A list of all the macro and microeconomic facets influencing the growth of the vegan baking ingredients market have been compiled in the report. The report on vegan baking ingredients market also includes an analysis of the level of competitiveness prevalent in the vegan baking ingredients market.
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Sales Underpinned by Innovation in Ingredients Manufacturing
Baking industry is struggling to produce quality vegan baked goods, owing to the loss of functionality, texture, and mouthfeel that eggs provide. Finding ingredients that can potentially replace eggs in vegan baked goods limits the scope of development for the baking industry. However, innovations in vegan baking ingredient manufacturing are slowly enabling bakeries to bridge the gap between vegan baked goods and normal bakery items. Numerous companies are working towards the production of vegan baking ingredients that could mimic the texture and taste of bakery products. For instance, KaTech, a leading manufacturer of stabilizers and emulsifies, announced the launch of new bakery concepts tailored to address the shortcomings in the vegan bakery ingredients. The company launched an assortment of alternative dairy fillings in different variants such as low-fat and reduced sugar to meet the burgeoning demand for healthier vegan bakery products.
Demand Surges in Line With Large Scale Production and Launch of Vegan Bakery Chains
A substantial increase in the number of people following veganism, coupled with a rise in the overall demand for vegan bakery products has led food processing companies to adopt large-scale production. For instance, Greggs, a leading bakery chain based in Britain recently reported a shortage in supply of its new product offering in vegan sausage rolls alluding to the surging demand for vegan bakery products. The sudden increase in the demand for vegan bakery goods is prompting new installments of all-vegan bakeries around the world. E-commerce giants announced the launch of an all-vegan online baking store in 2018 after witnessing the massive demand for the products during the Great British Bake Off Week. To capitalize on the growing demand for vegan bakery products, existing bakeries are also launching new vegan product lines. Large scale investments in all-vegan baking stores are estimated to bolster the demand for vegan baking ingredients.
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Sustainability Prevails as a Key Growth Determinant
Growing awareness about the relationship between food production and its impact on the environment is prompting consumers to shift towards brands that incorporate sustainable solutions in food processing and manufacturing. Although vegan baking ingredients conform to ethical concerns regarding animal treatment, manufacturers are increasingly focusing on streamlining their supply chain operations to keep consumers informed of their sustainable practices and promote sales. A recent development alluding high traction of sustainable practices in the food processing industry is the Icelandís ban on palm oil use in vegan bakery products, following reports of child labor, deforestation, and decreasing animal population in Malaysia and Indonesia where it was being sourced from. †††††
Over Half Market Shares Remain Clustered Among Multinationals
The vegan baking ingredients market remains highly consolidated with leading players holding over 50% of the market share. These vegan baking ingredients producing giants are focusing on scaling their production facilities, launching innovative and novel products, and strengthening their distribution network to extend their global reach in the vegan baking ingredients market. Some of the notable developments in the vegan baking ingredients market have been listed below:
- Ingredion, a leading player in the vegan baking ingredients market launched a novel product, potex, which is manufactured using potato fibers and will enhance the texture, freshness, and visual appeal of vegan bakery products. The launch of the product is aimed to cater to the needs of vegan bakeries who are seeking products which could aid them in producing bakery goods with texture and appeal similar to that of the normal bakery products.
- Lallemand recently made two new additions to its line of yeast products in Instaferm and VitaD. The new products launched were Instaferm Inactive and VitaD Plus Concentrate yeasts which are rich in vitamin D content. The vitamin D in the yeast is obtained from natural plant-based sources and aid in the production of an assortment of vegan bakery goods.
- Pak Group, a vegan baking ingredients manufacturer, recently launched a vegan egg wash replacer under its brand Bellarise. The product named Bellarise Shine provides a vegan alternative to commercial bakeries for achieving the ideal glaze for clean label bakery goods.
- Cargill, a prominent player in the vegan baking ingredients market, signed a fresh agreement with six distribution partners in North America to strengthen its network in the continent.
- Vegan baking ingredients supplier, Bakels opened a new distribution center in Bicester in 2018. Built with an investment of £10 million, the company plans to use the 80,000 square foot facility to store finished goods as demand for vegan bakery ingredients continues to burgeon.
Key players profiled in the vegan baking ingredients market report include Associated British Foods, BASF SE, Kerry, DuPont, Dohler Group, Kerry, and Dawn Food Products.
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