The global baking ingredients market is expected to grow from USD 16.6 billion in 2021 to USD 22.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. The growth of the baking ingredients market is driven by the rising demand for healthier food and changing food consumption patterns of consumers. The key drivers for the market’s growth are the changing consumer lifestyles, preference for convenience foods, and increasing demand for natural and healthy ingredients. A broad range of trends is driving innovation in the bakery products sector, providing products formulated with plant protein, healthier fats, creative flavors, and color combinations, or less sugar and synthetic ingredients. The industry is seeing major innovations in clean label, vegan, and gluten-free offerings.
Key players in this market include Associated British Foods Plc (England), AAK AB (Sweden), Cargill (US), and Kerry Group Plc (Ireland). Some of the other dominant players in the market include Corbion (Netherlands), Dawn Food Products, Inc (US), Archers Daniels Midland Company (US), Dupont (US), Lallemand Inc. (Canada), and Tate & Lyle (UK), IFFCO (UAE), Lesaffre (France), International Flavors and Fragrances Inc. (US), and British Bakels (England). These players have focused on strategies such as new product launches and collaborations to gain a larger market share in the baking ingredients market.
AAK AB (Sweden) is a leading manufacturer of high value-added specialty vegetable oils & fats solutions. It is a Swedish registered joint-stock company based in Malmö, Sweden. It was founded through the merger of Karlshamns AB (Sweden) and Aarhus United A/S (Denmark) in 2005. The company operates through three business segments: food ingredients, chocolate & confectionery fats, technical products, and feed. The company offers several baking ingredients for the baking of bread, biscuits & cookies, cakes & laminated pastries, such as vegetable oils & fats, and emulsifiers.
Associated British Foods (ABF) (England) is a British multinational food processing and retailing company headquartered in London, England. The company is engaged in the production of various food and ingredients items. It operates through five business segments: sugar, agriculture, retail, grocery, and ingredients. The company manufactures bakers’ yeast, bakery enzymes, bakery preservatives, and many other ingredients used in baked goods.
Kerry Group plc (Ireland) is involved in the production and marketing of consumer food products. The major products offered by the company include ingredients, flavors, and integrated solutions, savory, dairy systems, and cereal & sweet systems for the food & beverage industries. It operates through two business segments: taste & nutrition and consumer foods. The company provides a wide range of baking ingredient products such as flavors, emulsifiers, fibers, and enzymes, which are used in making varieties of baked products.