Bakery Ingredients Market to Reach $32.1 Billion, Globally, by 2035 at 6.3% CAGR: Allied Market Research

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Jun 13, 2024, 10:30 ET

Bakery ingredients market is driven by growth in the food service industry, rise in the expansion of quick service restaurants, change in consumer preferences, and surge in urbanization and population growth. Moreover, the rapid technological advancement in the food industry has led to a change in dynamics and made it easier for both customers and organizers to organize the market smoothly.

WILMINGTON, Del., June 13, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Bakery Ingredients Market by Type (Enzymes, Starch, Fiber, Colors, Flavors, Emulsifiers, Antimicrobials, Fats, Dry Baking Mix, and Others), Application (Bread, Cookies and Biscuits, Rolls and Pies, Cakes and Pastries, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the bakery ingredients market was valued at $15.5 billion in 2023 and is estimated to reach $32.1 billion by 2035, growing at a CAGR of 6.3% from 2024 to 2035.

Bakery ingredients encompass a diverse range of elements that contribute to the structure, flavor, and texture of baked goods. The basics typically include flour, which forms the foundation of most recipes; sugar, to provide sweetness; eggs, for binding and moisture; and salt, which enhances flavor. Leavening agents such as baking powder, baking soda, and yeast are crucial for achieving the desired rise in cakes, breads, and pastries. Fats, such as butter, shortening, and various oils, add richness and tenderness, while dairy products such as milk, buttermilk, and cream further enhance the texture and flavor profile.

Flavoring agents, including vanilla extract, spices (such as cinnamon and nutmeg), and chocolate, bring depth and variety. Fruits and nuts often contribute additional flavor and texture, while other ingredients such as honey, molasses, and corn syrup serve as sweeteners or prevent crystallization. Gelatin and cornstarch play specialized roles in thickening or setting certain desserts. When combined in unique ways, these ingredients allow bakers to create a vast array of delightful treats.

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Prime determinants of growth

The growth of the bakery ingredients industry is majorly driven by many factors. The demand for convenience foods is rising as modern lifestyles become busier, driving the need for ready-to-eat and ready-to-bake products. This shift is paralleled by a growing consumer interest in health and wellness, leading to increased use of whole grains, organic ingredients, and natural sweeteners in bakery goods. Innovation in product development, such as the introduction of plant-based proteins and alternative flours, contributes to market expansion by catering to a more health-conscious audience.

Artisanal and craft bakeries, which emphasize high-quality, distinctive ingredients, are also gaining popularity, further fueling market growth. The rise in food allergies and intolerances, such as gluten and dairy, necessitates the creation of specialized bakery ingredients to meet these dietary needs. Additionally, urbanization and increase in disposable income contribute to higher consumer spending on premium and convenient food. The growth of e-commerce and online retail platforms has made bakery products more accessible, while globalization and cultural influences have introduced a wider variety of ingredients and flavors.

Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2035
Base Year	2023
Market Size in 2022	$15.5 Billion
Market Size in 2032	$32.1 Billion
CAGR	6.3 %
No. of Pages in Report	290
Segments Covered	Type, Application, And Region.
Drivers	Consumer Preference for Healthier Bakery Products
	Rise In Urbanization and Workforce Participation
	Rise in consumer demand for allergen-free food
Opportunities	Growth In Demand for Gluten-Free and Specialty Products
Restraints	Health And Wellness Trends
Restraints	Regulatory Compliance and Food Safety Concerns

The dry baking mix segment is expected to maintain its leadership status throughout the forecast period.

By type, the dry baking mix segment held the highest market share in 2023, accounting for more than one-sixth of the dry baking mix market revenue and is estimated to maintain its leadership status throughout the forecast period. The dry baking mix segment holds the highest market share in the bakery ingredients market due to its convenience and versatility, appealing to a wide range of consumers. As modern lifestyles become busier, people value products that offer time-saving solutions without compromising quality. Dry baking mixes meet this need, providing pre-measured ingredients and simple instructions for consistent results. They are also versatile, allowing home bakers to create a variety of baked goods, from cakes and cookies to bread and muffins, with minimal effort.

Moreover, their longer shelf life compared to perishable ingredients makes them an attractive choice for both retailers and consumers. The cost-effectiveness of buying a pre-made mix, compared to purchasing individual baking ingredients, adds to their appeal. The segment has also adapted to changing consumer trends by offering gluten-free, low-sugar, and organic options to cater to health-conscious customers. The recent surge in home baking, driven in part by the COVID-19 pandemic, further fueled demand for dry baking mixes as people sought convenient ways to bake at home.

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The bread segment to maintain its leadership status throughout the forecast period 

By application, the bread segment held the highest market share in 2023, accounting for more than two-thirds of the dry baking mix market revenue and is estimated to maintain its leadership status throughout the forecast period. The bread segment holds the highest market share in the bakery ingredients market because bread is a fundamental staple in many diets worldwide, ensuring constant demand. Bread's extensive variety, ranging from basic loaves to artisanal and specialty types, allows manufacturers to cater to diverse consumer tastes. This diversity, coupled with bread's daily presence in meals across cultures, sustains high levels of production, leading to a significant need for bakery ingredients. Industrial-scale production, driven by large bakeries, which further contributes to the segment's dominance.

The bread segment also adapts to health trends by offering whole grain, gluten-free, low-sugar, and high-fiber options, appealing to health-conscious consumers. Innovations in bread-making techniques and ingredients attract consumer interest, driving further growth. The cultural and regional significance of bread ensures its enduring appeal, while global events, such as the COVID-19 pandemic, have spurred a renewed interest in home baking, reinforcing the bread segment's market strength.

Europe to maintain its leadership status throughout the forecast period

By region, Europe held the highest market share in 2023, accounting for more than one-third of the dry baking mix market revenue and is estimated to maintain its leadership status throughout the forecast period. Europe holds the highest market share in the bakery ingredients market due to its rich baking traditions, expansive bakery industry, and culturally ingrained consumption of baked goods. European countries have deep culinary roots that span from French pastries to German bread and Italian desserts, creating a diverse and sustained demand for bakery ingredients. The region's well-established bakery sector, with its combination of large-scale commercial bakeries and artisanal shops, highlights the need for a consistent supply of high-quality ingredients.

This focus on craftsmanship and traditional recipes drives the demand for premium flour, butter, eggs, and other essential components. In addition, Europe is known for its innovation in baking, with a constant development of new products and flavors, leading to a broader range of required ingredients. Stringent food safety and regulatory standards ensure high-quality products, while a growing health-conscious consumer base has led to a surge in demand for gluten-free, organic, and low-sugar options. Europe's strong retail and distribution networks further contribute to the efficient supply of bakery ingredients.

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Leading Market Players: -  

Archer-Daniels-Midland Company
Associated British Foods Plc.
Cargill Incorporated
E. I. Du Pont De Nemours and Company
Ingredion Incorporate
Kerry Group, Plc
Koninklijke DSM N.V.
Dawn Food Products, Inc.
Bakels Group
Lallemand Inc.

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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