ 22,278.10 million by 2028 from US$ 16,444.97 million in 2022; it is expected to grow at a CAGR of 5.2% from 2022 to 2028.

Baking ingredients include flours, baking mixes, enzymes, emulsifiers, shortenings, livening agents, sweeteners, bakery inclusions & fillings, and flavors & colors. These ingredients provide strength, stability, and texture to baked goods, such as bread, rolls, cookies, biscuits, cakes, pastries, and muffins. The rising consumption of bakery products, especially in Asia Pacific, North America, and Europe, is driving the baking ingredients market growth. The increasing demand for healthy, nutritious, clean-label, and organic bakery ingredients is also contributing to the market growth.

Based on type, the baking ingredients market is segmented into baking flour & mixes; emulsifiers; enzymes; starches; colors & flavors; oil, fats, and shortening; and others. The others segment held the largest share of the market in 2021, whereas the enzymes segment is projected to register the fastest CAGR during the forecast period. Various types of flour such as rice flour, oat flour, wheat flour, almond flour, corn flour, and sorghum can be used to produce baked goods. Rising concerns regarding the calorie and gluten content of refined flour are a key factor responsible for a significant shift in consumer preferences toward other low-calorie and gluten-free flours. The manufacturers are also replacing table sugar in bakery products with natural and low-calorie sweeteners, such as honey, coconut sugar, maple syrup, and agave syrup. Further, to attract a large number of consumers and build hyper indulgence, manufacturers are using bakery inclusions and fillings such as dried fruits, choco chips, nuts, and seeds in their products.

The baking ingredients market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM). Asia Pacific held the largest share of the market in 2021, and the Middle East & Africa is expected to register the fastest CAGR during the forecast period. Rising demand for comfort food owing to the stressful work schedules of consumers is boosting the consumption of bakery products, especially cakes and cookies, in Asia Pacific.

Impact of COVID-19 Pandemic on Baking Ingredients Market

The food & beverages industry is one of the key industries that faced unprecedented challenges during the COVID-19 pandemic. Lockdown and border restrictions enacted by various countries disrupted supply chains, which affected the production and distribution of various products. Baking ingredient manufacturers faced significant challenges during the first few months of the outbreak as restaurants, cafes, and quick service restaurants (QSRs) remained closed. However, in several countries, governments permitted the sales of essential goods, which helped them keep their businesses alive. Further, in 2021, many governments started vaccination drives and announced relaxation in containment measures such as lockdowns and travel bans. As a result, many citizens of various countries are fully vaccinated. Baking ingredients manufacturers are focusing on scaling up their production to boost revenues, and incorporating more natural, organic, clean-label, non-GMO, and plant-based ingredients into their products to cater to the emerging health and wellness trends, especially those associated with the COVID-19 outbreak.

The report segments the baking ingredients market as follows:

Based on type, the baking ingredients market is segmented into baking powder & mixes; emulsifiers; enzymes; starches; colors & flavors; oils, fats, and shortening; and others. Based on application, the market is segmented into breads & rolls, biscuits & cookies, cakes & pastries, and others. Based on geography, the baking ingredients market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM).

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