Baking ingredients are in demand across the globe
The global #baking ingredients market is projected to reach USD 22.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026.
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There has been a spike in demand for baking ingredients, such as baking soda, baking powder, cocoa powder, and other condiments, as consumers stranded at home due to the Covid-19 lockdown have taken aggressively to baking.
The novel coronavirus/COVID-19 pandemic has significantly impacted the whole food and beverages industry, among which the bakery industry was one. This pandemic has resulted in mass production shutdowns and supply chain disruptions, which have also affected the economy.
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The key players holding a large share in the baking ingredients market include Cargill (U.S.), Archer Daniels Midland Company (U.S.), Associated British Foods plc (U.K.), Koninklijke DSM N.V. (The Netherlands), Kerry Group plc (Ireland), and AAK AB (Sweden).
