Innovation in bakery supplies is aimed at enhancing the nutritional profile of products and addressing their calorie density, among other things. Consumer awareness regarding calorie density is increasing, as is the need for healthier food products. On the other hand, there is still significant craving for indulgent products. Overall, customers are looking for healthier alternatives to their favourite delicacies, which is being catered to by market players.
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For instance H.C. Brill, a subsidiary of CSM, launched a product portfolio of healthier cupcakes, dubbed Sensibly Indulgent, without sacrificing taste or enjoyment. A regular Brill slice of frosted cake contains 320 calories and 16 g of fat, whereas, the sample prototype (80 g serving size) has 200 calories and 5 g of fat (2 g saturated fat) (4g saturated fat).
Frozen bakery products and thaw-and-serve bakery products are two essential categories in this space. Frozen bakery products include frozen pizzas (most common), frozen breads, frozen pies, frozen cakes, frozen crepes, and frozen waffles, among others. The growth of baked goods has a favourable impact on the growth curve for baking ingredients, in both the foodservice and retail sectors.
For instance, convenience stores such as 7-Eleven (24/7) mainly retail thaw & serve bakery products such as cakes, muffins, and waffles, which allows consumers to take them and go for convenience sake.
Overall, the global bakery ingredients market is set to witness growth at a value CAGR of 6.4% over the forecast period (2022-2032).
Key Takeaways from Market Study
- The market for bakery ingredients is expected to grow at CAGRs of 7.3% in South Asia and Pacific, respectively, through 2032.
- Market share of Oceania countries is 30% of South Asia and Pacific in 2022.
- The Europe bakery ingredients market is expected to reach 5,345.5 MT by the end of 2032.
- Growing consumer preference for convenience food is positively impacting the sales of bakery Ingredients across global markets. Based on application, demand for cakes and pastries is expected to increase at a CAGR of 6.5%.
- Although by product type the colours and flavours segment holds the highest market share, the yeast segment of bakery ingredients is set to surge at a CAGR of 6.3%.
- The outbreak of COVID-19 disrupted the supply chain of bakery ingredients, due to which there was a slowdown in the market. However, the market is expected to witness significant growth over the coming years with economies providing opportunities to bakery ingredient manufacturers.