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.
“Despite increasing consumption of bakery products, the emergence of new entrants in the fast food market might split the market’s target audience, which is a key market restraint for the subject market,” -says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Competitive Landscape
Many key competitors clutter the global bakery product market. Organizations take various key strategic initiatives to expand and embark on their positions in the market. Mergers and acquisitions, strategic alliances, product innovation, market diversification, and partnerships are some market expansion tactics organizations use. The following developments in the subject market are visible:-
- In September 2023, Nestle SA acquired Advent International, a famous Brazilian chocolate company. This diversifies the organization’s market and expands the scope of innovation in the business.
- In March 2024, Britannia Industries launched Britannia Bourbon with a new packaging and product design. This will help the organization position its product better to gain more popularity.
More Valuable Insights Available
Future Market Insights offers an unbiased global bakery product market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
In the case of the subject market, the analysis is put forth by assessing key segments By Product Type (Biscuits, including Cookies, Non-Salt Cracker Biscuits, Salt Cracker Biscuits, Milk Biscuits, Cream Biscuits, Glucose Biscuits, Marie Biscuits, and Others, Bread and Rolls, including Artisanal, In-Store, Packaged, and Cakes and Pastries, including Artisanal, In-Store including Packaged, Pizza Crusts, and Rusks), Specialty Type (Gluten-free, Fortified, Organic, Low-calorie, and Sugar-free), and Distribution Channel (Direct, Indirect, Hypermarkets/Supermarkets, Convenience Stores, Bakery Stores, Artisanal Bakeries, and Online Retailers).
About the Food and Beverage Domain at Future Market Insights
Future Market Insights’ food and beverage team offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has lucidly analyzed the industry in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
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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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