Billion By 2028 Leavening Agents Global Market Report 2024: Market Set To Reach $8.3
Leavening Agents Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The leavening agents market size has grown steadily in recent years. Therefore, how is this market expected to perform in 2024, and what are the key drivers for its growth? Based on recent data, the market is anticipated to grow from $6.44 billion in 2023 to $6.74 billion in 2024 at a compound annual growth rate CAGR of 4.6%. This growth can be attributed to various factors like expansion of the food processing industry, shifting consumer preference towards convenience foods, increased consumption of baked goods, and changing lifestyles.
Looking ahead, how will the leavening agents market grow over the next few years?
The leavening agents market is expected to see strong growth through 2028, reaching an estimated value of $8.3 billion. This growth can be attributed to health and wellness trends impacting baking choices, increased focus on clean label and natural leavening agents, emerging markets and urbanization, and the rise of online retailing and e-commerce for baking ingredients. Major trends include gluten-free leavening agents, the use of natural and organic leavening agents, clean label ingredients in baking, and application in artisanal and specialty baking.
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What are the driving factors for the strong growth of the leavening agents market?
The rising demand for bakery products is significantly driving the market growth. Bakery products such as bread, cakes, cookies, and other goods made from a dough or batter that is baked use leavening agents to rise, making them soft and light. For instance, in August 2022, the bakery sector sales stood at around $3.1 billion for June, noted the International Dairy Deli Bakery Association IDDBA. This marked an increase of 9.3% year over year.
Find a complete overview of the forecast, drivers, and trends in the leavening agents market in the full report:
https://www.thebusinessresearchcompany.com/report/leavening-agents-global-market-report
Who are the major players in the leavening agents market?
Major companies operating in the leavening agents market include Kudos Blends Ltd., Puratos Group, Cargill Incorporated, AB Mauri North America, Shandong Sunkeen Co. Ltd., Archer Daniels Midland Company, Associated British Foods ABF plc, Corbion N.V., Kerry Group plc, Koninklijke DSM N.V., The Kraft Heinz Company, Novozymes A/S, Stern-Wywiol Gruppe, Lesaffre Yeast Corporation, Lallemand Inc., Angel Yeast Co. Ltd., Oriental Yeast Co. Ltd., Watson Inc., Caravan Ingredients, Bakels Group, AB Vista an AB Agri company, Biorigin, Fazer Group, Kemin Industries Inc., LFI Inc., MGP Ingredients Inc.
What is a key trend in the leavening agents market?
One key trend gaining popularity in the leavening agent market is product innovation. Prominent companies are introducing new leavening agents to improve the flavor and texture of food products. For instance, Angel Yeast, a China-based yeast extract manufacturer, introduced a high-sugar dry yeast product in September 2022 that provides rapid and high-quality fermentation where high sugar, salt, and oil content could typically affect the yeast fermentation.
How is the leavening agents market segmented?
The leavening agents market covered in this report is segmented as follows:
1 By Form: Biological, Physical, Chemical
2 By Application: Sea Food, Bakery Products, Fried Foods, Wheat Flour, Soy Products
3 By Sales Channel: Direct Sales And Wholesalers, Independent Grocery Retailer, Non-Store Retailers, Other Sales Channels
In 2023, North America was the largest region in the leavening agents market. Asia-Pacific is expected to be the fastest-growing region during the forecast period.
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