IMARC Group, a leading market research company, has recently releases report titled “Bakery Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global bakery products market growth, share, size, trends, and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the bakery products market?
The global bakery products market size reached US$ 515.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 692.9 Billion by 2032, exhibiting a growth rate (CAGR) of 3.2% during 2024-2032.
Factors Affecting the Growth of the Bakery Products Industry:
- Increasing consumer demand for convenience foods:
The rising demand for convenience foods is a major driver of the bakery products market. As lifestyles become increasingly fast-paced, consumers are seeking ready-to-eat (RTE) and easy-to-prepare food options. Bakery products, including bread, pastries, and cakes, offer convenience and time-saving benefits, making them popular among busy individuals and families. The expansion of the quick-service restaurant sector and the prevalence of on-the-go snacking are driving the demand for bakery items. Furthermore, the growth of urbanization and the increase in dual-income households contribute to the need for convenient food solutions. Bakery products cater to this demand with a variety of options that can be quickly consumed or incorporated into meals, impelling the market growth.
- Innovations and health trends in bakery products:
Innovations and health trends are significantly influencing the bakery products market. There is a growing consumer preference for healthier bakery options, leading to the development of products with reduced sugar, whole grains, and added nutritional benefits. The rise of health-conscious consumers and awareness of dietary needs have driven the introduction of gluten-free, low-carb, and high-fiber bakery items. Innovations in ingredient formulations and baking technologies have enabled the production of these healthier alternatives without compromising taste and texture. Moreover, the demand for natural and organic ingredients is influencing product development, with consumers increasingly seeking bakery products free from artificial additives and preservatives, bolstering the market demand.
- Growth of E-commerce and online retail:
The expansion of e-commerce and online retail is reshaping the bakery products market. The increasing popularity of online shopping platforms provides consumers with convenient access to a wide range of bakery products from local and international brands. The rise of direct-to-consumer (DTC) models and subscription services for bakery items has further facilitated market growth by offering personalized and regular delivery options. Online retailers and food delivery apps enable consumers to explore and purchase specialty and artisanal bakery products that might not be available in traditional brick-and-mortar stores. The ability to browse and order bakery products online, coupled with promotional offers and ease of delivery, is adapting to the digital shopping preferences of modern consumers, supporting the market expansion.
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Bakery Products Market Report Segmentation:
Breakup By Product Type:
- Biscuits
- Cookies
- Cream Biscuits
- Glucose Biscuits
- Marie Biscuits
- Non-Salt Cracker Biscuits
- Salt Cracker Biscuits
- Milk Biscuits
- Others
- Bread and Rolls
- Artisanal Bakeries
- In-Store Bakeries
- Packaged
- Cakes and Pastries
- Artisanal Bakeries
- In-Store Bakeries
- Packaged
- Rusks
- Artisanal Bakeries
- In-Store Bakeries
- Packaged
Bread and rolls account for the majority of shares as they are staple food items that are widely consumed daily.
Breakup By Distribution Channel:
- Convenience Stores
- Supermarkets and Hypermarkets
- Independent Retailers
- Artisanal Bakeries
- Online Stores
- Others
Supermarkets and hypermarkets dominate the market because they offer a broad selection of bakery products, providing convenience and accessibility to a large consumer base.
Breakup By Regional Insights:
- Asia-Pacific
- Europe
- North America
- Middle East and Africa
- Latin America
Europe enjoys the leading position owing to the long tradition of bakery consumption and a well-established market for diverse and artisanal bakery products.
Global Bakery Products Market Trends:
With the rising trend of gourmet and artisanal baked goods, as consumers seek unique and high-quality experiences, there is increased demand for specialty bread, pastries, and cakes crafted by skilled bakers for premium and handcrafted bakery items, strengthening the market growth. In addition to this, increasing the popularity of international and ethnic bakery items as global travel and cultural exchanges expand, consumers are exploring and embracing diverse bakery traditions and flavors for exotic and region-specific bakery products in local markets, contributing to the market growth.
Leading Companies Operating in the Global Bakery Products Industry:
- Grupo Bimbo S.A.B de C.V.
- Yamazaki Baking Co., Ltd.
- JAB Holding Company
- ARYZTA AG
- Flowers Foods, Inc.
- Rich Products Corporation
- Dr. August Oetker Nahrungsmittel KG
- Gruma, S.A.B. de C.V.
- General Mills, Inc.
- Associated British Foods (ABF) Plc
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