The global baking powder market sees lucrative growth opportunities especially on account of the increasing use in bakeries and confectioneries. It is one of the key ingredients used for making cakes, pancakes, waffles, muffins, and various confections.
The global baking powder market is expected to surpass US$4 bn by the end 2020, expanding at above 5 per cent CAGR between 2020 and 2030. The market will be directly impacted by the changing preferences among consumers with regards to their food habits. Willingness to enjoy food with extended shelf-life and rich flavours is expected to create growth opportunities for the market.
Baking powder is an essential ingredient used in the processing of bakery products such as bread, tart, pies, pastries, biscuits, and cakes. Good quality baking powder is considered essential for enhanced flavour, colour, and texture of baked food. As a result, demand witnessed in the market has remained consistent through the last few years. Even as consumers show inclination for healthier food, the ubiquity of baking powder in the food processing industry has continued. Resultantly, the baking powder market has remained notoriously steady through ages.
Changing food habits spurred by Covid-19 outbreak creates scope for expansion
Changing food habits of consumers, favouring processed and packaged food sales has enabled the market gain momentum in recent years. This trend is unlikely to show down in the near future and Transparency Market Research (TMR) sees this as an incredible opportunity for the market to sustain growth.
As Covid-19 tightens its noose around the world, the demand for processed and packaged food is poised to surge. Amid the ongoing crisis, consumers have developed a unique behaviour of stockpiling on commodities they consider essential. As a result, food products with higher shelf-life is preferred as consumers observe extended periods of self-isolation. Baking powder is often a key ingredient used in packaged food, therefore, a higher demand in the packaged and processed food categories is likely to dispel growth in the baking powder market as well.
Next generation healthy baking powder to carve market’s future
It also accounts for the leading share in the overall bakery ingredients market. It is a rich source of protein, vitamins, and carbohydrates, which are considered essential components of a baked food. Besides being driven various functional properties of baking powder, the market is expected to gain impetus from the launch of organic variant. The advent of wheat baking powder has proven to be a blessing for bakeries and confectioneries across the world. It has low cholesterol and saturated fat, which makes it ideal for use in healthier versions of popular baked items.
The present market offers increasing scope for innovation. Spurred by dynamic consumer preferences and their willingness to spend on organic commodities, some of the renowned brands have taken to research and development initiatives.
Jungbunzlauer, one of the leading producers or biodegradable ingredients in the world, for instance has presented a healthy baking powder based on potassium bicarbonate or microencapsulated glucono-delta-lactone and sodium. These combinations demonstrated impressive baking quality, whilst reducing sodium contribution to nil. A slew of similar developments are expected to happen in the near future, enabling growth in the global market.