Baking ingredients market expected to grow to over 18 billion in 2024
Expanding at a CAGR (compound annual growth rate) of 4.9%, the baking ingredients market is predicted to make a huge leap in the next seven-plus years. While the current market is valued at just over $11.8 billion, it will witness massive growth due to rapid urbanization coupled with steady increase in consumption of ready to eat foods.
Other factors at a play include preference for health oriented bakery products and an increase in products with natural ingredients.
Analysts estimate that the flavor and color additives segment will progress at a CAGR of 5.6% during the forecast period, one of the biggest areas of growth.
Rising disposable income and improving purchasing power of the youth across the world is expected to boost the demand for baked food items such as cakes, pizzas, and biscuits, and emerging economies such as in Latin America and Asia are expected to open up lucrative opportunities for the baking ingredients market as the regions are witnessing an emergence of sophisticated confectioneries.