The global market for bakery products is expected to emerge during the forecast period due to the rising demand for ready-to-eat food. Increasing working population and busy lifestyle is fueling the market. As per the report, the bakery products market size was USD 397.90 billion in 2020. The market size is expected to rise from USD 416.36 billion in 2021 to USD 590.54 billion in 2028 at a CAGR of 5.12% during the projected period.
Bakery products are in high demand owing to their convenience and affordability. Furthermore, increasing demand for easy-to-cook and ready-to-eat packaged food is likely to boost the market in the coming years. Also, increasing population of working women in developing nations is contributing to increased sales rate of convenience food.
Bread Segment to Dominate Market Owing to its High Consumption
By product type, the market is divided into bread, cakes & pastries, biscuits & cookies, and other bakery products.
Based on distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, convenience stores, and others.
Finally, by region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The bakery products market report provides factual data and information regarding market growth and industrial developments in recent years. The major industrial developments include strategies such as partnerships, mergers, acquisitions, and alliances. Also, business growth strategies, such as innovation, product development, and market segmentation, are discussed further in this report. Drivers and restraints affecting the market growth are given further to assess the market growth potential. The COVID-19 impact on market development is elaborated in the report further.
Rising Working Women Population to Propel Market Growth
The market is anticipated to witness significant market growth owing to the rising demand for convenient food products and ready to eat packaged food items. Also, increasing adoption to changing lifestyle encourages the population to increase consumption of bakery products in day-to-day life. Furthermore, the population of working women is increasing and according to the World Bank, 47% of the global labor force was women in 2019. These factors are likely to ensure bakery products market growth during the forecast period.
However, growing health issues from consuming bakery items may hinder the market growth.
Europe Dominates Market Due to Increasing Bakery Item Consumption
Europe holds the highest global bakery products market share owing to the presence of prominent key players in the industry. This region provides healthy food alternatives to consumers such as whole grain, omega-3 content, and high-fiber breads.
North America holds the second-largest global market due to high consumption of cakes, pastries, and bread. Also, the population consumes ready-to-eat meals on regular basis which stimulates the market growth.
New Product Launch Allows Key Players to Dominate Market
The prominent players in the industry implement competitive strategies to expand their business worldwide. Business development strategies, such as partnerships, acquisitions, mergers, and strategic alliances, are formed by organizations to attract global customers. Furthermore, implementing innovation strategies allow key players to enhance their product portfolio and ensure market growth.
June 2020: Britannia launched a range of packaged croissants in partnership with a Greek-based company Chipita. This product launch is targeting breakfast-substitute consumers.
February 2020: Nestlé expanded its KitKat premium range of 2 finger biscuits by adding two different products to its range in three different flavors.
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