Global demand for baking ingredients was valued at over US$11.80 billion in 2015, is expected to reach above US$15.73 billion in 2021 and grow at a compound annual growth rate of slightly above 5.0% between 2016 and 2021, finds a report by Zion Research.
The report on baked goods finds the baking ingredients market is primarily driven by rising demand for processed and baked products.
Moreover, increase in population results in growing demand for food.
Changing lifestyle coupled with escalating dual and discretional income stimulates the growth of this market.
Furthermore, rapidly growing food chain industry trigger the growth of the baked ingredients market.
There has been a huge reluctance for cooking on a daily basis in the developed countries which triggers the growth of the market.
However, baked products with partial shelf life may hamper the growth of the baking ingredients market.
Nevertheless, the introduction of innovative baked products with high nutritional value is likely to open a new avenue for the baking ingredients in the market.
Also, vigorously rising demand for baked, processed and packed food from the developing economies may positively impact the growth of the market in the estimated period.
Geographically, North America and Europe are considered to be the most prominent markets for the baking ingredients.
This mainly attributed to the rapidly growing consumption rate of baked food in this region. Hectic lifestyle is also another factor contributing to the splendid growth of the market in North America and Europe.
Asia Pacific is witnessing unprecedented boom in recent times and is likely to maintain its pace due to growing food chain and escalating demand for baked, processed and packed food particularly in India.
Latin America exhibits decent growth owing to increasing disposable income.
The Middle East and Africa is anticipated to experience sustainable growth in the coming years due to rapidly changing lifestyle.