The vegan baking ingredients global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Vegan Baking Ingredients Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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.
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Scope Of Vegan Baking Ingredients Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Vegan Baking Ingredients Market Overview
Market Drivers –
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.
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,
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Regional Insights –
Europe was the largest region in the vegan baking ingredients market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vegan baking ingredients market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the vegan baking ingredients market include Associated British Foods plc, BASF SE, DuPont de Nemours Inc., Ingredion Inc., Döhler GmbH, Lallemand Baking Inc., Bakels Group JR, Cargill Incorporated, Turtle Island Foods Inc., Veganz Group AG, B&G Foods Inc., CSM Ingredients SARL, Koninklijke DSM NV, Lesaffre Group, Pak Group BV, Dawn Food Products Inc., Kerry Group plc, Upfield Holdings BV, Vitasoy International Holdings Limited, Amy’s Kitchen, Quorn Foods Ltd., Violife Holdings BV, Hain Celestial Group, Beyond Meat Inc., Impossible Foods Inc., Bakels Worldwide, Puratos Group, Archer Daniels Midland Company, Tate & Lyle plc, Corbion NV, Roquette Frères SA, Ingredion Incorporated, Chr. Hansen Holding A/S, Kerry Group, FrieslandCampina NV, Barry Callebaut AG, Olam Internationa Ltd.
Table of Contents
- Executive Summary
- Vegan Baking Ingredients Market Characteristics
- Vegan Baking Ingredients Market Trends And Strategies
- Vegan Baking Ingredients Market – Macro Economic Scenario
- Global Vegan Baking Ingredients Market Size and Growth
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- Key Mergers And Acquisitions In The Vegan Baking Ingredients Market
- Vegan Baking Ingredients Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Vegan Baking Ingredients Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Vegan Baking Ingredients Market, Segmentation By Nature, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Vegan Baking Ingredients Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Associated British Foods plc Financial Performance
Table 75: BASF SE Financial Performance
Table 76: DuPont de Nemours Inc. Financial Performance
Table 77: Ingredion Inc. Financial Performance
Table 78: Döhler GmbH Financial Performance
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