The estimated market leap of the bakery product market is at a CAGR of 3.80%, which promises the market to reach USD 354.02 billion by 2034. Moreover, by 2024, the market is expected to reach USD 244.14 billion.
Due to rapid urbanization, the speed of an individual’s life has also increased. As a result, people have started to rely more on fast food. This surges the demand for bakery food produscts, driving the subject market. Moreover, bakery products form a large section of the convenience food market, which propels the subject market’s growth.
Organizations favor product innovation regarding flavors, ingredients, and product packaging. Due to this, the diversification of the product portfolio is possible, favoring the market advancement. Hence, this is another vital market driver.
The rise of e-commerce businesses increases the availability and accessibility of the bakery product market. Due to this, bakery products can be delivered to remote areas, creating a better market presence. Hence, this is another critical market driver. This factor is coupled with an individual’s increasing disposable income. It enhances the affordability of bakery goods, driving the subject market.
Key Takeaways from the Market Study
- The forecasted CAGR of the market has increased to 3.80% from 3.50%, which promises constant growth for the global bakery product market.
- The Indian market registers the highest advancement rate and progresses at a CAGR of 5.5%.
- The United States of America leads North America regarding the market’s growth rate. It advances at a CAGR of 4.2%.
- Based on the product type, the biscuit segment is the largest market segment of the subject market and holds 34.2% of the market.
Competitive Landscape
The bakery product market is notably crowded, with intense competition due to the presence of numerous large-scale organizations. In this fiercely competitive landscape, key players aim to carve out a niche through a diverse range of products. Product innovation is crucial for these competitors to enter the market and capture significant market share.
Key Market Developments
- In September 2021, Mondelez International Inc. entered the snack bar segment. The organization took this initiative to meet the rising consumer demand for nutritional foods. Due to this, the scope of growth for the organization is enhanced.
- In October 2023, Finsbury Food Group Plc. Introduced the Skittles cake, a new product in its existing product portfolio. This product development has helped the organization to penetrate the market, bolstering its market presence.
- In January 2024, Nestle invested US$ 100 million in its coffee factory in Vietnam. Due to this monetary investment, the scope of meeting customer needs is enhanced. Consequently, the market position of the said organization gets bolstered.
Key Companies Profiled
- Nestle SA
- Associated British Foods plc
- Mondelez International Inc.
- Finsbury Food Group Plc
- Bimbo Bakeries USA
- Britannia Industries
- Flowers Foods Inc.
- Rich Products Corporation
- Dr. August Oetker Nahrungsmittel KG
- Gruma, S.A.B. de C.V.
- Bakers Delight Holdings
- Grupo Bimbo S.A.B de C.V.
- Yamazaki Baking Co. Ltd.
- JAB Holding Company
- ARYZTA AG
- General Mills Inc.
- Others
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Bakery Product Market- Key Segments
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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