Specialty Bakery Market size to grow by USD 15.87 billion from 2023 to 2028, growth driven by the growing demand for functional ingredients - Technavio

NEW YORK, Jan. 9, 2024 /PRNewswire/ -- The specialty bakery market is to grow by USD 15.87 billion from 2023 to 2028, progressing at a CAGR of 5.29% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.

The market is driven by Growing demand for functional ingredients for products like artisanal breads, gourmet pastries, custom cakes, gluten-free bakery items, vegan desserts, sugar-free treats, French patisserie delights, specialty cookies, cupcakes, and wedding cakes. This rise indicates a consumer shift towards healthier, diverse, and customizable baked goods, driving the industry's growth.

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Specialty Bakery Market 2024-2028 - Market Dynamics

Major Trend

• The growth in demand for private-label bakeries is a major trend in the market. This trend is driven by the popularity of nut-free bakeries, specialty doughnuts, breakfast pastries, savory baked treats, artisanal chocolate, customizable cupcake flavors, sourdough varieties, specialty tarts, health-conscious baked goods, signature pies, and exotic flavor combinations. Consumers are increasingly drawn to personalized, diverse, and unique baked offerings, fueling the ascendancy of this market trend.

Significant Challenge

• Fluctuating raw material prices of specialty bakery products is a significant challenge restricting market growth. This challenge impacts limited edition releases, small-batch production, local ingredient sourcing, ethnic and organic bakeries, European-style baked goods, handcrafted confections, artistic cake decorations, seasonal specials, and keto-friendly bakery items. The market's reliance on these diverse elements is hindered by unpredictable fluctuations in raw material costs is a challenge to consistent growth and market stability.

Specialty Bakery Market 2024-2028: Market Segmentation

The specialty bakery market analysis includes distribution channels (offline and online), application (specialty bread, specialty cakes and pastries, specialty cookies, specialty crackers and pretzels, and others), and geography (North America, APAC, Europe, South America, Middle East, and Africa). 

• The market share growth by the offline segment will be significant during the forecast period. Supermarkets, hypermarkets, and convenience stores form part of the offline segment. The most popular distribution channels for specialty bakery products have been supermarkets and hypermarkets. Consumers are encouraged to buy bakery products in supermarkets and hypermarkets by factors such as discounted prices, along with a pleasant shopping experience that accompanies the ambient store atmosphere and shelf displays.

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The specialty bakery market covers the following areas:

• Specialty Bakery Market Sizing
• Specialty Bakery Market Forecast
• Specialty Bakery Market Analysis

Companies Mentioned

• Aryzta AG
• Associated British Foods Plc
• Britannia Industries Ltd.
• Conagra Brands Inc.
• Dawn Food Products Inc.
• EUROPASTRY SA
• Flowers Foods Inc.
• Corporativo Bimbo SA de CV
• Harry Brot GmbH
• Hostess Brands Inc.
• IL GERMOGLIO FOOD SRL
• Krispy Kreme Inc.
• Lantmannen Unibake International
• Maple Donuts Inc.
• McKee Foods
• Puratos Group NV
• Raisio plc
• Rich Products Corp.
• UAB Mantinga Group
• Yamazaki Baking Co. Ltd.

Company Offering

• Aryzta AG - The company offers specialty bakery products such as bread rolls and artisan loaves, sweet baked and morning goods, and savoury.
• Associated British Foods Plc - The company offers specialty bakery products such as Kingsmill Soft White, Kingsmill Tasty Wholemeal, and Kingsmill Toastie.
• Britannia Industries Ltd. - The company offers specialty bakery products such as Whole Wheat bread, high-fiber bread, and Brown bread.

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Related Reports

The Bakery Products Market size is projected to increase by USD 231.14 billion at a CAGR of 6.4% between 2022 and 2027.

The gluten-free bakery market size is estimated to grow by USD 1,326.19 million at a CAGR of 10.2% between 2022 and 2027.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel 

Market Segmentation by Application 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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