Bakery Products Market : Global Industry Size, Share, Growth By Forecast 2020-2030.
Bakery Products Market Outlook
The baked food products are rich in sugar,
fats, and added nuts & fruits. All these rich factors are increasing the
baked products' energy content and nutritional value. Moreover, the Bakery
Products Market’s manufacturers are adopting new food processing technology to
develop the growth of global baked food products. These innovative technologies
are helpful to enhance the products with nutritive value, better taste, and
appearance. Hence, the increasing demand for the baked food products is
predicted to grow the Bakery Products Market for the research period.
Market Research Future (MRFR) expects the Bakery
products market to obtain a healthy CAGR of 7.50 % between
2020 and 2030. The global market size is also on track to touch USD 26,366.8 Mn
by 2030.
Major Boosters and Impediments
Bake-off bakery product manufacturing has
turned into a major focus area for several industrial bakers worldwide. Scratch
baking is deemed quite labor-intensive and takes too much time, which has
prompted the industry to go from the traditional way of baking to advanced bake-off
technologies or BOT. semi-baked products and ready-to-bake items are also some
other significant segments for the food sector, especially in hotels and in the
catering industry.
The pre-proofed dough has emerged as a convenient
option and is fast replacing fresh-baked bread across various countries. Bakery
products such as rolls, bagels, and bread are widely available as ready-to-thaw
items, while pastries and croissants are generally sold in ready-to-bake form.
The availability of a variety of bakery products in line with the consistently
evolving consumer tastes and preferences should add to the market value to a
great extent.
The market growth is also bolstered by the
prevalence of the busy schedules of the consumers combined with the soaring
knowledge about the nutritional information of different food products. This is
the case, especially in Asia, where the bakery industry has been growing at a
spectacular pace, given the rising employment rate and a mounting number of
time-pressed consumers looking for ready-to-eat snacks.
COVID-19 Impact Analysis:
The global coronavirus has impacted the growth
of the Bakery Products Market Analysis. In 2020, the government of many
countries had imposed social distancing rules and lockdown/shutdown across
different regions, which has brought the biggest challenge for the global
market. In addition, the global lockdown has experienced a lack of workforce,
transportation, and investors for the global bakery product market.
Therefore, the key
bakery product market players and manufacturers of the global have implied
new strategies like introducing innovative products and a variety of bakery
products for their consumers. Hence, the continuous efforts of the key players
have enhanced the global bakery product market share, and further, it has aimed
to grow higher in the upcoming years.
Segmental Review
The baking products industry has been
considered for product type, category, and distribution channel.
The product types studied are pizza & pizza
crust, pieces of bread & rolls, cookies & biscuits, cakes &
pastries, and more. In 2019, the lead was secured by the pieces of bread &
rolls segment with the biggest share in the global market. The segment is
anticipated to continue dominating the market however, the fastest growth rate
of 7.96% will be achieved by the pizza & pizza crust segment.
Depending on the category, the global market has
been segregated into conventional as well as gluten-free. The biggest share in
the global market in 2018 was owned by the conventional segment since this
category is considered far more superior to its counterpart, given the high
usage of wheat flour.
Distribution channels that sell bakery products
market Analysis is either store-based or non-store-based products. Convenience
stores, supermarkets & hypermarkets, and more are the major store-based channels
and hold the leading position in the global market. With the provision of a one-stop
experience for shoppers, store-based outlets have garnered high traction
worldwide. But it is projected that the fastest growth will be noted by the non-store-based
segment in the coming years, owing to the rising popularity of online shopping
sites and the overall growth of the e-commerce industry.
Regional Insight
Asia Pacific/APAC, Europe, North America, and
RoW/rest of the world are the major markets for bakery products worldwide.
Europe procured the highest share of 39.71% in
2019 and should remain the market leader in the coming years as well. Europe
has renowned players with well-established supply chains, distribution
channels, and extensive product ranges concerning consumer preferences. Product
innovation is a key focus area for a lot of companies and the regional market
is frequently marked by the launch of new types of pastries, cookies, and
cakes.
The Asia Pacific is touted to capture the fastest
growth rate in the next few years, with the demand expected to soar
considerably in India and China. The bakery products market in these countries is
quite promising, given the rising disposable income as well as purchasing capacity
of the booming population. Considering the growing prevalence of hectic lifestyles
led by the consumers, convenient food products have gained significant traction
in the region, which should foster the demand for bakery products. Puffs, muffins,
and several savory items have also sparked the interest of the younger
population. The baking ingredient market demand in the region is also pushed by
the thriving hospitality industry and the surge in tourism.
Top Companies
Recent Updates
March 2021
Turkey Hill has entered the food items category
with the launch of its latest ice cream in 16 new flavors, spread across three
product ranges, fruit and cream bars, layered sundae cups, and ice cream cookie
sandwiches. Reasonably priced, these products have been developed using creamy
ice cream and quality ingredients. The sundaes are now in eight new varieties,
namely Cookies & Cream, Caramel Brownie, Strawberry Shortcake, Cookie Dough
Delight, Ultimate Fudge, Peanut Butter Cup, Party Cake, and Chocolate Cream
Pie.
NOTE: Our Team of Researchers is Studying
Covid19 and its Impact on Various Industry Verticals and wherever required we
will be considering Covid19 Footprints for Better Analysis of Market and
Industries. Cordially get in Touch for More Details.
Frequently Asked Questions (FAQ):
What Is the Key Players Bakery Products Market?
Bakery Products Market Top Key players: Cole’s
Quality Food Inc. (US), Associated British Foods PLC (UK), General Mills Inc.
(US), Lantmännen Unibake (Denmark), Conagra Brands, Inc. (the US), Aryzta AG
(Switzerland), Vandemoortele NV (Belgium), Europastry S.A. (Spain), Kellogg
Company (US), Grupo Bimbo S.A.B.de C.V.(Mexico) are among the top firms in the
bakery products industry.
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