A new industry analysis by Fact.MR reveals that the global vegan baking mix market was valued at US$ 960 million in 2022. Worldwide sales of vegan baking mixes are forecasted to increase at a CAGR of 5.3% and reach US$ 1.68 billion by the end of 2033.
Vegan describes an ingredient that includes absolutely no components or byproducts from animals. It is processed solely with or with non-animal ingredients. Specialty baking, known as vegan baking, encompasses both sweet and savory foods that adhere to the stringent guidelines set forth by the vegan diet.
Cakes & pastries are the most preferred end product, with a market revenue share of 32%. The consumption of cakes & pastries is being driven by shifts in consumer preferences and demand for high-end baked goods. As per the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), approximately 68% of people worldwide are lactose intolerant. The fact that milk is a common ingredient in cakes and pastries can limit market expansion, which increases consumer demand for vegan cakes and pastries.
Growing Popularity of Veganism Driving Product Demand
One of the main drivers of the global market expansion is the growing consumer acceptance of veganism. The advantages of probiotics are also becoming more widely known among consumers. Probiotics have been added to vegan baking ingredients. They are therefore essential to boosting vegan baking ingredient demand. The vegan bakery market is receiving attention as a result of growing research and development in vegan products, which has led to the development of technologies for creating vegan baking ingredients.
Rising Health Consciousness and Shifting Dietary Preferences of Consumers
Increase in global health awareness is supporting market expansion. Consuming items containing vegan baking mixes lower the chance of developing several chronic illnesses, including diabetes, heart disease, and cancer. Over the coming years, it is projected that ongoing advancements and the introduction of new products will present growth prospects for important market participants.
Flour Widely Used in Bakery Products Due to its High Vitamin & Mineral Content and Antioxidant Qualities
Based on product, the market is divided into flour, oils, sweeteners, flavoring agents, and others. Flour is dominating the global market, holding 35% share due to the widespread use of bakery products including cookies, cakes, breads, and biscuits. Increasing popularity of flour is a result of business product advancements. It is inelastic and appropriate for cookies and cakes since it has an average of 9% to 12% protein. Key businesses are developing numerous types of vegan flour, including teff, sorghum, buckwheat, and almond flour. In addition to being gluten-free, the flour is also high in vitamins, minerals, and antioxidants.
Competitive Landscape
Top vegan baking mix producers are focusing on product standards, increasing their production capacity, developing new, fresh products, and bolstering their distribution networks to grow their global reach in the market. They are focusing on new developments, quality control, and supply chain management to increase their revenue.
