Market Scope
Market Research Future (MRFR) expects the baking goods market to obtain a healthy CAGR of 7.50 % between 2020 and 2027 (evaluation period). The global market size is also on track to touch USD 26,366.8 Mn by 2027.
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.
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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.
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 size 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 market demand in the region is also pushed by the thriving hospitality industry and the surge in tourism.
Top Companies
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.
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.
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