Vegan Baking Ingredients Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Vegan Baking Ingredients Market is Segmented By Product Type(Flour, Flavoring Agents, Vegetable Oil, Sweeteners, Others), By Nature(Conventional Vegan Baking Ingredients, Organic Vegan Baking Ingredients), By Application(Pastries, Cakes, Biscuits and Cookies, Bread and Rolls, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Vegan Baking Ingredients Market Overview

Global Vegan Baking Ingredients Market USD 1.7 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 3.1 billion by 2030. The market is growing at a CAGR of 8.1% during the forecast period 2024-2031. The preference for vegan baking ingredients has grown due to the rising trend of plant-based diets. Consumers are seeking vegan substitutes for traditional baking ingredients like eggs, butter, and milk. 

Ingredients such as almond milk, coconut oil, and flaxseed meal have gained popularity as plant-based alternatives for vegan baking recipes.

The vegan baking ingredients market has witnessed a significant expansion in product variety. Manufacturers are constantly introducing new and innovative vegan alternatives to traditional baking ingredients. This includes plant-based egg replacers, non-dairy milk options, vegan butter substitutes, vegan sweeteners, and gluten-free flour. The focus is on providing a wide range of options to cater to different dietary preferences and allergen needs.

Vegan Baking Ingredients Market Scope

Vegan Baking Ingredients Market Dynamics

Increasing Number of People Adapting to Veganism and Plant-Based Diets is Driving the Market Growth  

According to World Animal Foundation, there are approximately 88 million vegans in the world.  This growing popularity of veganism and plant-based diets has led to an expanding consumer base seeking vegan alternatives in various food categories, including baking. As more individuals choose to follow vegan lifestyles, the demand for vegan baking ingredients naturally increases.

Many people are shifting to vegan and plant-based diets due to health and wellness concerns. They are opting for diets rich in fruits, vegetables, whole grains, and legumes while reducing or eliminating animal products. Vegan baking ingredients, such as plant-based flour, sweeteners, and fats, align with these dietary choices, providing healthier options for baking without sacrificing taste or texture.

The Growing Bakery Industry is Driving the Market Growth of the Vegan Baking Ingredients Market

The bakery industry is experiencing a surge in consumer demand for a diverse range of baked goods, including vegan options. For instance, according to the Government of Canada, in 2021, global retail sales of baked goods were 407,164.2 million dollars. As more individuals adopt vegan or plant-based diets, they seek bakery products that align with their dietary choices. This demand has prompted bakeries and food service establishments to incorporate vegan offerings into their menus, creating a need for vegan baking ingredients.

To stay competitive in the market, bakeries are constantly looking for ways to differentiate their products and attract a wider customer base. Incorporating vegan options allows them to cater to the increasing number of consumers seeking plant-based baking ingredients. Vegan baking ingredients enable bakeries to develop innovative recipes and create a unique selling proposition, thereby driving market growth.

High Cost of Vegan Baking Ingredients Prices Can Restrain the Market Growth for Vegan Baking Ingredients

Vegan baking ingredients often require specialized sourcing and production processes. vegan baking ingredients often undergo rigorous quality control and certification processes. Companies may invest in obtaining certifications such as vegan, organic, non-GMO, or gluten-free, which can add to the production costs. Meeting these standards ensures that the ingredients meet specific criteria and are suitable for consumers with dietary restrictions or preferences, but it also adds to the overall cost.

The higher cost of vegan baking ingredients compared to their conventional counterparts can deter price-sensitive consumers from choosing vegan options. Some consumers may find it challenging to justify the additional expense, especially if their budget is limited. As a result, they may opt for more affordable non-vegan baking ingredients, which can slow down the market growth for vegan alternatives.

For More Details on This Report- Request for Sample- https://www.datamintelligence.com/download-sample/vegan-baking-ingredients-market

Vegan Baking Ingredients Market Segment Analysis

The global vegan baking ingredients market is segmented based on product type, application, and region.

