Fortified Bakery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Fortified Bakery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The global fortified bakery market is projected to register a CAGR of 6.1% during the forecast period (2022-2027).

During the COVID-19 peak period, sales of non-edible products such as disinfectants, toilet paper, paper goods, and hand sanitizer were high in demand, and 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 this, disruption in logistics facilities due to the lockdown has created more issues in the market as consumers were not getting products as per their requirements which ultimately affected the market. Another factor that has created an impact on the market is the lack of raw material availability, due to which production of products was not proper. Due to these issues, smaller bakers in the unorganized segment are the worst affected, as stated by Mago, who is also a president of the All India Bread Manufacturers Association. Therefore, the demand from the household sector for bakery products has increased; on the other hand, the food services sector has faced a decline in the market for bakery products, which were considered to be one of the most demanding products in the food service sector.

Consumer inclination toward healthy food and convenience products is the leading driver leading innovations and growth in the fortified bakery market. Urbanization, the worldwide increase in the working population, the growth of out-of-home consumption, and increased demand for instant and nutritious products have been fueling the continuous sales of bakery products.

The cake and pastry segment is on the rise in the market. With the increasing demand for premium and customized cakes, the overall cake segment is witnessing an increase in demand.

The growth of the global fortified bakery market can be attributed to the increasing health consciousness among consumers going for an all-around nutrient-rich diet. The ever-increasing population, growth in the female working population, and the changing eating behaviors have contributed significantly to the growth of the bakery industry. Fortified bakery market such as cakes, cookies, biscuits, cupcakes, and pancakes enriched with various nutrients has uplifted the global market to a great extent. The availability of different varieties of bakery products such as gluten-free, organic, sugar-free, low-calorie, and fortified has attracted a big number of population towards fortified bakery products due to their various health benefits. Additionally, rising awareness of weight management is foreseen to uplift the sales of gluten-free and low-calorie bakery products.

The global fortified bakery market is primarily dominated by North America, followed by Europe, where bakery products are considered a staple food. The Chinese and Indian population are increasing their demand for fortified bakery products, which prefer high nutrition levels despite being high in cost. The rising young population, along with busy, on-the-go lifestyles, often dictates a need for a quick meal. Many opt for fast food options that are low in calories and high on health benefits and taste too. The Indian consumers want high nutrient content along with the taste such that they want full value for money on their fortified bakery products. Exploring bakery experience- with both global and regional tastes, nutritional authentic preparation methods are on the rise in developing countries like India and China.

Companies are actively involved in developing innovative products so as to enhance their product quality and increase the health benefits for the public in general. Some of the major players in the fortified bakery market are Associated British Foods PLC, Britannia Industries Ltd., Dawn Food Products, Inc., Modern Foods Enterprises Pvt. Ltd., Irish Pride Fine Foods, H&S Bakery, Inc., CRUST - a baking company, Super Bakery, Inc., and Allied Bakeries, among others. The companies are focused on enhancing their sales and distribution network and their consumer reach to ultimately strengthen their market position. Mergers and acquisitions are a primary strategy implemented by major companies. Moreover, key companies are heavily investing in research and development to develop and launch new products with exciting flavors to satiate the demand for cakes and pastries across the country.

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