Bakery Products Market size is set to grow by USD 234.68 billion from 2024-2028, Growth in demand for private-label bakeries boost the market, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The global bakery products market  size is estimated to grow by USD 234.68 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.91%  during the forecast period. 

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Market Driver

Private-label bakeries in supermarkets and hypermarkets offer a wide range of baked goods, including healthier options. They compete with artisanal and industrial bakeries, facing a challenge from in-store bakeries with competitive pricing. Par-baking, a two-step process, extends shelf life and maintains texture, gaining popularity.

Millennials prefer these private-label products, which align with clean label and gluten-free trends. Retailers are expanding premium offerings, meeting consumer demand for artisanal and snack-size items. This shift drives growth in the global bakery market, as consumers increasingly favor retailer-created products over national brands.

Market Challenges

• The global bakery market faces challenges due to volatile prices of key raw materials like wheat, cocoa, dairy, and oils. Factors like competition, tariffs, weather, and demand affect prices. Enzymes usage in baking has risen, enhancing volume and texture. Vendors may struggle to pass increased costs to customers due to fierce competition. Thus, fluctuating raw material prices hinder market growth.

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Segment Overview 

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Product 
• 2.1 Bread and rolls
• 2.2 Cakes and pastries
• 2.3 Cookies
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline-  During the forecast period, offline market share will notably expand, particularly in the bakery sector. Supermarkets and hypermarkets are favored channels for bread, cookies, and cakes due to the flourishing organized retail sector globally. The surge in retail outlets, notably convenience stores in the UK and Japan, is driven by urbanization and changing consumer lifestyles. Independent retailers, catering to local needs, further boost bread sales. With increasing independent retailers worldwide, bread sales through this channel are set to rise, fostering offline segment growth.

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Research Analysis

In today's urbanized and modernized world, health-conscious individuals and fitness enthusiasts are increasingly prioritizing their well-being amidst intense competition and cost fluctuations. The ex-pat population and changing lifestyles have led to a significant demand for healthy food options, including bakery products.

Baked goods such as biscuits, cookies, muffins, bagels, croissants, and more, are now being produced using alternative flours and eggs to cater to various dietary preferences. The global bakery products market reflects this trend, with a focus on innovation and cultural adaptations to meet the diverse needs of consumers.

The bakery products market encompasses a wide range of items, including cakes, pastries, bread, and confections. These items are often made from flour, sugar, eggs, and various other ingredients. The market is driven by consumer preferences for fresh, high-quality baked goods. Consumers seek convenience and variety, leading to the popularity of pre-packaged and ready-to-eat bakery products.

The market also caters to dietary restrictions, offering gluten-free, vegan, and organic options. The bakery products industry is subject to seasonal fluctuations, with higher demand during holidays and special occasions. Sustainability and ethical sourcing are becoming increasingly important factors in consumer purchasing decisions. The market is expected to grow due to changing demographics and consumer trends.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Product 
• Bread And Rolls
• Cakes And Pastries
• Cookies
• Others
• Geography 
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
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Website: www.technavio.com/

SOURCE Technavio