Bakery Product Market size is estimated to reach $339.3Billion by 2026 and is poised to grow at a CAGR of 3.54% during the forecast period 2021-2026. Baking is the transformation of dough that is made of flour, milk, and other ingredients such as sugar, fats, egg, and other additives in food with a unique taste and odour. Bakery products include pastries, rolls, pies, cookies, muffins, and bread which are prepared from flour or meal derived from some form of the grain. The bakery products market is driven by new consumer preferences for conveniently portioned and easy-to-consume bakery goods. Increasing migration from the rural to urban areas is causing a rise in demand for convenience foods such as pastries, cakes, breads, and biscuits. The ready-to-eat foods are exhibiting increased growth, while consumers are shifting away from meat and packaged goods. The manufacturers are concentrating on the display and dressing of their bakery products in order to increasingly attract consumers. This is estimated to grow significantly over the forecast years 2021-2026.
Bakery Product Market Segment Analysis - By Specialty Type
The global Bakery Product Market based on Specialty Type can be further segmented into Gluten-Free, Organic, Sugar-Free, Low-Calories, Fortified, and others. The Gluten-Free registered for the highest revenue in 2020. This is owing to the increased sensitivity to gluten among consumers. The Organic segment is estimated to be the fastest-growing segment with a CAGR of 4.38% during the forecast period 2021-2025 owing to the rising health awareness among the consumers across the globe.
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Bakery Product Market Segment Analysis - By Distribution Channel
The global Bakery Product Market based on Ingredients can be further segmented into Offline and Online. The offline segment registers for the highest market share in 2020 owing to the Merchandising and ease of availability in supermarkets, artisan bakeries, and other retail stores. Online segment is estimated to be the fastest-growing segment owing to the change in buying behaviour of consumers and the door-to-door delivery of online retailers by serving even in remote parts of the cities.
Bakery Product Market Segment Analysis - By Geography
The global Bakery Product Market based on Geography can be further segmented into North America, Asia-Pacific, Europe, and Rest of the World. Europe held the largest share of 33% in 2020. The growth in this segment is owing to the increasing demand for flour and flour products in the region. Asia-Pacific is estimated to be the fastest-growing CAGR during the forecast period 2021-2026 owing to the factors such as ever-growing population, demand for ready-to-eat food products, and the shift in food consumption pattern among the population in the region.
Bakery Product Market Drivers
Growing demand for convenience foods
The rapid urbanization and increasing demand for convenience food are the major factors driving the growth of bakery products market. Various baked food products are rich in fats, sugar, and nuts & fruits, which increases the nutritional value and energy content. Moreover, advancement in food processing technology has enabled manufacturers to introduce various innovative products with better taste, appearance, and enhanced nutritive value, which is estimated to support the growth of the bakery products market during the forecast period 2021-2026.
Availability of wide range of bakery products
The adoption of multicultural eating habits and the increasing demand for healthy food alternatives is driving the growth of the global bakery product market. However, the availability of a wide range of bakery products across various distribution platforms is a major factor driving market growth. Moreover, the variety of bakery products and the introduction of innovative products by the major players is estimated to support the growth of the bakery products market.
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Bakery Product Market Challenges
High storage cost of Bakery Products
The bakery product market involves high energy usage, logistics and storage costs as the product have to be transported in specially designed automotive components equipped with state-of-the-art refrigeration capabilities. These factors are restraining the growth of the Bakery Product Market. However, the rising health concerns is estimated to restrict market growth during the forecast period 2021-2026.
Bakery Product Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Bakery Product Market. Key companies of this market Kraft Heinz, Finsbury Food Group Plc, Bimbo Bakeries USA, Nestle S.A, General Mills, Britannia Industries Ltd, Associated British Foods, Campbell Soup Company, Bakers Delight Holdings Limited, and Mondelez International.
Acquisitions/Product Launches:
In October 2020, Bimbo bakeries announced the partnership with Disney, Oroweat to increase the production of organic bakery products.
In March 2020, General Mills Company announced the launch of Pillsbury Online community, which is a new resource to foodservice professionals to make baking easier.
In February 2020, Kraft Heinz announced the partnership with Indo Nissan Foods. This partnership helped Kraft Food to expand its business in India.
Key Takeaways
Geographically, Europe is poised to see extraordinary development owing to the increasing demand for flour and flour products in the region and is set to continue during the forecast period 2021-2026.
The global demand for the Bakery Product Market is owing to the growing demand for ready-to-eat products across the globe.
The high storage cost of Bakery Product is estimated to restrain the market growth during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Bakery Product Market report.
Related Reports :
A. Europe Bakery Market
https://www.industryarc.com/Report/18301/europe-bakery-market.html
B. Baking Ingredients Market
https://www.industryarc.com/Report/15153/baking-ingredients-market.html
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