Vegan Baking Ingredients Market: Top Key Players, Trends, Scope and Segmentation, 2025
The
global Vegan
Baking Ingredients Market size is anticipated to reach USD 1.6
billion by 2025, according to a new report by Grand View Research, Inc.,
expanding at a CAGR of 5.6% over the forecast period. The growth of the market
is attributed to increase in inclination of people towards vegan diet, rise in
demand for such products, and continuous research and development in the global
market.
Moreover,
online retail stores are focusing on adding multiple vegan based bread items to
tap the surging demand as well as capitalize on the increasing demand with few
stores that are launching self manufactured products. For instance, a British
supermarket chain, Waitrose & Partners has been assigning specific sections
for these products, thereby providing an expansive distribution network.
In
2018, approximately 11,000 tons of vegan baking ingredients were sold for the
production of bread in U.K. Europe is actively taking initiatives to improve
the standard of food products by continuous research in this market. For
instance, in U.K., Artisan Bread Organic launched a vegan burger with 100%
organic products.
In
2018, flour held the largest share of 37.5% in the global market and is
anticipated to witness the highest growth in the coming years. It has a medium
protein content of 9% to 12%, which makes it inelastic and suitable for cookies
and cakes. Moreover, flour has a wide application in the bakery market for
products such as cakes, cookies, and biscuits. Gluten Free is a leading
manufacturer of vegan flour and bakery mixes such as muffin mix and bread and
roll mix. The segment is gaining popularity due to innovation by companies
related to the product.
Breads
and rolls held the largest share of more than 40.0% as result of high
consumption by the Western countries and at the global level. The companies are
expanding the product range by introducing new healthy bread alternatives. For
instance, in U.S., a chain of grocery stores named Trader Joe’s, introduced
vegan banana bread loaf in all its stores.
The
APAC region is expected to expand at a CAGR of 6.3% from 2019 to 2025. Improved
standard of living and change in food preferences are the major factors driving
the market in the region. For instance, in Japan, a bakery chain named
Pompadour launched its vegan curry bread in all outlets, which is made up of
organic and clean ingredients.
The
industry is dominated by leading players such as Associated British Foods, BASF
SE, Kerry, DuPont, Dohler Group, Kerry, and Dawn Food Products. To gain a
competitive advantage, the companies are focusing on product expansion and
innovation. For instance, Pak Group launched a vegan egg replacer under its
brand, Bellarise.
Vegan Baking Ingredients Market Report Highlights
- The global
vegan baking ingredients market is expected to expand at a CAGR of 5.6%
from 2019 to 2025
- By product,
flour is expected to witness the highest growth over the forecast period
- By end
product, the breads and rolls segment accounted for the largest share of
more than 40.0% in 2018
- The growth
of online segment is attributed to rising penetration of e-commerce and
low cost of startups
- Europe held
the largest market share in 2018. APAC is anticipated to expand at the
highest CAGR of 6.3% over the forecast period.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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