Global Vegan Baking Ingredients Market, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
“Global Vegan Baking Ingredients Market” is an upcoming market research report by MarketResearch.biz. In this report, various data and information on the global market including market trends, restraints, drivers, revenue details, potential revenue growth opportunities, recent developments, competitive landscapes, and details of key players are included. The global vegan baking ingredients market research report is segmented on the basis of product, end-product, and regions/countries.
Veganism is the practice of abstaining from the use of animal products, particularly in diet, and an associated philosophy that rejects the commodity status of animals. Vegan baking does not employ ingredients such as milk or any dairy product, eggs, honey, and animal gelatine. All types of traditional bakery products can be creatively made applying the vegan method with the same taste. Traditional ingredients are replaced with dairy-free products or plant-based products. Known vegan baking ingredients are plain flour, baking soda, baking powder, cocoa powder, vegetable oil, apple cider vinegar, cornflour and dairy-free milk.
Some of the key factors that are fueling global market growth are the rise in the demand for vegan baking ingredients, the increase in the number of people adopting veganism, and continuous research & development. In addition, expansion in the number of products offered and the rise in the number of vegan outlets are projected to surge market growth over the years to come. The increasing competition in the global market has resulted in the expansion of the number of products offered in these outlets. In addition, online stores are also increasing the number of products by adding vegan-based bread items, etc. Another factor that is projected to contribute to market growth is the rise in general health awareness across the globe. Also, the consumption of products with these ingredients reduces the risk of several chronic health diseases such as cancer, heart diseases, and diabetes. The arrival of new manufacturers and the subsequent increase in industry competition are factors that could restraint market growth. Ongoing innovations and new product launches are projected to create growth opportunities for key market players over the coming years.
Global Vegan Baking Ingredients Market Segment Analysis:
By Product: The flour segment continues to account for the highest revenue share of the global vegan baking ingredients market. This can be attributed to its wide range of applications especially in bakery products such as bread, cakes, biscuits, and cookies. Due to product innovations by prominent manufacturers, the flour segment has steadily gained popularity over other segments. This factor is expected to foster market growth over the next ten years.
By End Product: The bread & rolls segment is projected to continue to account for the majority revenue share over the coming years. This can be attributed to the segment’s high consumption global rates and the high demand for various healthy bread alternatives, especially in western countries. The cakes & pastries segment is projected to index significant revenue growth in the foreseeable future, due to its increasing consumption in both developed as well as developing countries.
Global Vegan Baking Ingredients Market Regional Analysis:
The vegan baking ingredients market in Europe is projected to register the highest revenue share over the forecast period due to a large consumer base in the region. In order to meet the demands of vegan consumers, the food industry is inclined towards implementing innovative changes to different food products. The Asia Pacific region is the fastest-growing market due to rapid industrial development and increasing disposable incomes in the region.
Global Vegan Baking Ingredients Market Segmentation:
- Confectionery & Bakery
- Flavoring Agents
- Cakes & Pastries
- Bread & Rolls
- Biscuits & Cookies
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Associated British Foods
- BASF SE
- Dohler Group
- Dawn Food Products
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