The Vegan Baking Ingredients Market reached ~US$ xx Mn in 2019 and is anticipated grow at a CAGR of xx% over the forecast period 2018 to 2028. The business intelligence study of the Vegan Baking Ingredients Market covers the estimation size of the market both in terms of value (Mn/Bn USD) and volume (x units). In a bid to recognize the growth prospects in the Vegan Baking Ingredients Market, the market study has been geographically fragmented into important regions that are progressing faster than the overall market.
Each market player encompassed in the Vegan Baking Ingredients Market study is assessed according to its market share, production footprint, current launches, agreements, ongoing R&D projects, and business tactics. In addition, the Vegan Baking Ingredients Market study scrutinizes the strengths, weaknesses, opportunities and threats (SWOT) analysis.
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What insights readers can gather from the Vegan Baking Ingredients Market report?
- A critical study of the Vegan Baking Ingredients Market on the basis of segment 1, segment 2, segment 3 and segment 4
- Learn the behavior pattern of every Vegan Baking Ingredients Market player – product launches, expansions, collaborations and acquisitions in the market currently
- Examine and study the progress outlook of the global Vegan Baking Ingredients landscape, which includes, revenue, production & consumption and historical & forecast
- Understand important drivers, restraints, opportunities, and trends (DROT Analysis)
- Important trends, such as carbon footprint, R&D developments, prototype technologies, and globalization
The Vegan Baking Ingredients Market report answers the following queries:
- Which players hold the significant Vegan Baking Ingredients Market share and why?
- What strategies are the Vegan Baking Ingredients Market players forming to gain a competitive edge?
- Why region is expected to lead the global Vegan Baking Ingredients Market?
- What factors are negatively affecting the Vegan Baking Ingredients Market growth?
- What will be the value of the global Vegan Baking Ingredients Market by the end of 2029?
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Players to Benefit from Uptake of Egg Replacement Ingredients
The avian influenza outbreak and its extended prevalence among birds is creating a shortage in supply of eggs worldwide. The epidemic is causing seasonal fluctuations in the prices of eggs. Further, consumers across Europe and the USA are increasingly preferring bakery goods manufactured using egg alternatives, after traces of fipronil were found in eggs in 2017 and 2018. European Union is expected to levy high import charges on egg powder in 2019 making it a high priced ingredient for use in baking. Baking industry is gradually shifting to using egg replacement ingredients in the production of their goods to shield themselves from the egg price volatility and lure in more consumers. With veganism gaining a pervasive prevalence, and consumers associating health benefits with consumption of plant-based and animal-free products, demand for vegan baking ingredients is expected to rise.
Sales Underpinned by Innovation in Ingredients Manufacturing
Baking industry is struggling to produce quality vegan baked goods, owing to the loss of functionality, texture, and mouthfeel that eggs provide. Finding ingredients that can potentially replace eggs in vegan baked goods limits the scope of development for the baking industry. However, innovations in vegan baking ingredient manufacturing are slowly enabling bakeries to bridge the gap between vegan baked goods and normal bakery items. Numerous companies are working towards the production of vegan baking ingredients that could mimic the texture and taste of bakery products. For instance, KaTech, a leading manufacturer of stabilizers and emulsifies, announced the launch of new bakery concepts tailored to address the shortcomings in the vegan bakery ingredients. The company launched an assortment of alternative dairy fillings in different variants such as low-fat and reduced sugar to meet the burgeoning demand for healthier vegan bakery products.
Powdered egg replacers are being manufactured to provide enhanced texture, as they are capable of adding fluffiness in addition to providing the medium required to bind ingredients in bakery products. Additionally, vegan baking ingredients manufacturers are working towards the development of stabilizers that provide for a better texture and mouthfeel. The increasing number of innovations are estimated to meet the diverse demand of consumers and aid in vegan baking ingredients market proliferation.
Demand Surges in Line With Large Scale Production and Launch of Vegan Bakery Chains
A substantial increase in the number of people following veganism, coupled with a rise in the overall demand for vegan bakery products has led food processing companies to adopt large-scale production. For instance, Greggs, a leading bakery chain based in Britain recently reported a shortage in supply of its new product offering in vegan sausage rolls alluding to the surging demand for vegan bakery products. The sudden increase in the demand for vegan bakery goods is prompting new installments of all-vegan bakeries around the world. E-commerce giants announced the launch of an all-vegan online baking store in 2018 after witnessing the massive demand for the products during the Great British Bake Off Week. To capitalize on the growing demand for vegan bakery products, existing bakeries are also launching new vegan product lines. Large scale investments in all-vegan baking stores are estimated to bolster the demand for vegan baking ingredients.
Sustainability Prevails as a Key Growth Determinant
Growing awareness about the relationship between food production and its impact on the environment is prompting consumers to shift towards brands that incorporate sustainable solutions in food processing and manufacturing. Although vegan baking ingredients conform to ethical concerns regarding animal treatment, manufacturers are increasingly focusing on streamlining their supply chain operations to keep consumers informed of their sustainable practices and promote sales. A recent development alluding high traction of sustainable practices in the food processing industry is the Iceland’s ban on palm oil use in vegan bakery products, following reports of child labor, deforestation, and decreasing animal population in Malaysia and Indonesia where it was being sourced from.
The ingredients derived from plant-based sources which are replacing dairy and animal-based ingredients in bakeries are vegan bakery ingredients. Vegan baking ingredients include products such as vegan milk, vegan butter, egg replacers, vegan baking mixes, and vegan chocolate.
About the Report
The report on vegan baking ingredients market offer all-inclusive and valuable insights into the vegan baking ingredients market. A comprehensive analysis of all the factors influencing the performance of the vegan baking ingredients market has been provided in the report. Additionally, the report provides a detailed opportunity assessment of the vegan baking ingredients market.
A list of all the macro and microeconomic facets influencing the growth of the vegan baking ingredients market have been compiled in the report. The report on vegan baking ingredients market also includes an analysis of the level of competitiveness prevalent in the vegan baking ingredients market.
The report on vegan baking ingredients market segments the vegan baking ingredients market on the basis of product type, nature, application, end-use, and region.
Based on product type, the vegan baking ingredients market can be segmented into starch, raising agents, emulsifiers, leavening agents, baking powder and mixes, vegetable oils, colors and flavors, and enzymes.
On the basis of nature, the vegan baking ingredients market can be segmented into organic and conventional.
Based on the application, the vegan baking ingredients market can be segmented into cakes & pastries, biscuits & cookies, bread, rolls & pies, buns, and others.
On the basis of end-use, the vegan baking ingredients market can be segmented into direct sales and residential.
Additional Questions Answered
Apart from the aforementioned insights about the vegan baking ingredients market, the report answers the following vital questions on the vegan baking ingredients market:
- What product type will account for the bulk of the vegan baking ingredients market share in 2019?
- What region offers the most lucrative opportunities for the vegan baking ingredients market in 2019?
- Which application contributed significantly to the vegan baking ingredients market share?
- What are the challenges facing the vegan baking ingredients market?
The report on vegan baking ingredients market is a consequence of robust and elaborate research. A two-step research process was employed to obtain insights into the vegan baking ingredients market. Primary research was conducted by interviewing experts from the vegan baking ingredients market while secondary research involved a thorough study of vegan baking ingredients market trade journals, paid sources, and other publications related to the vegan baking ingredients market. Results from both the steps are cross-referenced to create an authentic forecast of the vegan baking ingredients market.
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