The global market for baking ingredients is forecasted to reach a value of $16.91 billion in 2022, growing at a compound annual growth rate (CAGR) of 5.4% from the market’s estimated value of $13.03 billion in 2017, a report released by business insights firm Markets and Markets posits.
Bread held the largest ingredients market share by application in 2016, owing to the ease and cost-effective nature of its production and its high-energy nutritional contents, the firm said.
“The growing bread consumption is also driven by product innovation to cater to the changing demands for healthy food options from consumers,” Markets and Markets wrote in a press release announcing the report.
The market research firm notes that consumption of baked foods is expected to rise in developing nations in Asia-Pacific, Latin America, Eastern Europe, and the Middle East. China and India are also expected to see growth.
“With rising population and improved purchasing power of developing countries such as China and India, the market is expected to show double-digit growth in the future,” Markets and Markets said.
Researchers forecast that new ingredient improvements will help drive the market through 2022.
“With heavy investment in R&D, new applications such as protein-based fat replacements, flavor enhancements, textural improvements are emerging rapidly and prolonging the shelf life of products,” the researchers noted.