The global baking powder market sees lucrative growth opportunities especially on account of the increasing use in bakeries and confectioneries. Baking powder is one of the key ingredients used for making cakes, pancakes, waffles, muffins, and various confections.
The global baking powder market is expected to surpass US$ 4 Bn by the end 2024, expanding at above 5% CAGR between 2024 and 2030. The market will be directly impacted by the changing preferences among consumers with regards to their food habits. Willingness to enjoy food with extended shelf-life and rich flavors is expected to create growth opportunities for the market.
Baking powder is an essential ingredient used in the processing of bakery products such as bread, tart, pies, pastries, biscuits, and cakes. Good quality baking powder is considered essential for enhanced flavor, color, and texture of baked food. As a result, demand witnessed in the market has remained consistent through the last few years.
Even as consumers show inclination for healthier food, the ubiquity of baking powder in the food processing industry has continued. Resultantly, the baking powder market has remained notoriously steady through ages.
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Changing Food Habits Spurred by COVID-19 Outbreak Creates Scope for Expansion
Changing food habits of consumers, favoring processed and packaged food sales has enabled the market gain momentum in the recent years. This trend is unlikely to show down in the near future and Transparency Market Research (TMR) sees this as an incredible opportunity for the market to sustain growth.
As COVID-19 tightens its noose around the world, the demand for processed and packaged food is poised to surge. Amid the ongoing crisis, consumers have developed a unique behavior of stockpiling on commodities they consider essential. As a result, food products with higher shelf-life is preferred as consumers observe extended periods of self-isolation.
Baking powder is often a key ingredient used in packaged food, therefore, a higher demand in the packaged and processed food categories is likely to dispel growth in the baking powder market as well.
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Next Generation Healthy Baking Powder to Carve Market’s Future
Baking powder also accounts for the leading share in the overall bakery ingredients market. It is a rich source of protein, vitamins, and carbohydrates, which are considered essential components of a baked food.
Besides being driven various functional properties of baking powder, the market is expected to gain impetus from the launch of organic variant. The advent of wheat baking powder has proven to be a blessing for bakeries and confectioneries across the world. It has low cholesterol and saturated fat, which makes it ideal for use in healthier versions of popular baked items.
The present market offers increasing scope for innovation. Spurred by dynamic consumer preferences and their willingness to spend on organic commodities, some of the renowned brands have taken to research and development initiatives.
Jungbunzlauer, one of the leading producers or biodegradable ingredients in the world, for instance has presented a healthy baking powder based on potassium bicarbonate or microencapsulated glucono-delta-lactone and sodium.
These combinations demonstrated impressive baking quality, whilst reducing sodium contribution to nil. A slew of similar developments are expected to happen in the near future, enabling growth in the global market.
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Breads to Remain Leading End User
Among end users, bread is expected to contribute to the lion’s share in the market. Bread producing companies are constantly upgrading their production techniques and methods employed to offer improved nutritional content and better affordability. Bread normally caters to price sensitive customers across the world and is labelled as a highly essential food item.
Sustainability in bread production has created lucrative prospects for growth, as baking powder continues to be an indispensable ingredient used in the industry. Besides this, use of baking powder in cakes and pastries will rise. As per TMR, the segment is likely to report growth at a higher pace in the coming years.
Even as bakeries briskly adapt to changing preferences of consumers, producing healthier and vegan varieties, baking powder will remain a key ingredient used in the sector. The demand for healthy snack items has exponentially risen in the last couple of years. This has compelled retailers to double space allotted to healthy snacks across their aisles.
With leading brands focusing on capacity and portfolio expansion, the baking powder market will continue exhibiting robust growth. It also will benefit for the significantly rising demand for biscuit and cookies.
Among product types, tartar based baking powder is expected to remain dominant. The rising consumption of bakery items will impel growth in the segment. Besides this, phosphate-based baking powder is expected to get highly popular in the coming years.
Asia Pacific Emerges Dominant
Regionally, Asia Pacific is forecast to dominate the global baking powder market. Expansion of food service industry, besides mushrooming bakeries across high potential markets will support growth witnessed in Asia Pacific. Additionally, as a result of changing food habits, consumers in the region are demonstrating greater desire to spend on breads, cookies, and pastries.
Spurred by aforementioned factors, Asia Pacific will emerge as a key market for baking powder. However the region is expected to record stunted growth as a result of the unprecedented outbreak of novel coronavirus. Never mind this, with public life gradually returning to normalcy, sales is expected to pick up.
North America and Europe too are lucrative markets for baking powder. Both regions exhibit significantly high demand for packaged and processed food, which is expected to aid the expansion of the bakery powder market. On the downside though, certain countries have stringent regulations limiting the use of certain bakery ingredients. This could hamper the growth of the market to an extent.
