Baking Ingredients Market Size, Share & Trends Analysis Report By Product, By End-use (Bread, Cakes & Pastries, Rolls & Pies), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the baking ingredients market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for baking ingredients market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of baking ingredients market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Baking Ingredients Market Categorization:

The baking ingredients market was categorized into three segments, namely product (Emulsifier, Yeast, Enzymes, Baking Powder & Mixes, Oils, Fats & Shortenings, Colors & Flavors, Starch, Preservatives), end-use (Bread, Cakes & Pastries, Cookies & Biscuits, Rolls & Pies), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The baking ingredients market was segmented into product, end-use, and region. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The baking ingredients market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy; Spain; Netherlands; Poland; Portugal; China; India; Japan; South Korea; Australia; Brazil; Argentina; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Baking ingredients market companies & financials:

The baking ingredients market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Flowers Foods Inc, a company engaged in the production of packaged bakery foods, was established in 1919 with headquarters in the U.S. The company operates more than 49 bakeries that produce bakery food varieties like fresh breads, buns, rolls, and tortillas through the company’s direct-store- delivery(DSD) network and independent distributor partners. The DSD network and distribution partners expanded the penetration of Flower Foods Inc in South, Southwest, Southern Midwest, Northeast and California meeting the bakery needs of approximately 80% of US population.

• Hostess Brands LLC is a United States packaged food company formed in 2013 by the acquisition of Hostess and Dolly Madison brands. It produces majority of its products in the sweet baked goods category and sells through the direct-to-warehouse (DTW) model. The company is primarily engaged into the donut and snack cake segments business of the sweet baked goods category. The company is a publicly traded company and is listed on National Association of Securities Dealers Automated Quotations (NASDAQ).

• George Weston Ltd (Weston’s) is a Canadian public company, founded in 1882. Weston Foods sells its baked products such as breads, bagels, donuts, tortillas, cakes, pies and crackers through 40 operating facilities in North America. In North America, Weston foods products are manufactured by Weston Bakeries, Ready Bake Foods, ACE bakery and Colonial Cookies. In US, Weston foods sells its frozen bakery products, supplies ice-cream cones, sandwich wafers and Girl Scout Cookies through its partners Maplehurst Bakeries, Interbake Foods, and Norse Dairy Systems.

• Grupo Bimbo is a Mexican international baking company established in 1945. The company is mainly into the baking food sector. Its core categories of baked products business are commercial bread, sweet baked goods, cookies and crackers, salty snacks, confectionary, tortillas, prepackaged foods and others. The company operates through segments that are segregated based on geography which are as follows. North America, Latin America and Europe. The company has 165 manufacturing plants operating across 22 countries in America, Europe and Asia. Grupo Bimbo has majority revenue contribution from Mexico, US & Canada.

• Nestle is a food and beverage company established in 1866. The company has 418 factories in 86 countries. The company operating segments comprise of Zone EMENA (Europe, Middle East & North Africa), Zone AMS (Americas), Zone AOA (Asia, Oceania and Sub-Saharan Africa), Nestle Waters, Nestle Nutrition and others. The company product portfolio includes Baby Foods, bottled water, chocolate, cereals, confectionaries, coffee, frozen foods and popular brands such as kit Kat, Nescafe, Milo, Maggi. Nespresso, Herta, Purina selling over 191 countries. The Company is publicly listed on Swiss Exchange.

• Finsbury Food Group is a manufacturer of bakery and snack products. The company is established in 1994 and headquartered in London. The group comprises of its subsidiaries MemoryLane, Lightbody, Johnston’s, Campbell’s, Nicholas & Harris, Fletchers and Kara. Through these subsidiaries, Finsbury group encompasses a range of products such as rolls, hot cross buns, artisan bread, muffins, organic breads, and morning pastries. UK Bakery segment manufactures bakery products and sells them to foodservice sectors. Whereas the overseas segment primary responsibility is the distribution of the groups manufactured products.

• Aryzta is a manufacturer of baked goods, savory and sweet food as well as a global supplier to the food retail and service sectors. The group operates 57 bakeries through its presence in Europe, North America, South America, Asia, Australia and New Zealand. The company established itself in European region through In-store bakery model. In North America La Brea Bakery and Otis Spunkmeyer are its primary brands. The company is headquartered in Switzerland. The group has three operating segments organized basing on the geographical areas: ARYZTA Europe, ARYZTA North America, and ARYZTA Rest of the World. In all the above mentioned regions, ARYZTA penetrated into the bakery market, mix of B2B and B2C in food service and retail channels.

• Britannia is an Indian baked food products manufacturing company established in 1892 and headquartered in India. The company delivers over 5 categories of products such as bread, biscuits, rusk and cake products. The company has presence in Gulf Cooperation Council Countries, African and American Countries. It is a publicly traded company and is listed on Bombay Stock Exchange. The company operates in two business segments comprising of Bakery and Dairy products. The Bakery segment consists of biscuits, bread, cake and rusk. The company has plant locations in West Bengal, Uttarakhand, Bihar, Orissa, Gujarat and Tamil Nadu. The company sells its products under the brand names GoodDay, Tiger, Milk Bikis, Marie Gold and Nurtichoice.

• Tiger Brands is a multinational FMCG manufacturer and supplier company covering the food, snacks & treats, personal care, home and baby products. It has more than 41 subsidiaries and is headquartered in South Africa. The company has its major associates in Nigeria, Chile, Zimbabwe and Kenya. The company operates its businesses from 4 major operating segments: grains, consumer brands, international and associates. Grain operating segment contributes 41% of the total turnover and major brands comprises of Albany, Golden Cloud, Ace, Cresta, Oatso Easy. It has 20 manufacturing plants producing Snacks, beverages, Groceries under the brand names Renown, Bio-classic, Wilsons, Oros and others.

• Goodman Fielder is an Australian based food company that manufactures, distributes and sells food products such as bread, milk, chicken, baking ingredients and snacks. The company is founded in 1909 and acquired by Wilmar International and First Pacific in 2015 for a value of USD 1.3 Billion. The company has 4 business divisions bread, grocery, dairy and poultry and exports its products over 30 countries. The company has 5 operating segments consolidated according to regions: Australia & New Zealand, Asia, United Kingdom, Continental Europe, Americas. The Brand Portfolio of the company includes Meadow Fresh, Helga, Wonder White, Puhoi Valley, Vogel’s and others.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Baking Ingredients Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2017 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Baking Ingredients Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.