Over the past few years, the bakery sector has been continuously expanding. The rise in population, rapid urbanization, and changing consumer habits and lifestyles are shaping the bakery sector across several countries. The demand for convenience food is increasing exponentially due to the hectic lifestyle of people. People prefer instant or ready-to-eat food to save their time and effort. Bread and baked products are the staple food in several countries. Moreover, the sector employs almost 800,000 skilled personnel, creating significant employment opportunities. High consumer spending on bakery products is driving the bakery sector across the region. Further, the bakery sector is growing at a significant pace across the developed and developing economies in the region owing to a rise in middle-class population, rising purchasing power, increasing preference for comfort food, and availability of a wide range of bakery products at affordable prices across different retail channels. Consumers prefer bakery products because they are convenient, affordable, and tasty. Bread, cakes, muffins, and doughnuts have become staples in many peoples’ diets. This has increased demand for various baking ingredients used in baked goods, such as flour, sweeteners, livening agents, emulsifiers and shortening, enzymes, and flavors and colors. Thus, the rising consumption of bakery products significantly contributes to the overall growth of the baking ingredients market across South America.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the SAM baking ingredients market. The SAM baking ingredients market is expected to grow at a good CAGR during the forecast period.
SAM Baking Ingredients Market Segmentation
The SAM baking ingredients market is analyzed based on type, application, and country. Based on type, the market is segmented into baking powder & mixes, emulsifiers, enzymes, starches, colors & flavors, oils, fats & shortenings, and others. The others segment dominated the market in 2022 and emulsifiers segment is expected to be fastest growing during forecast period. Based on application, the market is segmented into breads & rolls, biscuits & cookies, cakes & pastries, and others. The breads & rolls segment dominated the market in 2022 and cakes & pastries segment expected to be fastest growing during forecast period. Based on country, the SAM baking ingredients market is segmented into the Brazil, Argentina, and Rest of SAM.
AAK AB; ADM; Associated British Foods plc; Cargill, Incorporated; Corbion; Dawn Food Products Inc.; International Flavours & Fragrances; Kerry; and Koninklijke DSM N.V. are among the leading companies in the SAM baking ingredients market.