Bread is among one of the cheapest and basic instant food available for consumption globally. A report published on the Snacking Motivations and Attitude in the US in 2015 states that nearly 94% of the US population consume snack items. The growing consumption of various bakery products, such as pastries, tarts, donuts, as snacks, has led to a surge in demand for baking ingredients, such as bakery mixes, baking powder, leavening agents, preservatives, flavors & colors, and many others. Today, convenience foods supply much of the food requirements of the world's population in industrial countries. The universal consumption of convenience foods has arisen from the demands of modern, busy lifestyles, which has shifted the consumer demand pattern to grab-and-go foods. For most people, their daily nourishment is being supplied by commercial enterprises rather than by their food-producing endeavors.
The key players holding a large share in the baking ingredients market include Cargill (U.S.), Archer Daniels Midland Company (U.S.), Associated British Foods plc (U.K.), Koninklijke DSM N.V. (The Netherlands), Kerry Group plc (Ireland), and AAK AB (Sweden). Other players include Taura Natural Ingredients Ltd (New Zealand), British Bakels (U.K.), Muntons plc (U.K.), Corbion (the Netherlands), and Dawn Food Products, Inc. (U.S.). These players in this market are focusing on increasing their presence through new product launches and deals. These companies have a strong presence in North America, Asia Pacific and Europe. They also have manufacturing facilities along with strong distribution networks across these regions.
COVID-19 Impact on Baking Ingredients Market
The novel coronavirus/COVID-19 pandemic has significantly impacted the whole food and beverages industry, among which the bakery industry was one. This pandemic has resulted in mass production shutdowns and supply chain disruptions, which have also affected the economy. Due to the lockdown, during the start of 2020, the sales of non-edible products, such as disinfectants, toilet paper, paper goods, and hand sanitizers, were high in demand, and the sales of edible products, such as bakery, meat products, and many others were up to the mark, as the supply of bakery was insufficient as many of the bakers have shut operations due to the shortage of labors. The disruption in logistic facilities due to the lockdown had created more issues in the market, as consumers were not getting products as per their requirements, which ultimately affected the market. But with But, as time passed, the government started allowing the reopening of the shops. The demand for bakery products, especially bread and others, took a hike, as these are the essential products, which are used in the daily diet, majorly as breakfast and evening snacks. Therefore, the demand from the household sector for bakery products has increased.