Bakery Market to Reach Over USD672 Billion by 2026
Rising
disposable income, improving lifestyles, and eating habits of people are expected
to drive the global bakery market during the forecast period.
According
to TechSci Research report, “Global Bakery
Market By Type (Bread
& Rolls, Cookies, Cakes & Pastries, Doughnuts & Muffins, Pies &
Tarts and Others (Bagel, Cupcake, Croissant, Macaron, etc.)), By Distribution
Channel (Artisanal Bakeries/Specialty Stores, Supermarkets/Hypermarkets,
Departmental Stores, Online, and Others (Convenience Stores, Forecourt
Retailers, etc.)), By Region, Competition, Forecast & Opportunities, 2026”, the global bakery
market is expected to grow at a CAGR of over 7% during the forecast period on
account of the growing economies and rising population. Additionally, changing
consumption habits have paved the way for changes in the sector. Moreover,
factors such as metropolitan life, speedy and on-the-spot consumption, as well
as demand for fresh food has further fueled the growth of the bakery market.
Consumer demand for healthier and more nutritious breads, rolls, and cookies,
as well as those that give increasingly unique and enjoyable eating experiences
such as flatbreads, specialized buns, and rolls, are driving the market.
Manufacturers of bakery products are adopting innovative and distributive
strategies to increase the market share of their companies. Such initiatives
help them to increase the revenue and consumer base to be ahead of the other players
in the market.
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The COVID-19 pandemic had a negative impact on
the global bakery market. The market was impacted, due to the transportation restrictions
and temporary worker shortage. However, the online channels benefited as people
were preferring short-term stocking, and e-commerce spiked as people shifted
more towards online delivery
platforms, as it was the only safe and available option for the
consumers.
The global bakery market is segmented into type,
distribution channel, region, and company. Based on type, the global bakery
market can be split into bread & rolls, cookies, cakes & pastries,
doughnuts & muffins, pies & tarts, and others. Among these, the bread
& rolls segment has accounted for the largest market share in 2020. This is
due to the popularity of bread prepared with oats, whole wheat, and fatty nuts.
Bread that has been wrapped and sliced is also preferred by consumers. Bread
can be served in a variety of ways at any meal of the day, as a snack, or as a
component in other dishes., which further makes it more popular among
consumers.
In terms of regional analysis, the
global bakery market is segmented into North America, Europe, Asia-Pacific,
South America, and Middle East & Africa. Out of which, Europe has accounted
for the majority of market share in the global bakery market in 2020 and the
region is anticipated to maintain its dominance over the next five years as
well. The reason being, growing health awareness among the young and millennial
population, the convenience of purchasing ready-to-eat bakery products and
expanding fast-food chains. With much of Europe embracing a gluten-free diet,
the egg-free bakery is becoming a big primary phenomenon. Germany is one of the
key markets for the bakery in the European region.
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The companies
like Grupo Bimbo, Mondelēz International,
Inc., Yamazaki Baking Co. Ltd., Flowers Foods, Inc., Kellogg Company, Campbell
Soup Company, Associated British Foods Plc, Britannia Industries Limited,
Finsbury Food Group Plc, and Nestlé are some of the leading players
operating in the global bakery market. Major bakery companies are expanding
their manufacturing bases to meet the rising demand across developing countries.
In 2020, Britannia Industries decided to invest over USD100 million to set up
five new manufacturing units in India.
With the
presence of different worldwide brands and a small market share of indigenous
enterprises in both developed and developing countries, the global bakery
market is competitive. Due to the continually changing nature, taste, and
preferences of consumers, the launch of a new product has become the most
crucial strategy above all others. In addition, firms have embraced development
through transnational mergers and acquisitions, which have shown to be
effective in strengthening their footprint. Recently, Grupo Bimbo acquired the
Modern Foods brand.
“Consumers' desire to consume healthy bakery products with special
characteristics such as lower fat, cholesterol, sodium chloride, and nitrite
content, enhanced fatty acid profile composition, and added health-enhancing
ingredients is a rapidly growing trend across the world. These demands have the
potential to open a lot of doors for the bakery industry. Moreover, the continuous
new product launches by regional and international players are one of the major
factors for the future growth of the market. Factors like technological
up-gradation and growing demand for ready-to-eat bakery products are further
anticipated to positively influence the growth of the market through 2026,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Global
Bakery Market By Type (Bread
& Rolls, Cookies, Cakes & Pastries, Doughnuts & Muffins, Pies &
Tarts and Others (Bagel, Cupcake, Croissant, Macaron, etc.)), By Distribution
Channel (Artisanal Bakeries/Specialty Stores, Supermarkets/Hypermarkets,
Departmental Stores, Online, and Others (Convenience Stores, Forecourt Retailers,
etc.)), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the
global bakery market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global bakery market.
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