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Vegan Baking Ingredients Global Market Report 2022: Ukraine-Russia War Impact

Vegan Baking Ingredients Global Market Report 2022: Ukraine-Russia War Impact

  • November 2022
  • 175 pages
  • ID: 6364864
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the vegan baking ingredients market are Associated British Foods plc, BASF SE, DuPont de Nemours, Inc., Ingredion EMEA, Döhler, Lallemand Baking, Bakels Group, Cargill Incorporated, Turtle Island Foods, Veganz Group AG, B&G Foods , CSM Ingredients, Koninklijke DSM N.V., Kerry Group plc, and Lesaffre.

The global vegan baking ingredients market is expected to grow from $1.54 billion in 2021 to $1.66 billion in 2022 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The vegan baking ingredients market is expected to grow to $2.21 billion in 2026 at a compound annual growth rate (CAGR) of 7.5%.

The vegan baking ingredients market consists of the sale of vegan baking ingredients by entities (organizations, sole traders, and partnerships) that are used for baking various products that are good alternatives for artificial and processed ingredients and foods usually used in the baking industry.Vegan baking ingredients are components that do not contain any by-products or products derived from animals.

Some of those products are apple cider vinegar, barley malt, and buckwheat flour.

The main types of vegan baking ingredients are starch, raising agent, emulsifier, baking powder, mixes, vegetable oil, colors and flavors, and enzymes.Starch is a carbohydrate used for thickening or stabilizing food products.

The different nature of these products includes conventional vegan baking ingredients and organic vegan baking ingredients and are used for preparing products such as cakes and pastries, biscuits and cookies, and bread and buns.

Europe was the largest region in the vegan baking ingredients market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in vegan baking ingredients market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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 in 2020, 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.

Product innovation is a key trend gaining popularity in the vegan baking ingredients market.Major companies operating in the vegan baking ingredients market are coming up with new and innovative innovations to serve their customers.

For instance, in March 2020, Chloe’s, a US-based company operating in vegan food ingredients launched its new line of frozen non-dairy desserts named Chloe’s Oatmilk Pops, which is the first of its kind in the market.These new pops are made with clean-label ingredients that are dairy-free, plant-based, Non-GMO Project Verified, and gluten-free and have various environmental benefits.

These first-to-market oat milk pops are available currently in three unique flavors.

In March 2021, Dawn Foods, a US-based global bakery manufacturer and ingredients supplier acquired JABEX for an undisclosed amount.This acquisition helps Dawn Foods to increase its production footprint globally, get access to JABEX’S products which are complementary to Dawn Foods’s product portfolio, and to strengthen its operations and supply chain in Central and Eastern Europe.

Additionally, Dawn Foods believe that JABEX can help them provide better services and meet the demands of their clients while strengthening its high-quality fruit-based product offerings. JABEX is a Poland-based, family-owned manufacturer specializing in high-quality fruit-based products for the bakery industry.

The countries covered in the vegan baking ingredients market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The vegan baking ingredients market research report is one of a series of new reports that provides vegan baking ingredients market statistics, including vegan baking ingredients industry global market size, regional shares, competitors with a vegan baking ingredients market share, detailed vegan baking ingredients market segments, market trends and opportunities, and any further data you may need to thrive in the vegan baking ingredients industry. This vegan baking ingredients market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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