Raising Agents Market - Forecast(2024 - 2030)

Key Takeaways

• Geographically, the North America Raising Agents Market accounted for the highest revenue share in 2021. Moreover, Asia-pacific is poised to dominate the market over the period 2022-2027.
• Enlarging health consciousness and ascending demand for RTE foods and confectionery items are said to be preeminent drivers driving the growth of the Raising Agents Market. Hampered production due to Covid and the availability of better alternatives are said to reduce the market growth.
• Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Raising Agents Market report.

Raising Agents Market Segment Analysis-By Application

The Raising Agents Market based on the application basis can be further segmented into confectionery and bakery, RTE foods, and others. The confectionery and bakery held the largest share in 2021. The growth is owing to widescale use in the preparation of various sweets, desserts, and bread. Rapid modernization has its fair share in altering the taste and preferences of people in today’s world. A big chunk of the population is fleeing rural areas and migrating toward cities. Consequently, with improving quality of life and disposable income (as there exist more means to earn a living in cities as compared to bucolic areas), people are making more demand for nutritious and top-notch food items such as confectionery and bakery. On another hand, bread is deemed to be a sound source of energy and deterrent to ever-growing risks of cancer, obesity, and heart diseases. Nevertheless, the RTE food along with the confectionery and bakery segment is estimated to be the fastest-growing with a CAGR of 3.4% over the forecast period 2022-2027. This growth is owing to the eventful lifestyles of people. Owing to time constraints, the overall demand for ready-to-eat food items is tipping off the scale and driving the growth of the respective market.

Raising Agents Market Segment Analysis-By Distribution Channel

The Raising Agents Market based on distribution channels can be further segmented into offline and online platforms. The offline segment held the largest share in 2021. The growth is owing to a broadening network of supermarkets and hypermarkets. Advantages of shopping variety and standard goods gravitate customers toward such facilities. Also, lower time on hands prompts people to go for this one-stop solution. Moreover, the escalating urban population is allowing a large group of the population easy access to such facilities. Moreover, the rising merger and acquisition of retail players is another prominent reason behind refining infrastructure and the far-reaching presence of such modern retail outlets. Nevertheless, the online segment is estimated to be the fastest-growing with a CAGR of 3.7% over the forecast period 2022-2027. This growth is owing to several conveniences over offline facilities such as 24/7 access, easy purchase, time-saving, better browsing, and a variety of discount schemes.

Raising Agents Market Segment Analysis-By Geography

The Raising Agents Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 41% of the overall market in 2021. The growth in this segment is owing to the factors such as high consumption of nutritious food items such as bread due to fascinating health cognizance among people. In addition to that, a vast network of state-of-the-art retail channels and accruing trend of ready-to-eat foods serving as a preeminent factor responsible for the growth of raising agent market in the respective segment. However, the Asia-Pacific segment is expected to be the fastest-growing over the forecast period 2022-2027. This growth is owing to enhancing the living standards of people. The growing economic affluence of countries like China and India bringing millions of habitants out of impoverished conditions. Moreover, a growing network of top-notch retail channels including offline and online is another potent reason supporting the growth of the raising agents market.

Raising Agents Market Drivers

Mounting usage of confectionery and bakery items is Anticipated to Boost Product Demand

Factors like widescale modernization, sweeping migration (especially in developing countries), the prevalence of chronic illnesses due to poor ingestion habits, and changing tastes and preferences of people are the primary factors ensuring a steady growth of the raising agents market worldwide. India’s urban population figure reached over 480,900,000 people (>34% of the overall population) in 2020. Similarly, China’s urban population accounts for more than 900 million which is more than 63% of its overall population. The rising migration to urban areas has enhanced the living standards of people as they get better access to resources in cities as compared to deprived areas. As a result, consumers are making more demand for confectionery and bakery items.

Budding flows of riches in the manufacturing of biological leavening agents, trends of RTE, and comfortable disposable incomes are Expected to Boost Product Demand

Time constraints due to the never-ending pursuit of success have driven people toward RTE and other processing foods which are prepared by using raising agents like baking soda and baking powder. According to a survey, approximately 79% of households in India favor ready-to-eat food items due to their eventful lifestyles. Moreover, augmenting the disposable income of people allows them to undergo such purchases and can be considered as a prominent driver driving the growth of the respective market. Besides, manufacturers have started allocating innumerable flows of hard cash as demand for natural and biological leavening agents is spiking with time.

Raising Agents Market Challenges

Foiled production activities and availability of better alternatives are Anticipated to Hamper Market Growth

The virus outbreak has caught the entire world off-guard as people were locked inside their homes for more than 1 year. Food traffic to restaurants and cafes declined by 75% in Latin America, whereas North America and Middle East markets saw a decline of 90% by end of March. Similarly, manufacturing activities of businesses are too overwhelmed due to disturbed supply chains and reducing staff capacity. As a result, vulnerable production is adversely impacting the demand and supply chain. On another hand, the easy availability of better natural and biological alternatives has their fair share in curbing the steady of raising agents market.

Raising Agents Market Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Raising Agents Market. Key companies of this market are-

1. Solvay S.A.
2. Lesaffre
3. Shandong SunKeen Biological Engineering Co., Ltd.
4. ACH Food
5. Weikfield Products
6. Caravan Ingredients
7. McCormick & Company
8. Newseed Chemical
9. Foodchem International Corporation
10. Angel Yeast

Recent Developments/Product Launches:

• August 25, 2021, China-based yeast manufacturing company “Angel yeast” publicized that it has successfully acquired a company named “Shandong Bio Sunkeen.” In order to bring the acquisition to a close Angel Yeast made a payment of $15.4 million. Moreover, acquisition centered around strengthening the production activities of Angel yeast.
• December 30, 2020, Maryland, United States-based well-known food company “McCormick & Company” announced the successful acquisition of Illinois-based food and beverage company “FONA International.” McCormick bought a 100% controlling stake in FONA. Moreover, a payment of $710 million was made in order to close the process.
• October 9, 2019, Illinois, United States-based company “ACH Foods” which deals in manufacturing of a variety of cooking oils announced the successful acquisition of California, United States-based “Anthony’s Goods”, a company that sells various food products digitally. The financial details of the transaction were not revealed by the company.

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