Sales in the global baking ingredients market are expected to hit $19.4 billion by 2025, according to a new study.
That goal will be achieved thanks to an average compound annual growth rate (CAGR) of 5.8% between now and 2025, according to an estimate by Grand View Research Inc. Growth will be driven by consumers’ desire for a wide variety of products and a rise in away-from-home spending on food.
Growth could be particularly strong in emerging economies like China and India, where bread is replacing many traditional breakfast and snack items, according to the study. Increased urbanization also is leading to market growth.
Enzyme and emulsifier revenues are expected to increase faster than revenues for other ingredients, with 7.9 percent CAGR expected from 2017 to 2025. Double digit growth of those ingredients is expected in China.