Baking ingredient present, it's said (7)
I believe the answer is:
currant
'baking ingredient' is the definition.
(dried grapes put in cakes)
'present it's said' is the wordplay.
'present' becomes 'current' (similar in meaning).
'it's said' indicates a 'sounds like' (homophone) clue.
'current' is a homophone of 'CURRANT'.
(Other definitions for currant that I've seen before include "Cake ingredient" , "Dried seedless raisin" , "Small black raisin" , "Small dried fruit" , "Product of grape" .)