Market Trends of Bakery Ingredients Industry
Growing Demand for Ready-to-eat Bakery Products
The market is witnessing a shift in consumer preferences for ready-to-eat products, owing to working individuals' busy lifestyles and hectic work schedules. This change in consumer behavior will likely uplift the market studied significantly in the forecast period. Ready-to-eat products are considered the closest alternative to regular food, which can be consumed at any time. The surging demand for baked foods can be attributed to the rising food trend of convenience foods. In developed countries like the United States and the United Kingdom, several local bakery businesses, cafes, and supermarkets have emerged in recent years to cater to the increased demand for fresh and frozen bakery goods and varied bakery ingredients. The growing demand for ready-to-eat food is expected to boost the bakery ingredients market.
The shift from conventional home-cooked food to convenience foods has also increased the demand for these bakery ingredients in emerging markets. Adoption of a westernized lifestyle, double-income families, emphasis on healthier lifestyles, greater nutrition awareness, and increase in disposable income are the major factors that are responsible for the increasing expenditure on bakery products and growth in the baked foods industry, which, in turn, will drive the demand for bakery ingredient manufacturers. Also, growing consumer demand for nutritional content in baked foods with low sugar, whole grain, and zero trans-fat per serving is increasing the demand for bakery food.
Europe Holds Major Market Share
Europe accounted for the largest bakery ingredients market share and is predicted to remain the leading segment during the forecast period. The European market growth is supported by more than 150 bakery companies and the growing trend of snacking culture. Due to the high consumption of the product in the region, consumers constantly seek healthier alternatives such as bread with whole grains, high-fiber, and omega-3 content. Many consumers buy gluten-free and reduced trans-fat bakery products to support the health and wellness trend in the region. Also, gluten-free bread is easy to digest and better for health. The European market is chiefly flourishing because of the higher percentage of bread consumed in the region. This, combined with factors like rising consumer demand for healthy and convenient products and an increased focus towards cost reduction while simultaneously improving the quality & shelf life of the products is propelling the market growth.
Cookies and biscuits are becoming increasingly popular, particularly among youngsters. Continuous product developments that improve the taste, texture, and health advantages of the food item are driving up demand for cookies and biscuits. To appeal to consumers, manufacturers are emphasizing new flavors and packaging, which is propelling the demand for flavors and color ingredients in products. Additionally, cookies and biscuits, as well as other confectionery items like chocolates, are popular gift presents. Low-calorie cookies and biscuits are also gaining popularity among health-conscious consumers, which is helping the bakery ingredients business.
