The global bakery products market is set to witness growth at a CAGR of 4.2% over the forecast period (2022-2032) and top a valuation of US$ 354.6 Mn by 2032.
Bakery products are cooked at a high temperature in the oven or on a hot stove. A massive transformation in baking methods have been noticed with the upgradation of technology by taking over the traditional baking methods.
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Increasing consumption of processed food items and shifting consumer preference towards convenient food and beverage products is expected to fuel the market. Alongside, owing to the convenience and prolonged shelf-life offered by the frozen food items is predicted to boost the demand for frozen bakery products in the forthcoming years.
Changing consumer behaviour have altered their preferences and developed their tastes for varied bakery products. They have started experimenting with new products with different flavours and stuffing. Furthermore, health-conscious consumers are gradually shifting the focus towards low-calorie products.
Busy schedules and hectic timelines have convinced the consumers to switch to convenient and ready-to-eat products such as biscuits and bread and rolls which is likely to positively impact the market. Due to the above-listed factors, the demand for bakery products is prophesied to show impressive growth over the forecast period.
“High demand for gluten-free bakery products across emerging economies, along with increasing preference for international baked products is expected to fuel the growth in the market,” says an FMI analyst.
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- Europe is expected to account for the maximum value share of the global market of about 28% by 2022.
- By product type, bread and rolls is expected to account for the highest market share in 2022.
- In case of specialty segment, sales of gluten-free bakery products are expected to gain momentum.
- Indirect channel is expected to account for a higher market value share than direct channel by 2032.
- Germany is expected to account for 30% of the Europe bakery products market share over the forecast period.
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships, and collaboration gain a competitive edge in the market. For instance:
- In 2021, Mondelez International (MDLZ) had acquired Chipita S.A. which is a Greek snacking company. Chipita produces and markets savory and sweet snacks.
- In 2020, ITC’s brand, popularly called as ‘Sunfeast’ had expanded its ‘cake’ category, by introducing its new product named as Sunfeast Caker which is available in three forms, namely Choco Swiss Roll, and Layer Cake, and Trinity.
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Future Market Insights, in its new report, offers an impartial analysis of the global bakery products market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on bakery products market by product type (biscuits, breads and rolls, cakes and pastries, rusks), specialty type (fortified, gluten-free, organic, low calorie, sugar-free), and distribution channel (direct and indirect) across seven (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa) major regions of the world.
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