Global bakery products market is forecasted to reach USD 543.9 billion by 2024 growing at a CAGR of 2.6% during the forecast period (2019 - 2024).
- The bakery products have long been basic food products for human nutrition. The convenience, accessibility and nutrition profile associated with them are the major factors of their sustenance in the modern market. Their significance as a major portion of diet has been prevalent in middle to lower income group countries. Bread has been a staple diet of many local cuisines worldwide and has shown a remarkable growth even during the period of global economic crisis.
- The rising trend of “Natural nutrition”, “healthy living” and “organic products” has significantly raised the consumers’ demand on whole wheat, light, natural and additive-free products. In recent years, the growth in sales of packaged, whole wheat, whole meal, gluten-free and natural products is an important indication of this new and healthy living sense.
Scope of the Report
The bakery products market majorly covers the products such as cakes, biscuits, bread, pastries, morning goods and their sales through hypermarkets/ supermarkets, convenience stores, departmental stores, online retailing, other distribution channels. The study also offers market analysis at a global level.
Key Market Trends
Bread Remains the Mainstay in the Bakery Industry
Bread shares the major market share in bakery products industry. However, its market dominance has been challenged by other bakery products, including pastries and especially doughnuts, that has enjoyed rapid growth in recent years and are expected to continue expanding in the coming years. The main driver for the growth in the bread segment is the increase in demand for bread containing whole grain, high in fiber, gluten-free, or healthy and fortified bread. Items such as these are becoming increasingly popular with consumers, due to the enhanced uptake of the healthy lifestyle concept. In the developed countries, competition is uneven, due to product diversity and a large number of informal channels that produce bread.
Europe Dominates the Global Bakery Products Market
Europe accounts for the largest revenue share in the bakery products market. The developed markets of Western Europe in bakery products are matured and saturated compared to emerging markets of Eastern Europe, which are driving the sales of biscuits and bread, in particular, owing to the high demand for convenient food products. The European bakery markets are well-established in terms of the supply chain, product array, distribution channels, and consumer preferences. Innovations and new product development are increasingly observed in the indulgence-categories, like cakes, pastries, and cookies. The traditional morning goods in Europe are witnessing the rise of gluten-free, whole grain, an ancient grain, and additive free products, which have the potential of higher sales, with the growing demand for instant and nutritious baked products.
The global bakery product market is highly fragmented, particularly with the significant presence of numerous global and regional players. The market share analysis does not account for revenue from artisan bakeries, but the revenue for retail channels and food services. Kellogg Co., Mondelez International, and Grupo Bimbo are some leading players in the global bakery product market. The strategy for expansion and partnership agreement has been the crucial strategy behind the development of Mondelez International and McDonalds Corporation in the global market scenario.
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