Global Fortified Bakery Market is projected to register a CAGR of 6.1% during the forecast period, 2019-2024.
- Consumer inclination toward healthy food and convenience products is the leading driver leading innovations and growth in the fortified bakery market.
- Urbanization, the worldwide increase in working population, the growth of out-of-home consumption, and increased demand for instant and nutritious products have been fueling the continuous sales of bakery products.
- The cake and pastry segment is on the rise in the market . With the increasing demand for premium and customized cakes, the overall cake segment is witnessing an increase in demand.
Scope of the Report
The fortified bakery market is segmented by product type, distribution channel and region. The market on the basis of product type, is segmented as cake, biscuits, bread, pastries, morning goods and others and in the basis of distribution channel it can be segmented as specialist retailer, retail channel and foodservice. Moreover, the study provides an analysis of the fortified bakery market in the emerging and established markets across the world, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Key Market Trends
“Good for Health” Food is Driving the Demand for Fortified Bakery
The growth of global fortified bakery market can be attributed to the increasing health consciousness among consumers going for all-round nutrient rich diet. The ever increasing population, growth in the female working population, and the changing eating behaviors has contributed significantly in the growth of the bakery industry. Fortified bakery market such as cakes, cookies, biscuits, cupcakes, pancakes enriched with various nutrients has uplifted the global market to a great extent. Availability of different varieties of bakery products such as gluten free, organic, sugar free, low-calories, and fortified has attracted a big number of population towards fortified bakery products, due to its various health benefits. Additionally, rising awareness towards weight management is forseen to uplift the sales of gluten free and low-calorie bakery products.
North America Dominate the Fortified Bakery Market
Global fortified bakery market is primarily dominated by North America followed by Europe, where the bakery products are considered as a staple food. The Chinese and Indian population are too increasing their demand for fortified bakery products, which are preferring high nutrition level despite being high on cost. The rising young population, along with busy, on-the-go lifestyles often dictates a need for quick meal, many opt for fast food options that are low in calories and high on health benefits and taste too. The Indian consumers want high nutrient content along with the taste such that they want full value for money on their fortified bakery products. Exploring bakery experience- with both global and regional tastes, nutritional authentic preparation method are on the rise in the developing countries, like India and China.
Companies are actively involved in developing innovative products, so as to enhance their product quality and increasing health benefits of the public in general. Some of the major players in the fortified bakery market are Associated British Foods PLC, Britannia Industries Ltd., Dawn Food Products, Inc., Modern Foods Enterprises Pvt. Ltd., Irish Pride Fine Foods, H&S Bakery, Inc., CRUST - a baking company, Super Bakery, Inc., and Allied Bakeries, among others.
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