The Bakery Premixes Market is projected to reach $547.8 million by 2029, at a CAGR of 6.7% from 2022 to 2029. The growing consumer demand for bakery products, the convenience of using multiple ingredients in a single product, increasing demand for fortified food products, and increasing urbanization and inclination towards convenience foods are the key factors driving the growth of the bakery premixes market. However, an increase in the number of health-conscious consumers and high costs of bakery premixes products are expected to hinder the growth of this market to a notable extent.
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Increasing demand for fortified food products
In recent years, the rise of fortified foods and dietary supplements has played a key role in healthy habits due to the growing concerns about health and the perception that diet directly affects health. The global demand for fortified food is mainly driven by increasing consumer awareness regarding micronutrient deficiencies, growing health concerns, rising incidence of disease, and increasing disposable income. Bread and bakery products fortification with iron, folic acid, and other vitamins help overcome micronutrients and malnutrition issues among children.
According to an NIH-funded study, a healthy eating diet is directly proportional to overall health improvement and reduces heart disease, stroke, and type 2 diabetes. A healthy eating trend is gaining traction and evoking interest, significantly driving healthful food formulation. Fortified bakery premixes are emerging due to their properties and health benefits. It is used to deal with or overcome the deficiencies in which different micronutrients are incorporated into food products for health benefits. Nowadays, folic acid deficiencies are seen less in females. Folic acid is added to bread premixes to overcome deficiencies.
Asia-Pacific: The Fastest-Growing Regional Market
The bakery premixes market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Europe is expected to account for the largest share of the bakery premixes market. Huge demand for bakery products in this region due to bakery products being their staple food for many decades, the region’s well-established food industry, rising preference for innovative food products, growing demand for gluten-free food products, and the presence of many key players in this region are the factors attributed to the large share of this market. However, the Asia-Pacific region is projected to register the highest CAGR during the forecast period.
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The bakery premixes market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the bakery premixes market are Nestlé S.A (Switzerland), Puratos Group (Belgium), Bakels Group (Amsterdam), Cargill, Incorporated (U.S.), Oy Karl Fazer Ab (Finland), General Mills, Inc. (U.S.), Grupo Bimbo S.A.B.de C.V (Mexico), KCG Corporation Co., Ltd (Thailand), Archer Daniels Midland Company (U.S.), Austrian Premix (South Africa), and Manildra Group (Australia).
Scope of the Report:
Bakery Premixes Market, Type
Bakery Premixes Market, by Category
Conventional Baking premixes
Gluten-free Baking premixes
Bakery Premixes Market, by Application
Cakes & Pastries
Biscuits & Cookies
Other Bakery Products
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The bread segment is expected to account for the largest share of the bakery premixes market
Based on application, the baking premixes market is segmented into bread products, cakes & pastries, pancakes, muffins, biscuits & cookies, and other bakery products. In 2022, the bread products segment is expected to account for the largest share of the bakery premixes market. Key factors contributing to this segment’s major share include the rising bread consumption across the globe, growing preference for fast food, changing lifestyles, and increasing consumer preference for healthy claimed bread products, such as fortified, organic, whole grain, and gluten-free. In addition, bread is a staple food in many countries and is experiencing high demand from developing regions such as Asia-Pacific and the Middle East & Africa.
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