The home baking ingredients market is estimated to secure a valuation of USD 15.6 billion in 2023 and is estimated to rise to USD 28.2 billion by 2033. The market is anticipated at a CAGR of 6.1% during the forecast period. the factor accelerating the demand for home baking ingredients are as follows-
Home baking ingredients are used in products such as cakes pastries, bread, biscuits, and cookies. The home-baking ingredients are used in baking products to improve the overall product quality and enhance the shelf life of the products. A good quality home baking ingredients help in retaining the softness and taste of the product. The major home baking ingredients includes baking powder, mixes, emulsifier, leavening agents, colors, flavors, and more.
The demand for convenient food is on the rise owing to the increasing living standards and economic conditions in developing as well as developed nations. Growing need for leisure, hectic life, and time constraints have led consumers towards convenient food options at home. This has spurred the demand for home baking ingredients.
The increased disposable income and customer buying power resulted in an increased preference for premium food products boosting the home baking ingredients market growth.
The home baking ingredients market in North America is growing due to the substantial growth in the bakery industry in the region. Home baking ingredients manufacturers in the region are also focusing on new product development and that is expected to boost the target market in the North American region.
Europe accounts for the highest market share in the home baking ingredients market owing to the increasing adoption of healthy lifestyles by consumers. Moreover, the significant growth of the food & beverage industry in developing regions such as APEJ and Latin America is expected to contribute to the growth of the home baking ingredients market in the forecast period.
The key market players are working on manufacturing home baking ingredients in order to gain a greater market share. Both domestic and international companies are investing in and utilizing advanced technology to expand their business operation and capture a significant share of market revenue.
Some of the leading market players operating in the home baking ingredients market are General Mills Inc., Associated British food PLC, Cargill Inc., and Flowers foods among others. Home baking ingredients manufacturers are focusing on innovations to maintain the quality of ingredients.
The top home baking ingredients manufacturers are introducing gourmet foods and artisanal products at a variety of quality levels have changed the business model the of home baking ingredients market key player in recent times. Owing to the proliferation of e-commerce and home baking ingredients companies have acquired profitable positions to capitalize their product offerings in order to strengthen their position in the market.
The future of the home baking ingredients market is promising as the market is expected to continue growing in the coming years. The increasing preference for appealing, tasty, and textured delicacies and convenient food enhances the home bakery ingredients market outlook in the future. The ease of access, lower cost, and nutrition attributed to home bakery ingredients are major factors influencing the demand for home baking ingredients.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | USD 15.6 billion |
| Projected Market Value in 2033 | USD 28.2 billion |
| Global Growth Rate (2023 to 2033) | CAGR of 6.1% |
The global home-baking ingredients industry is experiencing an impressive rate of growth during the lock-down era. With the rising demand for bakery products across the globe during the last few years, the home-baking ingredients industry has been undergoing an upsurge, with shifts in product patterns in line with emerging trends.
Generally, the bakery food segment aims to provide indulgence for customers looking for a sweet treat. Consumers shift to the category of baked goods for premium products which can be used for holidays and special occasions.
According to Barry Callebaut, the leading manufacturer in the market for bakery ingredients, around 76% of North American customers said they prefer pastries or cakes that allow them to indulge. The consumption of bakery products on any occasion fueling the growth of the global home baking ingredients market.
The demand for clean label home baking ingredients witnessing lucrative growth from last few years. The bakery space targets health and wellness-related customers. Better-for-you therapies also come with simple labels, clean claims and natural positioning.
The consumer preferring clean label bakery ingredients such as dairy-free, Non-GMO, reduced-sugar and many others. Around 38% of North America millennial consumer said that they seek out clean label products such as vegan cakes and pastries.
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While stuck at home during the ongoing coronavirus pandemic, Individuals are unleashing their inventive side. Although others have started preparing basic meals at home, many have taken up baking. Because of the Covid-19 lockdown, there has been an increase in demand for baking ingredients such as baking powder, baking soda, cocoa powder and other toppings as consumers stuck at home have actively taken to baking.
Not just normal people, but even celebrities also experiencing bakery products at home, which encourages more people to make bakery products at home. The social media influencers, celebrities playing vital role for triggering the growth of global home baking ingredients market.
Demand for convenience and processed food is on the rise due to improving economic conditions and standard of living in both emerging and advanced economies. Hectic lifestyles, growing leisure needs, and time restrictions have driven customers to embrace processed and convenience foods. This has stimulated demand for bakery products such as biscuits, pastries, breads, cookies, and pizza driving the demand for home baking ingredients.
Some of the key players operating in the global home baking ingredients market includes,
Europe accounted for the largest market share of the global home baking ingredients market. The most lucrative demand for baking ingredients is expected to remain in North America and is estimated to see the fastest growth during the forecast period. Factors driving North American market growth are growing demand for packaged goods and convenience foods, along with growing health-conscious populations.
The Asia Pacific is also expected to witness lucrative growth during the forecast period. The demand for bakery products in emerging countries of Asia Pacific such as India and China is being fueled by the millennials who are demanding healthy & tasty palatable food without willing to spend much effort and time.
The home baking ingredients market report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
By doing so, the research report serves as a repository of analysis and information for every facet of the home baking ingredients market, including but not limited to: regional markets, end-use, product type and distribution channel
The home baking ingredients market report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases).
The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the home baking ingredients market report projects the attractiveness of each major segment over the forecast period.
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