The Asia Pacific Bakery Ingredients Market size is estimated at USD 7.48 billion in 2022 and is expected to expand at a CAGR of 6.4% to reach USD 10.2 billion by 2028.
Baking ingredients like baking powder, sugar, baking soda, honey, flavor enhancers and color additives are used in bakery goods to help in the enhancement of product quality, reduce time and longevity. For example, bread-making yeast is an essential ingredient that emits a gas, which should be stored inside the dough for excellent results.
In June of 2019, Kerry Group invested a sum of 20million in India for its new food ingredients production facility near Bangalore. The modern, state-of-the-art 40,585 square meter plant, situated 120 km from Bangalore, would service Kerry Taste & Nutrition's global and regional consumers throughout the South West Asia region, through Kerry's fast-growing retail and foodservice networks.
The Asia Pacific Bakery Ingredients market is mainly driven by the increased people who consume bakery products on a daily basis.
The Asia Pacific Bakery Ingredients market is also driven by the urbanization and emerging economies of the region.
The competition of ingredients among themselves, for example, the use of use enzymes will limit the use of emulsifiers during the baking process, so this self-competition makes the market bit unpredictable and therefore hamper the growth of APAC Bakery Ingredients Market.
The research of the Bakery Ingredients market takes place in two phases namely-
Secondary Research The first phase of the research process is an extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. An extensive secondary research helps in generating hypothesis and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies.
Based on the End-Products, the APAC Bakery Ingredients market is segmented into Cookies & Biscuits, Cakes & Pastries, Bread, Pies, Rolls and Other items. Of these, the Cakes and Pastries segment holds the majority of the market share in 2019, with over 35%, which can be attributed to the demand for cakes and pies. Many restaurants and coffee shops nowadays offer Cakes and Pastries as deserts for the sweet and pleasant ending experience. Also, bread is expected to be the fastest-growing segment, which is growing at a CAGR of over 8.9% due to the increased acceptance of bread as a first food product in many Urban Areas. There has been a massive upswing in the different types of products that are being produced by using bread, so this can act as a significant driver for the bread segment of the APAC Bakery Ingredients market.
Based on the Ingredient Type, the APAC Bakery Ingredients market is segmented into Enzymes, Sweeteners, Leavening Agent, Emulsifiers Preservatives, Food Colors and Flavors and Other Segments. Out of these, Food Colors and Flavors is both the largest and the fastest-growing segment that accounted for a market share of over 24%. The division is expected to expand at CAGR of 7.3% during the forecast period of 2023 - 2028, owing to the demand for food products that look and smell good. Half the taste of the food lies in odor and look of the food, which is a significant driver of the Food and Colors Segment of APAC Bakery Ingredients Market.
Based on the Region, the APAC Bakery Ingredients market is segmented into China, India, Japan, South Korea and Australia. Out of these, China segment holds the majority of the market share in 2019, with over 35%, which can be attributed to the better standard of living of people. Also, India is expected to be the fastest-growing region with a CAGR of 7.6% that can be attributed to the increased population coupled with increased urbanization. The emerging economy of the country propels the bakery ingredient market forward.
Key Players in the Market:
Major Key Players in the APAC Bakery Ingredients Market include
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