Market Synopsis
The bakery products market size was valued at USD 0.5 billion in 2022. The bakery products industry is projected to grow from USD 0.52 Billion in 2023 to USD 0.71 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.10% during the forecast period (2023 – 2030). The rise in cross-culture consumption habits among consumers will be one of the interesting factors driving the expansion rate of the bakery products industry.
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Market Competitive Landscape:
The eminent firms active in the global market for bakery products are
- United Biscuits (U.K.).
- Grupo Bimbo, S.A.B. de C.V.(Mexico),
- Dunkin’ Donuts L.L.C. (U.S.),
- Barilla Holding S.p.A. (Italy),
- Mondelez International, Inc. (U.S.),
- Dawn Food Products Inc (MI),
- General Mills, Inc. (U.S.),
- Britannia Industries Limited (India),
- Cole’s Quality Foods Inc. (MI),
Most of these brands take strategic initiatives like collaborations, mergers & acquisitions, business expansion, and product/technology innovation to gain a competitive advantage.
Market USP Covered:
Market Drivers:
The rapidly surging preference for processed food coupled with the rising inclination toward a variety of baked products due to their savory taste will be favorable for the market. The mounting popularity of various bakery products is the result of their low costs, easy availability, convenience, and fast speed of their preparation. The fast market growth is also in response to the heightened demand for the same in small-and-large scale food chains as well as coffee shops worldwide.
Bakery products such as rolls, bagels, and bread are widely available and enjoy a massive demand among consumers. Meanwhile, pastries and croissants are fast picking up a notable pace in conjunction with the consistently evolving consumer tastes and preferences.
A variety of bakery products market are seeing substantial growth in their demand, owing to the consumers’ busy schedules and their rising knowledge about nutrition’s presence in different food products. This is quite common in Asia, where the bakery products industry has been burgeoning at a spectacular pace, in view of the expanding corporate sector and the mounting number of time-pressed people opting for ready-to-eat snacks.
Market Restraints:
The majority of the consumers perceive baked products as edibles that are not fresh, which are processed a long time ago. Owing to this, they do not have enough nutrition. As a result, consumers opt for fresh foods. The escalating demand for fresh food products that are seen as unprocessed will be a huge restraint for the worldwide industry.
COVID 19 Analysis
The COVID-19 outbreak’s negative impact has led to a series of severe repercussions on people’s health status across the world. The aftermath is linked with the significant social and economic burden on people worldwide. While the major policymakers are implementing new frameworks and industries are adopting advanced models of expansion to maintain their relevance, people are facing a series of mental trauma.
However, with the renowned brands and manufacturers in the bakery product market adopting innovative strategies like launching a variety of creative bakery products, there will be substantial revenue generation in the future. players’ continuous efforts to enhance their sales despite the challenges thrown by the pandemic will enhance the bakery product market size in the following years.
Market Segmentation
By Product Type
Product types extensively studied in the research study of bakery products industry cover doughnuts, cakes, pastries, biscuits, bread, and others. Bread will eventually be the top segment in the upcoming years, as this product is a staple food in several parts of the world.
By Claim
Claim-wise, major segments are low-calorie, sugar-free, organic, gluten-free, and more. The gluten-free claim shall be the leading segment between 2020 and 2027, as the prevalence of gluten sensitivity has grown manifold among consumers. But the organic claim segment should expand rapidly over the assessment period as many consider it a healthier option than other items.
Regional Insights
Asia Pacific/APAC, Europe, North America, and RoW/rest of the world are the major markets for specialty frozen bakery products worldwide.
Europe seizes the highest portion of the worldwide market, with Germany achieving the top position in the region. The steadily growing tourism sector, along with the food supply industry across Italy, the United Kingdom, and Germany, will present attractive opportunities. Europe is inundated with reputed companies that boast well-established supply chains, distribution channels, and extensive product lines that strive to meet with evolving consumer preferences and tastes. Product innovation is a key focus area for a lot of companies and the regional market is frequently marked by the introduction of a variety of cookies, cakes, and pastries.
The Asia Pacific can expect to be the fastest growing market in the next few years, with the demand expected to soar considerably in India and China. The bakery products market in these countries is promising, considering the rising disposable income as well as the purchasing capacity of the booming population. Considering the growing prevalence of hectic lifestyles led by the consumers, convenient food products have gained significant traction in the region, which should foster the demand for bakery products. Puffs, muffins, and several savory items have also sparked the interest of the younger population. The market demand in the region is further pushed by the thriving hospitality industry and the surge in tourism.
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