Latin America Bakery Ingredients Market is estimated to reach $2.49 billion by 2021 | Market Data Forecast
The Latin America Bakery Ingredients Market was
worth $1.90 billion in 2016 and estimated to be growing at a CAGR of 5.62%, to
reach $2.49 billion by 2021. Bakery ingredients such as baking powder, butter,
baking soda, flour, eggs, fruits, nuts, honey, flavour enhancers and colour
additives are used in the bakery products to improve their overall product
quality, to save time and for longevity. For instance, in bread making yeast is
a vital ingredient whose gas produced should be kept within the dough for enhanced
results.
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Bakery Ingredients are accessible in an
extensive variety and inclinations vary from one region to another. Easy access
of international data and exposure of several bakery products has augmented the
demand for bakery ingredients. Bakery Ingredients have numerous benefits like
comfortable to use, easy to combine and ready accessibility.
The growth of the Latin America Bakery
Ingredients market is majorly driven by factors such as rise in demand for
bakery ingredients, and shifting lifestyles which leave little to no time to
cook meals. Also, the growing population of working women has instigated the
need for ready to eat baked food, thereby substituting the orthodox home cooked
food. The key restraint of the market is the high sugar and carb levels in the
baked products which lead to health problems. The diabetic epidemic is a key
heath issue throughout the world and it has been escalating, especially in
middle income families, who are the chief consumers of bakery products.
Furthermore, excess sugar intake is linked to metabolic dysfunction, liver
damage, and obesity, which are driving the health conscious users away from
baked food items.
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The Latin America Bakery Ingredients market is
segmented based on Application and Type. The market for Bakery Ingredients, on
the basis of Application, is classified into Cookies & Biscuits, Cakes
& Pastries, Rolls & Pies, Bread, Torts, and Others. On the basis of
Type, the Bakery Ingredients market is segmented into Enzymes, Baking Powder
& Mixes, Colours & Flavours, Starch, Oils & Shortenings, Leavening
Agents, Emulsifiers, Sweeteners, Mould Inhibitors, Preservatives, and Others.
The bread segment leads the Bakery Ingredients market under the application
segment. However, the cakes & pastries segment is anticipated to grow at
the highest CAGR due to growing demand from emerging economies. In terms of
type, the baking powders & mixes segment leads the market, followed by
oils, & shortenings. However, the enzymes segment is projected to grow at
the highest CAGR in terms of worth. Ingredients presenting similar
functionalities are engaging in an aggressive rivalry due to raw material
unavailability and production expenses. For example, use of enzymes in baking
limits the progress of emulsifiers in baking applications.
The Latin America market is one of the fastest
growing markets for Bakery Ingredients. South America is a developing market
with huge potential and sturdy growth rates, due to growing disposable incomes
and the popularity of western food trends among the middle class in this
region. Mexico accounts for the largest market share in the region and is
expected to lead the market during the forecast period.
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This industry is extremely influenced by the
macro-economic state of an economy, as the intake of fancy bakery products drop
sharply due to economic slumps. Also, the industry is exceedingly competitive
in nature, and continuous innovation of products is absolutely essential to
withstand the market. The major companies dominating the Bakery Ingredients
market in this region are Cargill Inc., Kerry group, Associated British Foods,
DSM, DuPont, Dawn Foods Ltd., Taura Natural Ingredients Limited, Muntons PLC,
Corbion N.V. and British Bakels Limited.
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