Vegan Baking Ingredients Market

Vegan Baking Ingredients Market Size, Growth (2023-2028)

The Global Vegan Baking Ingredients Market size was worth US$ 1.72 billion in 2022, and it is determined to reach a valuation of US$ 2.54 billion by 2028, rising at an annual development rate (CAGR) of 6.92% between 2023 and 2028.

Market Overview:

The vegan diet is a practice that specifically prohibits the use of animal products in the diet, and it is a related philosophy that rejects the condition of animal products. Being vegan means avoiding the consumption of all types of meats, either directly or indirectly, in the usual diet. Vegan baking ingredients do not use ingredients such as milk or eggs, honey, dairy products, or animal gelatin. All kinds of traditional bakery products can be creatively created using the same flavored vegan approach. Traditional baking ingredients are replaced by dairy-free or plant-based products. Known baking vegan ingredients are baking soda, all-purpose flour, cocoa powder, baking powder, apple cider vinegar, vegetable oil, cornmeal, and dairy-free milk. All kinds of desserts like cupcakes, cakes, cookies and more can be made vegan style. Vegan food has beneficial effects on the environment and human health. The traditional ingredients are now replaced by vegan bakery products.

Vegan Baking Ingredients Market Growth:

As competition increases in the global vegan baking ingredients market, the number of products offered in these stores has augmented.

Drivers:

Vegan bakery ingredients are experiencing rapid growth due to increased health awareness around the world, and the growing demand for vegan bakery ingredients is driving increased demand in the market. Also, gluten-free vegan bakery ingredients are increasing the demand for vegan bakery products. Some of the key factors driving the growth of the global Vegan baking ingredients market are the growing demand for vegan baking ingredients, the increase in vegan users, and ongoing research and development. In addition, the expansion of the number of products offered and the increase in the number of vegan stores is expected to increase the Vegan baking ingredients market growth in the coming years. Additionally, online stores are increasing the number of products by adding vegan-based bread items and more. With the emergence of new recipes in the bakery industry, demand in the global vegan bakery ingredients market will increase. The growing awareness of the relationship between food production and its environmental impact is turning consumers into brands that integrate sustainable solutions in food processing and manufacturing. While vegan baking ingredients meet ethical concerns about caring for animals, manufacturers are increasingly focusing on optimizing supply chain operations to inform consumers about sustainable practices and drive sales. The number of people who have been vegan has increased the most over the last decade. Creating a health story about a vegan diet has sparked a hot topic among the public. Various healthcare professionals and healthcare workers have approved vegan products and services, demonstrating confidence in vegan baking ingredients. Therefore, the total revenue of the global vegan bakery market is supposed to increase in the coming years. Another factor that is expected to contribute to the growth of the vegan baking ingredients market is the increase in general health awareness around the world. Additionally, consuming products that contain these ingredients can reduce your risk for many chronic health conditions such as cancer, heart disease, and diabetes.

Continued innovation and new product launches are believed to create growth opportunities for key market players in the future. The growth of the vegan baking ingredients market can be attributed to the increasing number of people adapting to the vegan diet and the ongoing research and development of the vegan baking ingredients market. In addition, the growing number of vegan stores and the expansion of these products offered in the food chain are expected to boost the market. Consuming products made with these ingredients can reduce the risk of chronic diseases such as diabetes, certain cancers, and heart disease. For example, bread-related health problems have led to a decline in bread consumption in recent years, leading to the need for a healthy, gluten-free alternative. The global vegan baking ingredients market is supposed to grow at a profitable CAGR over the foreseen period. The growth of the vegan baking ingredients market is due to the increased adoption of the vegan diet by consumers in everyday life around the world. Due to recent changes in consumer behavior, market participants in the bakery industry are replacing traditional ingredients with vegan ingredients in their offerings. Also, the growing interest in ethical and organic products has led to an increase in demand for vegan bakery ingredients. It is also expected to witness a positive trend in the vegan diet due to the COVID-19 pandemic. All these factors are expected to significantly drive the vegan bakery ingredients market during the projection period. However, the consumption of numerous bakeries and vegan bakery ingredients around the world as consumers transition to the vegan diet is expected to expand the growth of the global vegan bakery ingredients market in the coming years.

Restraints:

However, strict rules and regulations on international quality standards for food products can limit the growth of vegan bakery ingredients.

REPORT COVERAGE:

Vegan Baking Ingredients Market Segmentation Analysis:

The global vegan baking ingredients market is segmented by product into oils, flours, flavors, sweeteners, etc. Flour accounted for most of the business in 2020 and is expected to show the fastest growth in the coming years due to the wide application of bakery products such as cookies, cakes, breads and biscuits. It has an average protein content of 9% to 12%, which makes it inelastic and suitable for cookies and cakes. Gluten Free is a leading manufacturer of vegan flours and bakery mixes such as muffin mixes and bread and bun mixes. The flour is gaining popularity due to the company's product innovation. The company offers a wide variety of vegan flours, such as buckwheat flour, sorghum flour, almond flour, and teff flour.

The vegan baking ingredients market is segmented into pastries, cakes, biscuits and cookies, breads and buns by end product. In 2021, bread and buns accounted for the largest share due to high consumption in Western countries and globally. Growth in this sector is driving manufacturers to produce vegan-based breads due to the high demand for healthy bread substitutes. The cakes and pastries segment is expected to expand at the highest CAGR during the conjecture period, followed by biscuits and cookies.

Impact of COVID-19 on the Vegan Baking Ingredients Market:

The impact of the virus on the food system, especially in China, has caused a loss of market demand. Social distancing and home maintenance orders are further closing restaurants and food chains, negatively impacting the vegan baking ingredients market.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

Europe vegan baking ingredients market had the largest share in 2021. The European market is applying these ingredients in the food industry to meet the needs and demands of a large consumer base. Also, the food industry in Europe is geared towards innovation and updates in food to meet the needs of vegan consumers. APAC vegan baking ingredients is the fastest growing region, expanding at a notable CAGR from 2022 - 2027. Increasing disposable income and industrial development are the main factors driving growth in the global vegan baking ingredients market. Improving living standards and changing food preferences are driving the market in the region. The United States vegan baking ingredients market has a long history and culture of consuming bakery products. This is a mature market in the United States, but there are still significant opportunities in the vegan bakery ingredients business.

Key Players in the Market:

Major Key Players in the Global Vegan Baking Ingredients Market are

• Dawn Food Product
• Associated British Food
• BASF SE
• DuPont
• Ingredion
• Dohler Group
• Pak Group
• Lallemand
• Bakels
• Cargill
• Turtle Island Foods
• Veganz GmbH