The Global Market for Bakery Products is Projected to Exceed US$570 Billion by 2024

Ever-Evolving Health, Indulgence, and Convenience Needs of the Consumer Drives the Global Bakery Products Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Bakery Products market. The global market for Bakery Products is projected to exceed US$570 billion by 2024, driven by transforming health, indulgence, and convenience needs of consumers across the world and the resulting popularity of healthy, organic, and all natural baked goods.

Once perceived as food of a sick man, bakery products comprising bread, breakfast cereals, biscuits, cakes and pastries, among others, eventually evolved to become important food items among a vast population globally. These products are even witnessing increasing popularity among consumers in countries where rice has been a staple food for several decades. After sweeping through the developed economies, the convenience food trend is presently benefiting penetration through the developing economies. Growth in the market is attributed to various factors including availability of broad range of products at reasonable price points, convenience of ready-to-eat products, rapid urbanization, hectic lifestyles, vast product offerings with different tastes and textures, and growing health benefits of baked goods over other food options. Bakery products with clean labels and health and wellness claims, frozen finished products and artisanal products are currently recording healthy growth with significant number of consumers, particularly millennials and health freaks, viewing a clean label as a key factor in their purchase decision making.

Future growth in the market will be driven by the ever-evolving health, indulgence, and convenience needs of the consumer. Transforming consumer trends over the years include the renewed interest in food preparation from the hitherto enjoyment of convenient processed food, and rising awareness about health and quality issues from the disconnected attitude towards food and food origins of previous decades. Other major consumer trends influencing demand for bakery products include growing prominence of locally sourced, environment friendly, free-from, multi-grain and whole grain based baked goods that are low-fat, low calorie, organic, and enriched with vitamins and minerals; rising sophistication in flavor preferences; growing consumption of bread supported by robust demand for western styled bread products in majority of the populous Asian markets; and the gradual shift towards brown bread, whole wheat bread, multi grain bread and other healthy varieties. Additional growth drivers benefiting market expansion in the near term include growing preference for fortified, functional, sugar-free, and gluten-free bakery products; and steady demand for doughnuts purely driven by the indulgence factor. While bread continues to remain the most consumed bakery product worldwide, future demand is expected to be supported by cakes and pastries, which represent the fastest expanding category in the market. Demand for cakes and pastries is fueled by indulgence, introduction of innovative flavors, and increasing penetration in some of the fastest growing regions such as Latin America and Asia-Pacific.

As stated by the new market research report on Bakery Products, Europe represents the largest market worldwide. The constantly changing taste palettes coupled with increasing demand for healthier options and the steady launch of innovative products that use new ingredients are sustaining growth in the developed markets. Asia-Pacific ranks as the fastest growing market with a value CAGR of 5.9% over the analysis period. Exponential increase in population along with low per person consumption of baked goods, extensive advertising and promotional activities of multinationals, increasingly westernized lifestyles and reduced time for making elaborate home cooked meals/breakfast represent key growth drivers in the region. Improved transportation and logistics and expanding retailing network and infrastructure is helping bakery products, particularly bread, achieve greater market penetration and visibility in these markets thereby benefiting market demand.

Key players in the market include Arnott's Biscuits Limited, Aryzta AG, Associated British Foods plc, Bahlsen GmbH & Co. KG, BAB Systems Inc., Barilla Holding Societa per Azioni, BreadTalk Group Limited, Britannia Industries Ltd., Bruegger’s Enterprises Inc., Dunkin' Donuts, Finsbury Food Group, Flowers Foods Inc., Frank Roberts & Sons Ltd., Goodman Fielder, Grupo Bimbo, S.A.B. de C.V., Bimbo Bakeries USA, Harry-Brot GmbH, Hostess Brands LLC, Hovis Ltd., Kellogg Company, Lantmännen Unibake, Lieken AG, McKee Foods Corporation, Mondelēz International Inc., Nestlé SA, Parle Products Pvt. Ltd., Pepperidge Farm Inc., Strauss Group Ltd., The Great Canadian Bagel Ltd., Tyson Foods Inc., Warburtons, Ltd., Yamazaki Baking Co. Ltd., and Yildiz Holding A.S., among others.

The research report titled “Bakery Products: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections in value (US$) and volume (Tons) for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (Australia, China, India, South Korea, and Rest of Asia-Pacific), Latin America (Argentina, Brazil, Chile, Colombia, Mexico, and Rest of Latin America), and Rest of World. Product segments analyzed in the report include Bread, Breakfast Cereals, Cakes and Pastries, Savory Biscuits, Sweet Biscuits, and Other Bakery Products.

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