Redding, California – According to a new market research report titled, ‘Baking Ingredients Market by Type (Emulsifiers, Enzymes, Baking Powders, Flavors, Colors, Starches, Sugars, Yeasts); Form (Dry, Liquid); Application (Bread, Cakes & Pastries, Croissants, Sponge Cakes, Cookies, Doughnuts) – Global Forecasts to 2030’, published by Meticulous Research®, the baking ingredients market is projected to reach $27.2 billion by 2030, at a CAGR of 6.4% from 2023 to 2030.
The baking ingredients are responsible for most bakery products’ appearance, texture, and flavor. They are used to modify the quality of bakery products. These ingredients are used to prepare various bakery products, such as pastries, cakes, doughnuts, bread, pancakes, muffins, and doughnuts, among others.
The growing consumer demand for bakery products, increasing urbanization and changing food consumption patterns, and rising demand for healthy bakery products are the key factors driving the growth of the baking ingredients market. However, an increase in health-conscious consumers is expected to hinder the growth of this market to a notable extent. Furthermore, growing consumer demand for frozen bakery products and emerging functional bakery ingredients are expected to provide significant growth opportunities for manufacturers of baking ingredients in the coming years.
The Impact of COVID-19 on the Baking Ingredients Market
The COVID-19 pandemic has severely affected human health and well-being. To control the spread of the virus, governments worldwide announced partial or complete lockdowns, which severely impacted many industries, including food & beverage, pharmaceuticals, home & personal care, and dietary supplements. However, the pandemic had a positive impact on the baking ingredients market.
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