Report ID: SQMIG30I2306
Report ID:
SQMIG30I2306 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|
Tables:
61 |
Figures:
77
In 2021, Europe's revenue share was the highest, at about 41.0%. The primary driver of the Europe regional market, according to a 2021 Tate & Lyle PLC article, is the rising demand for low-sugar and low-calorie goods as consumers turn to healthier food alternatives. The report also mentioned that European customers are more likely to favour goods that have extra fibre for digestion and protein for energy as nutritional benefits. More than 37% of bakery product makers are concentrating on innovation and new product creation, as well as reformulating existing products to lower sugar and fat content, to accommodate these shifting consumer tastes.
Asia Pacific would see the highest CAGR. Consumer preferences have changed, and there is a greater demand for sustainable & vegan food ingredients in the area as a result of growing knowledge of the damaging effects of food production and processing on the environment. The bake-stable products available in the market have been impacted by this trend, which has also permeated the bakery sector. According to a 2021 study by DuPont Nutrition & Biosciences, consumption of plant-based foods has risen dramatically in APAC over the past several years and is predicted to climb by almost 200% by 2025, with a possible 50% decline in meat consumption by 2030.
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Report ID: SQMIG30I2306