Providing the lightness to food items such as cakes and breads has led food & beverage companies towards adopting raising agents to their production methods. For their specific function in releasing gas when the mixture gets heated, raising agents are important in the production of cakes and several other bakery items as they make them fluffy and creamy at the core. Chemical, biological, natural or physical, a range of raising agents are being used in the global food & beverage industry. However, the demand for raising agents continues to descend with emergence of egg alternatives and substitutes such as lemon juice. According to a recently published forecast study by Future Market Insights, the global market for raising agents is poised to expand at a moderate pace in the foreseeable future.
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Key insights from the study reveal,
The global raising agents market is expected to register a value CAGR of 3.1% for the forecast period, 2017-2026
In terms of volume, the study estimates that by the end of 2026, over 33,00,000 tonnes of raising agents will be sold across the globe
The demand for raising agents will witness a considerable traction on the back of their effective applications in production of confectionaries
Confectionary Product Applications to Register Fastest Revenue Growth at 3.6% CAGR
The study has highlighted the rising applications of raising agents in the confectionary businesses. Manufacturers of confectionary products in several parts of the world are using up a considerable share of raising agents being produced in the world. The report estimates that in 2017, US$ 5.4 billion worth of raising agents sold across the world were accounted by confectionary product applications.
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The report also reveals that the demand for raising agents namely, cream of tartar and baking soda, will gain equivalent traction by registering a value CAGR of 3.2% individually for the forecast period. During this period, baking powder will lose its prevalence as a sought-after raising agents. Acidity issues and rancid tastes arising from excessive use of baking powder as raising agents will continue to lower its demand in the global market. On the other hand, the report also reveals that organic agents will register highest revenue growth, bringing in more than US$ 5 billion by 2026-end.
Europe to Represent Leading Consumer Marketplace for Raising Agents
The consumption of raising agents through direct or indirect sales is expected to be high in European countries. In 2017, Europe’s raising agents market was estimated to be valued at nearly US$ 11 billion. The report further revealed that in the same year, direct sales & wholesalers accounted for more than US$ 9 billion revenues procured in the global raising agents market. Increasing consumption of confectionaries, prevalent demand for baked goods, and easy access to natural raising agents are observed to drive the growth of Europe’s raising agents market during the forecast period.
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The report also estimates that several leading companies producing raising agents on a global scale will be aiming at expanding their businesses across European countries. Weikfield Products Private Limited, Caravan Ingredients Inc., ACH Food Companies Inc., Davis, Clabber Girl Corporation, Rumford, Foodchem International Corporation, Newseed Chemical Co. Limited, McCormick & Company Inc., and (Tártaros Gonzalo Castello SL) Mitsubishi Corporation, are observed as the key players in the global raising agents market. These companies are expected to drive the global production of raising agents through 2026.