Widespread Consumption of Bread Boosts the Segment Growth

Depending upon the product type, the vegan baking ingredients market is divided into flour, flavoring agents, vegetable oil, sweeteners, others 

In 2022, flour has the highest share in the vegan baking ingredients market. The flour can be attributed to its wide range of applications, especially in bakery products such as bread, cakes, biscuits, and cookies. The flour has a 10grams in 100 grams of protein content, making it inelastic and suitable for cakes and cookies. 

Gluten-free is a leading manufacturer of flour and bakery mixes such as muffin mix and bread and roll mix. Due to product innovations by prominent manufacturers, the flour segment has steadily gained popularity over other segments. This factor is expected to boost market growth over the forecast period.

Source: DataM Intelligence Analysis (2023)

Global Vegan Baking Ingredients Market Geographical Penetration

Rising Vegan Population  in Europe Region

In 2022, Europe had the highest share of the vegan baking ingredients market. Europe has a long history of plant-based culinary traditions and vegetarianism. For instance, according to European Commission,  Europe’s plant-based food industry increased by an astounding 49% overall during the previous two years, totaling EUR 3.6 billion in sales. This cultural inclination towards plant-based diets has fostered a receptive environment for vegan baking ingredients and products.

These ingredients are used in the food industry to help the European market satisfy the preferences and wants of a sizable consumer base. To meet the needs of vegan consumers, the European food industry is open to product innovation. For instance, the European Food Safety Authority approved the key ingredient of San Francisco, California-based JUST eggplant-based egg products for European people.

Source: DataM Intelligence Analysis (2023)

Vegan Baking Ingredients Market Companies

The major global players include Dawn Foods, Inc., Associated British Foods plc, Bakels Group, BASF SE, Cargill, Inc., Dohler, Lallemand Inc., Turtle Island Foods, Kerry Group plc, and Ingredion Inc.

COVID-19 Impact on Vegan Baking Ingredients Market

COVID-19 Impact

The COVID-19 pandemic positively impacts vegan baking ingredients as people use their time at home to develop a new hobby. Interest in bread making, in particular, has aviated. Recently, there has been a spike in internet searches for bread recipes and guides to developing a sourdough starter. 

Especially in Europe, people have more time and wish to reduce the need to leave their homes to get food. For instance, in April 2020, during the first pandemic lockdown, The Vegan Society discovered that 1 in 5 people had cut down on meat consumption during the Covid-19 pandemic. There has also been increased interest in alternative ingredients for allergen-free, vegan, and gluten-free baking.

By Product Type

• Flour
• Flavoring Agents
• Vegetable Oil
• Sweeteners
• Others 

By Nature

• Conventional Vegan Baking Ingredients
• Organic Vegan Baking Ingredients

By Application

• Pastries
• Cakes
• Biscuits and Cookies
• Bread and Rolls
• Others

By Region

• North America
  • The U.S
  • Canada
  • Mexico
• Europe
  • Germany
  • The U.K
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In September 2022, GoodMills, a provider of functional, tasty, sustainable, and healthy solutions for manufacturers, launched Vitatex Vegan Snack Premix for meat, snacks, and bakery applications.
• In January 2022, International Taste Solutions (I.T.S), has developed Vegan Boost – a new range of natural flavor enhancers that replicate the indulgent characteristics of traditional bakery products in dairy and egg-free alternatives.
• In September 2020, Dawn Foods, a producer and distributor of bakery products, launched a fully vegan bakery portfolio from ingredients to finished products. The full ingredient range includes mixes, icings, glazes, and toppings, as well as ready-to-serve vegan assortments for ultimate convenience.

Why Purchase the Report?

• To visualize the global vegan baking ingredients market segmentation based on product type, nature, application, and region understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous vegan baking ingredients market-level data points all for segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The Global Vegan Baking Ingredients Market Report Would Provide Approximately 53 Tables, 54 Figures And 102 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies