Bakery Contract Manufacturing Market Size, Share & Trends Analysis Report By Service (Manufacturing, Packaging, Custom Formulation And R&D), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecasts, 2022 - 2030
Bakery Contract Manufacturing Market Growth & Trends
The global bakery contract manufacturing market size is anticipated to reach USD 43.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.5% from 2022 to 2030. The market is primarily driven by growing consumer demand for healthy food products coupled with a growing younger population. The pandemic led to a substantial shift in consumer demand for food and beverages, prompting considerable alterations in the way supply chains work worldwide. This led to a boom in the demand for processed foods, such as baked goods, prompting producers to opt for contract manufacturing to meet the increased demand for these baked goods.
Gen Z customers are more focused on personalized and unique products, as well as experiences over tangible goods. Moreover, social networking, online influencers, and online marketing all appear to have a significant impact on the purchasing decisions of Gen Z, which is anticipated to augment the demand for this service. Growing consumption of healthy baked goods in households, along with new product launches, expansion of the retail network, and population growth, are some of the major factors that are expected to promote the growth of the bakery industry, which, in turn, is anticipated to augment the demand of this industry.
Eating out, takeaways, and fast food are all common components of Gen Z's diets. According to the FSA's Food and You survey, rising preference for healthy baked products and increasing adoption of vegan baked goods among the younger population are projected to have a positive impact on the market. Bakery contract manufacturers are becoming more involved in the custom formulation of bakery products. In response to the growing demand for healthy food, market participants are emphasizing healthy and vegan food products. Furthermore, the capacity to pivot to new initiatives is likely to bolster industry growth.
Bakery Contract Manufacturing Market Report Highlights
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