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(HomeGarden247.com, November 13, 2019 ) The Baking Ingredients Market estimated to be valued at USD 13.03 billion in 2017 and is projected to grow at a CAGR of 5.4% from 2017 to 2022, to reach a value of USD 16.91 billion by 2022, as per a report by MarketsandMarkets.
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Why alternatives for emulsifiers reducing production cost present an opportunity?
Emulsifier substitutes are used in applications such as cakes, muffins, and bread. The most common emulsifiers used in baking are DATEM, CSL/SSL, or GMS. Enzymes are increasingly being used as alternatives to emulsifiers in baked products. Enzymes, when used in baking, restrict the use of emulsifiers in baking applications. One reason for this is that the raw materials used for emulsifiers are chemically synthesized esters of fatty acids which are expensive. For instance, DATEM (diacetyl tartaric acid ester of monoglyceride) is typically used for about 0.3% of the total flour weight. However, this is derived from raw materials such as palm oil, prices of which fluctuate due to seasonal changes. Thus, as prices of emulsifiers increases, production costs also increase. Depending on the amount of DATEM replaced by enzymes, there can be up to 50%-70% reduction in production costs. Therefore, enzymes have a good chance to act as alternatives for emulsifiers for reducing overall production costs.
Key players identified in the baking ingredients market include Koninklijke DSM N.V. (The Netherlands), Corbion (The Netherlands), Associated British Foods (U.K.), Cargill (U.S.), and Kerry Group plc (Ireland). Other players, which include British Bakels Ltd. (U.K.), Dawn Food Products, Inc. (U.S.), Muntons plc (U.K.), AAK AB (U.K.), and Taura Natural Ingredients Limited (New Zealand), also have a strong presence in the global baking ingredients market.
The key market players have adopted strategies such as acquisitions, new product developments, and expansion of business operations to meet the changing demand for baked goods. Leading players are focusing on strengthening their R&D capabilities by investing in advanced technology to offer diversified product portfolios for different applications, particularly in the baking industry.
The core strengths of the key players in this market are their aggressive acquisitions, new product developments and launches, and strategic expansions & investments, to diversify their business geographically. They are strategically located, have large distribution networks, and follow cross-selling marketing strategies. Market leaders such as Koninklijke DSM N.V. (the Netherlands), Corbion (the Netherlands), Associated British Foods (U.K.), Cargill (U.S.), and Kerry Group plc (Ireland) have successfully tapped potential markets through acquisitions and expansions. Key companies focus on introducing and offering a wide range of baking ingredients for various applications to maintain their position in the market.
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In 2016, Cargill (U.S.) launched a new product, Regal, for bakery shortening during the International Bakery Innovation Expo in Las Vegas. This shortening is used in various bakery applications such as cakes, puff pastries, and donuts.
Associated British Foods (U.K.) is one of the prominent players in the global baking ingredients market. The company operates through five business segments: sugar, agriculture, retail, grocery, and ingredients. The baking ingredients segment manufactures bakers’ yeast, bakery ingredients, and yeast extracts. The company focuses on new product development as its key business strategy to ensure its growth in the baking ingredients market.
AAK AB Limited (Sweden) acquired California Oils Corporation (Richmond). The California Oils Corporation is also known as CalOils and is the leading vegetable oils company in the U.S. West Coast. This acquisition is expected to help the company increase its production capacity.
In 2015, Kerry Group plc (Ireland) signed an agreement with IOI Loders Croklaan, a part of the IOI Group (Malaysia). The company offers a wide range of specialty fats & oils for various bakery and confectionery applications. This partnership will develop and market the nutrition lipid betapol business.
Asia Pacific is projected to be the fastest-growing market for baking ingredients during the forecast period. The growth of baking ingredients in the region is attributed to the demand for bakery products in the Asia Pacific countries such as China, Australia, and India. Regional markets such as India, China, and Japan are projected to drive the growth of baking ingredients, owing to the increasing demand for packaged and convenience foods in this region. China is projected to dominate the region, in terms of both value and volume, during the forecast period, owing to the adoption of Western diets, especially among the younger population.
To know about the assumptions considered for the study, download the PDF brochure:
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Mr. Shelly Singh
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