AAK AB (Sweden) and Associated British Foods (ABF) (England) are the Key Players in the Baking Ingredients Market
The global baking ingredients market is expected to grow from USD 16.6 billion in 2021 to USD 22.3 billion by 2026, at a CAGR of 6.0% from 2021 to 2026. The growth of the baking ingredients market is driven by the rising demand for healthier food and changing food consumption patterns of consumers. The key drivers for the market’s growth are the changing consumer lifestyles, preference for convenience foods, and increasing demand for natural and healthy ingredients. A broad range of trends is driving innovation in the bakery products sector, providing products formulated with plant protein, healthier fats, creative flavors, and color combinations, or less sugar and synthetic ingredients. The industry is seeing major innovations in clean label, vegan, and gluten-free offerings.
Key players in this market include Associated British Foods Plc (England), AAK AB (Sweden), Cargill (US), and Kerry Group Plc (Ireland). Some of the other dominant players in the market include Corbion (Netherlands), Dawn Food Products, Inc (US), Archers Daniels Midland Company (US), Dupont (US), Lallemand Inc. (Canada), and Tate & Lyle (UK), IFFCO (UAE), Lesaffre (France), International Flavors and Fragrances Inc. (US), and British Bakels (England). These players have focused on strategies such as new product launches and collaborations to gain a larger market share in the baking ingredients market.
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AAK AB (Sweden) is a leading manufacturer of high value-added specialty vegetable oils & fats solutions. It is a Swedish registered joint-stock company based in Malmö, Sweden. It was founded through the merger of Karlshamns AB (Sweden) and Aarhus United A/S (Denmark) in 2005. The company operates through three business segments: food ingredients, chocolate & confectionery fats, technical products, and feed. The company offers several baking ingredients for the baking of bread, biscuits & cookies, cakes & laminated pastries, such as vegetable oils & fats, and emulsifiers.
AAK AB has a strong focus on expanding its ingredients portfolio with product ranges critical to its customers, and for the same reason, it acquired an 80% share of Soya International (Europe) that deals in specialty lecithins. AAK AB has marked its presence in more than 100 countries across the globe. AAK AB has production facilities in Belgium, Colombia, Denmark, Mexico, The Netherlands, Sweden, Great Britain, Uruguay, and the U.S. and also has manufacturing plants in Russia and Malaysia for customized products. However, approximately 49% share of its annual revenue comes from the sales activities in the European countries.
Associated British Foods (ABF) (England) is a British multinational food processing and retailing company headquartered in London, England. The company is engaged in the production of various food and ingredients items. It operates through five business segments: sugar, agriculture, retail, grocery, and ingredients. The company manufactures bakers’ yeast, bakery enzymes, bakery preservatives, and many other ingredients used in baked goods.
Associated British Foods has a vast geographic reach and has marked its presence in more than 53 countries. It has a significant market share in European countries, which accounts for approximately 73% of the total annual revenue share.
Kerry Group plc (Ireland) is involved in the production and marketing of consumer food products. The major products offered by the company include ingredients, flavors, and integrated solutions, savory, dairy systems, and cereal & sweet systems for the food & beverage industries. It operates through two business segments: taste & nutrition and consumer foods. The company provides a wide range of baking ingredient products such as flavors, emulsifiers, fibers, and enzymes, which are used in making varieties of baked products.
The company has a strong focus on research & development and growth strategies, such as acquisitions and new product launches. Kerry operates in more than 150 countries. Some of these countries include the US, the UK, Australia, Malaysia, Singapore, Germany, and New Zealand. Its subsidiaries include Kerry Ingredients Australia Pty. Ltd., Kerry Ingredients Malaysia, Kerry Ingredients North America, and many others.
Related Reports:
Baking Ingredients Market by Type (Emulsifiers, Leavening Agents, Enzymes, Baking Powders & Mixes, Oil, Fats & Shortenings, Starch, Colors & Flavors, Preservatives, Fibers), Application (Bread and Sweet Bakery), and Region - Forecast to 2026
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