— Allied Market Research
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, June 23, 2023/EINPresswire.com/ — According to a new report published by Allied Market Research, titled, ” Baking Mix and Enzymes Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2018-2025,”
The global baking mix and enzymes market size was valued at $3,384.0 million in 2018, and is projected to reach at $5,151.0 million by 2025, growing at a CAGR of 6.2% from 2018 to 2025. Baking Mix and Enzymes are the building blocks of finished bakery foods such as bread, cookies & biscuits, rolls & pies, cakes & pastries, and others. Increase in trend of healthy eating and rise preference for convenience food are the primary factors that boost the market growth. Prominent players and large corporates are developing their products to follow the consumer trends and foster the company growth to occupy notable stance in the global market.
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The key players operating in the baking mix and enzymes industry include Archer-Daniels-Midland Company, Associated British Foods Plc., Cargill Incorporated, E. I. Du Pont De Nemours and Company, Ingredion Incorporated, Kerry Group, Plc., Koninklijke DSM N.V., Dawn Food Products, Inc., Bakels Group, and Lallemand Inc.
Furthermore, cookies & biscuits, which are consumed as snacks are rapidly gaining popularity especially among the youth. Recurrent product innovations to enhance the taste, texture, and health benefits of the food item fuel the demand for cookies & biscuits. Manufacturers are focusing toward introduction of new flavors and innovative packaging to appealing consumers. Moreover, cookies & biscuits serve as a standard choice for gifting along with other confectionery items such as chocolates. In addition, low-calorie cookies & biscuits are gaining high popularity among health-conscious consumers, which fuel the baking mix and enzymes market growth.
Moreover, the increase in preference for on-the-go food products, which are readily available in the market has increased, due to changes in eating habits and busy lifestyle. For instance, availability of various instant premix powders in the market to make desserts at home easily without much efforts significantly contributes toward the growth of the market.
In addition, cakes & pastries are mostly consumed as desserts among youngsters. Increase in disposable income and rise in urbanization are positively affecting the cakes & pastries market. Furthermore, in large cities, the working population mostly prefers on-the-go foods such as snacks, pastries, and cakes. In addition, cake pops, a new type of cake-based snack is gaining increasing popularity among the young population. They are bite-sized cakes that are available in a range of designs and are styled as lollipops. Hence, increase in trend of customizable pastries and cakes along with introduction of new toppings & flavors boost the cakes & pastries market, which is in turn is anticipated to fuel the growth of the global baking mix and enzymes market.
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Based on the baking mix and enzymes market forecast by type, the baking mix segment was the highest contributor to the global market in 2018, as baking mixes are increasingly being used in the preparation of soups, baked goods, and other products. Furthermore, rise in use of bakery ingredients in food parks, hotels, restaurants, and cafés is driving the market growth.
Based on application, the bread segment was the highest contributor in the global baking mix and enzymes market share in 2018 and is projected to grow at a CAGR of 6.3% from 2018 to 2025. However, the rolls and pies segment is expected to grow at the fastest CAGR through the forecast period.
Based on baking mix and enzymes market analysis by region, Europe was the prominent region with majority of market share in 2018 and is expected to remain dominant through the forecast period. However, Asia-Pacific is expected to witness higher growth rate owing to growing adoption of convenience goods and packaged products in the region.
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Key Findings of the Baking Mix and Enzymes Market :
Based on type, the baking mix segment was the highest contribution in the global baking mix and enzymes market in 2018.
Based on type, the rolls and pies segment is expected to witness rapid growth in the baking mix and enzymes market.
Based on application, the bread segment is estimated to grow at a steady CAGR of 6.3% from 2018 to 2025.
By region, Europe accounted for about two-fifths of the global market share in 2018 and is expected to grow at a CAGR of 5.8% during the forecast period.
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