In 2022, the worldwide bakery products market is expected to reach US$ 235 billion. According to the analysis, sales would grow at a CAGR of 4.2% over the projection period, reaching US$ 354.6 billion by 2032. This expansion has several essential points that are further explained.
Increased processed food consumption and a shift in customer preference towards quick-to-use food and beverage items are projected to drive the market. Because of their convenience and long shelf life, frozen baked goods are expected to grow in popularity in the future years.
As a result of changing consumer behaviour, customer tastes and appetites for various bread items have evolved. They’ve been experimenting with new recipes that have a variety of flavour and fillings. Furthermore, the preferences of health-conscious customers are gradually turning towards low-calorie items.
Globally, the Bakery Products Market is steadily expanding as a result of increased urbanisation, changing consumer lifestyles, and an increasing desire for convenient and ready-to-eat solutions. Innovative product offerings, such as gluten-free and healthier alternatives, have aided industry expansion. The growing popularity of artisanal and organic bread items is also significant.
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The Bakery Products Market has experienced remarkable growth in recent years, driven by changing consumer preferences and increasing demand for convenience foods. Innovative product offerings, including gluten-free and vegan options, have expanded the market’s appeal. Moreover, online platforms and home delivery services have boosted accessibility, fueling further expansion.
Consumers have switched to handy and ready-to-eat products such as biscuits and bread and rolls as a result of their demanding schedules and timelines, which is expected to favourably impact the industry. Because of the aforementioned factors, the demand for bakery products is expected to expand significantly throughout the forecast period.
Key Takeaways:
- 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.
Competitive Landscape
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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Global Bakery Products Market by Category
By Product Type:
- Biscuits
- Cookies
- Non-Salt Cracker Biscuits
- Salt Cracker Biscuits
- Milk Biscuits
- Cream Biscuits
- Glucose Biscuits
- Marie Biscuits
- Others
- Bread and Rolls
- Artisanal
- In-Store
- Packaged
- Cakes and Pastries
- Artisanal
- In-Store
- Packaged
- Pizza Crusts
- Rusks
By Specialty Type:
- Gluten-free
- Fortified
- Organic
- Low-calorie
- Sugar-free
By Distribution Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Store
- Bakery Stores
- Artisanal Bakeries
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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