According to a recent economic report by QYR Consulting, strong market growth is expected by 2025 for vegan ingredients with good baking properties. This is due to the increasing demand for plant-based bakery products. A rise in health awareness is also leading consumers to choose healthier alternatives to baking ingredients.
Trends: Healthier ingredients and 100% vegan bakeries
The desire for healthier baking options is increasing demand for wholemeal products, as well as products which are low in sugar and contain no trans fatty acids. Due to the steadily increasing number of vegans worldwide, bakeries are adapting to demand and have introduced purely plant-based product lines. In addition, major investments in vegan-only bakeries in particular are expected to result in a strong expansion of the market for plant-based bakery ingredients in the coming years.
Europe and North America account for largest share of consumers
European consumers will probably represent the largest share of the target group for these ingredients due to the generally strong rise in demand for bakery products and the growing vegan trend. North America is also regarded as a lucrative market of the future, as the consumption of convenience products and processed foods among health-conscious consumers continues to rise.
Competitiveness through innovation
According to the analysis, Cargill, Ingredion, Pak Group, and Lallemand will be the market leaders in vegan bakery ingredients, but new producers will also increasingly enter the market. Companies will be able to hold their own by introducing innovative new products – for example, Pak Group recently introduced a plant-based egg wash replacer for glazing baked goods under its Bellarise Shine brand.