Bakery Products Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Bakery Products Market
The bakery products market size was valued at USD 397.90 billion in 2020, and the market is now projected to grow from USD 416.36 billion in 2021 to USD 590.54 billion by 2028, exhibiting a CAGR of 5.12% during the forecast period of 2021-2028.
The worldwide influence of COVID-19 has been incomparable and incredible with these products observing an unfavorable influence on demand through all regions between the pandemic. The governments in many countries confirmed the shutdown of many food and beverage manufacturing companies, limited transport, and border terminations. This lockdown led to the panic buying of bakery items in the early months thus storing the products.
The fast-paced standard of living upsurges the need to adopt suitable solutions in all aspects of life. Extensive working hours make it tough for consumers to spend more time cooking. Thus, a chaotic standard of living expands the intake of ready-to-eat food products such as bread, pasteries, biscotto, battercake, iced up pizza, and rusks. Furthermore, huge expenditure capacity and mounting urbanization consequences in a energetic routine also plays a dynamic role in rising the demand for suitable food.
Since the COVID-19 occurrence, health has become a topmost importance among consumers worldwide. Consumers are vigorously looking for health benefits from foods. Therefore, there is a rising interest in plant-based food and beverages. Hence, these product manufacturers are aiming on developing vegan baked goods. Technological improvements and innovation motivate unique proceeds augmenting opportunity which will upsurge the bakery products market growth.
Comprehensive Analysis of Bakery Products Market
The hemostats market can be segmented in various ways depending on the focus of study such as by type and by distribution channel. Based on the type, the market is segmented into cake, bread, pasteries, biscuits and cookies and others. By distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, convenience stores, and others.
Asia Pacific region is dominating the bakery products market share due to the growing trend of snacking culture. Due to high intake of the product in the region customers continuously pursue improved substitutes such as bread with whole grain, high-fiber, and omega-3 content.
With the increasing health concerns major players are aiming on launching inventive and healthy baked products. The key players include Mondelez International, Inc. (Illinois, U.S.), Associated British Foods plc (London, U.K.), The Kellogg Company (Michigan, U.S.), Grupo Bimboo, S.A.B. de C.V. (Mexico City, Mexico), Yamazaki Baking Company, Ltd. (Tokyo, Japan), Campbell Soup Company (New Jersey, U.S.), Britannia Industries Limited (Bengaluru, India), General Mills, Inc. (Minnesota, U.S.), Dunkin' Donuts LLC (Massachusetts, U.S.), Flower Foods (Georgia, U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In March 2021, U.S.-based, Mmmly launched plant-based reimagined cookies. These cookies comprises clean ingredients such as prebiotic fiber, root vegetables, fruits, and healthy fats that fuel the brain support gut health and overall well-being.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2017-2028
Base Year 2020
Estimated Year 2021
Forecast Period 2021-2028
Historical Period 2017-2019
Unit Value (USD Billion)
Segmentation By Product Type
Bread
Cakes and Pastries
Biscuits and Cookies
Other Bakery Products
By Distribution Channel
Supermarkets/Hypermarkets
Specialty Stores
Convenience Stores
Others
By Geography
North America (By Product Type, Distribution Channel, and Country)
- U.S. (By Product Type)
- Canada (By Product Type)
- Mexico (By Product Type)
Europe (By Type, Distribution Channel, and Country)
- U.K. (By Product Type)
- France (By Product Type)
- Germany (By Product Type)
- Spain (By Product Type)
- Italy (By Product Type)
- Rest of Europe (By Product Type)
Asia Pacific (By Type, Distribution Channel, and Country)
- China (By Product Type)
- India (By Product Type)
- Japan (By Product Type)
- Australia (By Product Type)
- Rest of Asia Pacific (By Product Type)
South America (By Type, Distribution Channel, and Country)
- Brazil (By Product Type)
- Argentina (By Product Type)
- Rest of South America (By Product Type)
Middle East and Africa (By Type, Distribution Channel, and Country)
- South Africa (By Product Type)
- Turkey (By Product Type)
- Rest of Middle East & Africa (By Product Type)
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