Process for utilising baked goods, especially stale and surplus bread and/or products made from similar ingredients, and especially breads based on milled wheat or rye products, comprises: (a) preparing the starting material; (b) preparing a fermentation substrate by enzymatic hydrolysis of the starting material; (c) fermenting the hydrolysate with acid-forming bacteria, and (d) performing - 1 of the steps of: (i) recovering bakers's yeast, (ii) recovering an acid liquor, (iii) recovering ballast substances, (iv) recovering ethanol and (v) recovering CO2. The products of the process are recovered separately and - 1 of the products is used for making baked goods.
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