Global Vegan Baking Ingredients market segments 2024, Forecast To 2033

The vegan baking ingredients market has demonstrated robust growth, increasing from $1.81 billion in 2023 to $1.96 billion in 2024, with a compound annual growth rate (CAGR) of 8.3%. The growth in the historical period is attributed to the increased adoption of vegan and plant-based diets, concerns about animal welfare and ethics, health and wellness trends driving demand for healthier ingredients, and the expansion of vegan and specialty food retail channels. Moving forward, the market is expected to experience substantial growth, reaching $2.76 billion in 2028 at a CAGR of 9.0%. The anticipated growth in the forecasted period is linked to market expansion in developing countries, collaborations and partnerships for ingredient development, consumer interest in clean label and non-GMO ingredients, and a growing demand for convenient baking solutions. Key trends in this forecasted period include technological advancements in vegan ingredient alternatives, the development of plant-based milk and butter alternatives, gluten-free and grain-free flour options, natural sweeteners, and sugar alternatives, along with the incorporation of functional ingredients for nutritional enhancement.