The global baking powder market is forecast to rise at above 5% CAGR between 2020 and 2030. According to Transparency Market Research (TMR), the market’s valuation is expected to surpass US$ 4 Bn by the end of 2020. The report offers a holistic market overview, giving insights into prevailing trends and uncovering hidden opportunities.
According
to the report, changing food habits of consumers and desire to spend on
convenience food are chief drivers of the baking powder market. As a result of the increasing demand for convenience
and processed food, bakeries around the world are reporting surging sales.
This
is particularly true in case of high potential markets in Asia Pacific.
Consumers in general are showing higher propensity to spend on food items with
higher shelf life. However, while exhibiting change in behavior, consumers also
have become more conscious about their health and wellness.
Evidently
the demand for baked food items has risen in compared to traditional oil-friend
snacks. Changing lifestyle of consumers has visibly impacted their food habits
as well. While there is demand for “free-from” food on one hand, “on-the-go”
eating has surged on the other.
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Likewise,
the food industry also has reported sales uptick of packaged and processed
food. Baking powder is a common ingredient found in on-the-go snacks such as
biscuits & cookies. Even the ingredient list of packaged and convenience
food often display the presence of baking powder.
Spurred
by these factors, the global market will report consistent growth through the
course of the report’s forecast period. Baking powder is a dry chemical found
in a wide range of fast food. Considering this, the expansion of fast food
chains and food service chains is expected to augur well for the baking powder
market.
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Tartrate
Segment to Demand Dominant Among Products
TMR’s
report on baking powder market, categorizes it into aluminum-free, tartrate,
phosphate-free, phosphate, anhydrous phosphate, sodium aluminum sulfate
phosphate, and others in terms of product. Of these, the tartrate segment is
forecast to account for the highest share in the market.
It
is expected to remain dominant since consumers are exhibiting desire for
healthy baked food items. However, over the course of the report’s forecast
period, phosphate-based baking powder is expected to record growth at an
increased pace.
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Consistently
Rising Consumption of Bread to Spur Growth Opportunities
Based
on end user, baking powder will remain a key ingredient in the recipe for
different varieties of breads. Thanks to consumer inclination for exotic
flavors and food innovations, bakers are not shying away from experimenting
with their recipes.
However,
one ingredient that has remained unchanged is baking powder. In the last few
years the market has witnessed higher scope for growth, especially due to the
use of baking powder as a key ingredient in cakes and pastries, cookies and
rolls, and biscuits.
While
application at a commercial scales will continue contributing towards majority
of revenue generated in the market, baking powder also has emerged as an
essential cooking item used in household across the world.
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Regionally,
Asia Pacific is expected to remain dominant. The market also witnesses
impressive opportunities in North America and Europe. Both these regions are
hubs for bakeries and confectioneries and food habits of consumers as well have
created a conducive environment for the growth of baking powder market in these
regions.
Saturation
of opportunities in North America and Europe has compelled market players to
capitalize on opportunities prevalent in the bustling food service sector of
Asia Pacific.
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