Global Morning Goods Market - 2022-2029

Global Morning Goods Market - 2022-2029:

Market Overview

Morning Goods Market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 4.56% during the forecast period (2022-2029).

Morning goods are fresh baked goods prepared every morning by a backery and it provides quick and easy breakfast that requires little to no preparation time. Cereals are one of the post popular morning goods and the most attractive thing regarding the cereals is those are affordable and have less cost. Moreover, cereals are available at any grocery stores or convenience store and diner. Cereals contain many essential nutrients including vitamin B12, vitamin D, calcium, fiber and iron which are important for the adults to consume and it is also a quick and easy breakfast that is very versatile. The trend of on-the-go food habits has increased the number of consumers consuming morning goods and its innovative flavor and varied products makes it more versatile for instance donuts which is propelling the market growth.

Market Dynamics: Rising convenience towards packaged foods owing to the busy schedules

In twentieth century, the convenience for packaged food or ready to eat foods or food requirement for less cooking time have made it made this something that people are willing to sacrifice for their lifestyle and thus, increased the on-the go-food habit. The demand for packaged baked goods like cookies and doughnuts has increased due to convenience, cost savings, and lack of time constraints and along with that there are many different types of breakfast items that can offer the energy needed to start the day. Owing to the increase of western culture in some countries, the sale of breakfast goods is increasing. Consumers are looking for unique flavors, seasonal flavors and sing serving sizes of food have increased the demand for donuts and other morning goods. As donuts are available in many flavors such as strawberry, chocolate, blueberry, glazed and others have propelled the consumer preferences thus, increasing the sales of the product.

Market Segmentation: Supermarkets and hypermarkets segment accounted for the highest share in global morning goods market

In 2021, supermarkets and hypermarkets segment dominated the market, accounting for YY% of global sales. Consumers can access a variety of products in one place through these channels, allowing them to choose the quality and quantity that best suits their needs. These channels will offer products at lower prices because they have lower operating and selling costs. Many supermarkets provide quality assurance for their products, which is expected to contribute significantly to the segment's growth. Consumer perceptions of ready to eat packaged backery products have changed, forcing supermarkets to stock alternative products in order to retain financial revenue and a competitive edge over others. Consumers' recent preference for these products has compelled retailers and supermarket chains to update their product portfolios in order to keep up with customers' increasingly backery food choices.

Geographical Penetration: Europe is the dominating region during the forecast period

Europe is projected to be the dominating region due to the increasing demand for morning goods are highly in traction in the countries such as UK, Germany, Italy and other countries. Due to the increased presence of important bakeries and the increased manufacturing footprint of backed products in Europe. The increasing demand for packaged backery food products in Germany is a major factor boosting the Germany morning goods market. Top claims, in the past seven years, for bakery products in the United Kingdom were vegetarian, eco-friendly package, and no additives/preservatives with a rising trend of clean labeling has also encouraged the key market players to produce bakery products with minimal ingredients. According to the Food Research lab, around 80% of the bread sold in the UK is produced by the most significant (plant) baking enterprises and about 17 per cent is made by in-store bakeries (ISBs) within supermarkets, while high-street retail (craft) bakers have the rest. According to BBM, German bread culture has a special space and it is the world leader in the field of various bakery products protected by UNESCO as a cultural heritage owing to the quality, diversity, and distinctness of bread types and more than 3,200 different types of bread are baked every day. All these factors are propelling the growth of the market in Europe region.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major key players are Grupo Bimbo, Chipita SA, General Mills, Inc., Britannia Industries, Finsbury Food Group PLC, Barilla G.e.R. Fratelli S.p.A, Dan Cake A/S, Dawn Food Products, Inc., and Moreish Foods Ltd. among others. Some of the major key players invested in expanding their business. For instance, in August 2018, Muffin Break expanded its footprints in UK by opening 6 bakeries and planning to open more than 10 bakeries in the upcoming years. Muffin break is actively seeking more franchisees who can experience the freedom of running their business, whilst taking advantage of a valued brand name and the company’s comprehensive training and marketing support whereas its primary focus is to expand in South East and North West of England. In November 2020, Dunkin Donuts is expanding their businesses with 9,700 restaurants across four continents and signed a franchise agreement with India’s Jubilant FoodWords and planned for 500 location openings over the next 15 years.

COVID-19 Impact:

Negative impact on the global morning goods market

Due to lockdown, during the start of 2020, sales of non-edible products such as disinfectants, toilet paper, paper goods, and hand sanitizer were high in demand. The sales of edible products such as bakery, meat products, and many others were up to the mark as the supply of bakery was insufficient as many of the bakers have shut operations due to shortage of labors along with the mass production shutdowns and supply chain disruptions. During the COVID-19 pandemic, most people worked from home, and due to government restrictions, hotels and restaurants were closed, which made the consumers avoid going to bakeries. Some of the other reasons which led to decrease in sales of morning goods food during the pandemic are the high dependence on self-made food due to the fear of COVID-19 virus and lockdown which forced people not to move out of their houses.

The global morning goods market report would provide an access to approximately 61 market data tables, 45 figures and 170 pages