The Vegan Baking Ingredients Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vegan Baking Ingredients Global Market Report 2024, The vegan baking ingredients market size has grown strongly in recent years. It will grow from $1.81 billion in 2023 to $1.96 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increased adoption of vegan and plant-based diets, growth in concerns about animal welfare and ethics, health and wellness trends driving demand for healthier ingredients, allergen-free and intolerance-friendly baking solutions, expansion of vegan and specialty food retail channels.
The vegan baking ingredients market size is expected to see strong growth in the next few years. It will grow to $2.76 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to market expansion in developing countries, collaborations and partnerships for ingredient development, consumer interest in clean label and non-gmo ingredients, growing demand for convenience baking solutions. Major trends in the forecast period include technological advancements in vegan ingredient alternatives, plant-based milk and butter alternatives, gluten-free and grain-free flour options, natural sweeteners and sugar alternatives, functional ingredients for nutritional enhancement
The growing health awareness and changing food preference is expected to propel the growth of the vegan baking ingredients market going forward. Health awareness is the knowledge and awareness of health, healthcare, medical needs, diseases, and preventive actions in general. Health awareness made people shift towards a vegan diet, as they are plant-based food and healthier forms of food one can consume. For instance, a survey published in The Times of India, an India-based daily newspaper found that the COVID-19 pandemic has altered Indian’s perspectives on health, with 70% saying they prioritize food and lifestyle improvements in 2021 to manage both emotional and physical health. Further, a study conducted by Beneo, a German-based developer and producer of natural sources of food, feed, and pharmaceutical products found that 6 out of 10 European consumers are taking active steps to make their nutrition healthier by substituting snacks with meals with good ingredients and nutritional value. Therefore, the growing health awareness and changing food preference is driving the vegan baking ingredients market.
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The vegan baking ingredients market covered in this report is segmented –
1) By Product Type: Starch, Raising Agent, Emulsifier, Baking Powder and Mixes, Vegetable Oil, Colors and Flavors, Enzymes,
2) By Nature: Conventional Vegan Baking Ingredients, Organic Vegan Baking Ingredients,
3) By Application: Cakes and Pastries, Biscuits and Cookies, Bread and Buns,
Product innovation is a key trend gaining popularity in the vegan baking ingredients market. Major companies operating in the vegan baking ingredients market are coming up with new and innovative innovations to serve their customers. For instance, in June 2023, Plantible Foods, a US-based biotech company, launched Rubi Whisk, a functional ingredient that is used to replace eggs in the commercial production of bread, donuts, cookies, cakes, pastries, and pasta. The company takes the RuBisCO protein out of a Lemna plant in order to manufacture the component. The powdered Rubi protein RuBisCO has no taste, smell, or color and can be used in place of or in addition to animal proteins due to its unique qualities. Rubi Whisk is a vegan baking ingredient that is free from eggs and gluten and is full of flavor and functionality.
The vegan baking ingredients market report table of contents includes:
1. Executive Summary
2. Vegan Baking Ingredients Market Characteristics
3. Vegan Baking Ingredients Market Trends And Strategies
4. Vegan Baking Ingredients Market – Macro Economic Scenario
5. Global Vegan Baking Ingredients Market Size and Growth
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26. South America Vegan Baking Ingredients Market
27. Brazil Vegan Baking Ingredients Market
28. Middle East Vegan Baking Ingredients Market
29. Africa Vegan Baking Ingredients Market
30. Vegan Baking Ingredients Market Competitive Landscape And Company Profiles
Top Major Players:
- Associated British Foods PLC
- BASF SE
- DuPont de Nemours Inc
- Ingredion Inc
- Döhler GmbH
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