Baking Powder Market- Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020-2030
Baking Powder Market: Overview
The emergence of baking not only as a thriving occupation but a great hobby for many enthusiasts around the world has increased its popularity to a considerable extent. Based on these factors, the global baking powder market is prognosticated to observe tremendous growth opportunities during the forecast period of 2020-2030.
Baking powder is a leavening agent, that is, it has both acid and base. These agents are needed in bakery products for them to expand in terms of their volume. This powder is affordable and has a great shelf life. The growing use of baking powders in restaurants, cafes, bakeries, and residential segments will bring extensive growth opportunities across the forecast period of 2020-2030.
On the basis of product, the baking powder market can be segmented into brown sauce, phosphate, anhydrous phosphate, phosphate free, aluminum free, sodium aluminum sulfate phosphate, and tartrate. The utilization of baking powder in cakes, pastries, breads, rolls, pies, cookies, and biscuits may bring good growth opportunities for the baking powder market.
Baking Powder Market: Industrial Dimensions
The baking powder market is highly fragmented. A large number of players indulge in intense competition for gaining a prominent position. Advertising plays a crucial role in increasing revenues. The players try to increase their revenues through effective advertising campaigns. These factors eventually have a profound impact on the growth of the baking powder market.
Some well-established players in the baking powder market are Caravan Ingredients Inc., ACH Food Companies Inc., Rumford, Weikfield Products Private Limited, and Clabber Girl Corporation.
Baking Powder Market: Key Trends
The changing lifestyle of consumers around the world and the inclination of a considerable chunk of the populace toward on-the-go foods will increase the sales of baked products extensively, eventually heightening the growth prospects of the baking powder market. Bread comprises an important place in terms of food among a large chunk of the individuals across the globe. As baking powder is used in bread, its demand will increase exponentially.
The growing use of baking powder for enhancing the texture, color, and flavor of baked food may bring good growth opportunities for the baking powder market. Furthermore, the novel coronavirus pandemic forced many people to stay at home for long periods due to the strict lockdown restrictions imposed by the governments of numerous countries. Many individuals used this time to bake different types of cakes, cookies, and others.
The trend of baking at home reached its zenith during the strict lockdown period. The baking powder market observed considerable growth during this time. At the same time, the demand from restaurants, cafes, and bakeries was reduced substantially as they were closed during the restriction period. However, with the relaxations introduced by numerous countries, restaurants, cafes, and bakeries are being allowed to open. This factor will influence the growth of the baking powder market positively.
Baking Powder Market: Geographical Analysis
Asia Pacific’s baking powder market expects to gain a dominant position across the assessment period of 2020-2030. The increasing investments across food and beverage companies along with the escalating consumption of bakery items may serve as vital growth opportunities. North America and Europe may also contribute substantially to the growth of the baking powder market. The popularity of baking products among a large populace will serve as a great growth contributor.
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