PORTLAND, Oregon, Nov. 27, 2019 /PRNewswire/ — Allied Market Research recently published a report, titled, “Baking Mix and Enzymes Market by Type (Enzyme and Baking Mix) and Application (Bread, Cookies & Biscuits, Rolls & Pies, Cakes & Pastries, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025″. According to the report, the global baking mix and enzymes industry accounted for $3.38 billion in 2018 and is projected to garner $5.15 billion by 2025, registering a CAGR of 6.2% from 2018 to 2025.
Whys and wherefores of market fluctuations
Rise in trend of healthy eating and growing preference for convenience food have boosted the growth of the global baking mix and enzymes market. However, customer preference for cereals over baked products and strict government regulations toward quality and type of ingredients used in bakery products hamper the market growth. On the contrary, shift in lifestyle patterns of customers and preference toward baking mix and enzyme product are expected to create lucrative opportunities in the near future.
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Baking mix segment dominated the market
The baking mix segment held the largest share in 2018, contributing nearly three-fourths of the global baking mix and enzymes market, as it helps ensure quality of product and are easy to use and cost-effective. However, the enzymes segment is projected to register the fastest CAGR of 8.4% during the forecast period, owing to restriction on the use of chemical additives, especially in the production of bread and other fermented products.
Rolls & pies segment to portray fastest growth
The rolls & pies segment is expected to manifest the fastest CAGR of 6.6% during the forecast period, owing to availability of pie in diversified variant like chicken pie, pork pie, meat, and potato pie and increase in number of fast food restaurant as a result of urbanization and increase in disposable income. However, the cakes & pastries segment held the largest share in 2018, contributing more than one-fourth of the global baking mix and enzymes market, as cakes & pastries are mostly consumed as a sweet dish among youngsters.
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Europe held the lion’s share, followed by North America
The global baking mix and enzymes market across Europe dominated in 2018, accounting for nearly one-fourth of the market, owing to increase in investment on high-tech food preservations solutions for enhancing life, nutritive value, and freshness of enzymes and baked products. The market across North America also held around one-fourth of the market. However, the market across Asia-Pacific region is anticipated to register the fastest CAGR of 7.1% during the forecast period, owing to increasing demand for processed bakery food products and surge in consumer awareness toward clean label products and health ingredients coupled with adoption of western lifestyle and rise in disposable income.
Major market players
- Archer-Daniels-Midland Company
- Cargill Incorporated
- Associated British Foods Plc.
- Ingredion Incorporated
- E. I. Du Pont De Nemours and Company
- Koninklijke DSM N.V.
- Kerry Group, Plc.
- Bakels Group
- Dawn Food Products, Inc.
- Lallemand Inc.
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