The global baking powder market is forecast to rise at above 5% CAGR between 2023 and 2030. According to Transparency Market Research (TMR), the market’s valuation is expected to surpass US$ 4 Bn by the end of 2023. 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.
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.
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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