The global bakery products market has been on a steady growth trajectory, driven by several factors such as changing consumer preferences, urbanization, and increasing disposable incomes. In 2023, the market reached a value of USD 513.17 billion, and it is expected to grow at a CAGR of 6.7% between 2024 and 2032.
Market Outlook
The bakery products market size is experiencing significant growth due to the rising demand for convenient and ready-to-eat food products. Factors such as the increasing popularity of artisanal and organic bakery products, as well as the growing trend of snacking, are driving market growth. Additionally, the expansion of bakery chains and the introduction of innovative product variants are further boosting market growth.
Report Overview
The report provides a comprehensive analysis of the global bakery products market, including market size, growth projections, market dynamics, segmentation, recent developments, key players, and industry trends. It also offers insights into the market's competitive landscape and future outlook.
Market Size
The global bakery products market was valued at USD 513.17 billion in 2023 and is expected to grow at a CAGR of 6.7% between 2024 and 2032.
Market Dynamics
Several factors are driving the growth of the bakery products market, including changing consumer lifestyles, increasing urbanization, and the rise in disposable incomes. Additionally, the growing demand for healthier and natural ingredients in bakery products is contributing to market growth.
Segmentation
The market is segmented based on product type, distribution channel, and region. By product type, the market is segmented into bread and rolls, cakes and pastries, cookies, biscuits, and crackers, and others. Based on the distribution channel, the market is segmented into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail.
Recent Developments
In recent years, several developments have shaped the bakery products market, including product innovations, mergers and acquisitions, and partnerships among key players in the market. These developments are aimed at meeting the evolving consumer preferences and enhancing market presence.
Component Insights
The market is segmented based on components such as flour, sugar, butter, eggs, and others. Flour is expected to dominate the market, driven by its essential role in bakery product manufacturing.
End-user Insights
The market is segmented based on end-users, including households, bakeries, and foodservice providers. The foodservice segment is expected to dominate the market, driven by the increasing demand for bakery products in restaurants, cafes, and hotels.
Regional Insights
The market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is expected to dominate the market, driven by the growing population, changing consumer lifestyles, and increasing disposable incomes in countries such as China and India.
Market Trends
Several trends are shaping the bakery products market, including the growing demand for gluten-free and organic bakery products, the rise in online retailing of bakery products, and the introduction of innovative flavors and ingredients in bakery products.
Industry News
Recent industry news includes product launches, collaborations, and partnerships among key players in the market. These developments are aimed at enhancing product offerings, expanding market presence, and meeting the growing demand for bakery products.
Key Players in the Global Bakery Products Market
The global bakery products market is highly competitive, with several key players dominating the industry. These players are constantly innovating and introducing new products to meet the changing consumer preferences. Some of the key players in the market include:
- Mondelez International, Inc.
- Associated British Foods Plc
- Nestle S.A.
- Britannia Industries Limited
- Grupo Bimbo, S.A.B. de C.V.
- Finsbury Food Group Plc
- Others
Application Insights
The market is segmented based on applications such as breakfast, snacks, and desserts. Snacks are expected to dominate the market, driven by the increasing trend of snacking and the availability of a wide range of bakery snacks in the market.
FAQs
What was the global bakery products market value in 2023?
- The market reached a value of USD 513.17 billion in 2023.
What is the expected CAGR of the bakery products market between 2024 and 2032?
- The market is expected to grow at a CAGR of 6.7% between 2024 and 2032.
Which region is expected to dominate the bakery products market?
- Asia Pacific is expected to dominate the market, driven by changing consumer lifestyles and increasing disposable incomes.
What are the key trends shaping the bakery products market?
- Key trends include the growing demand for gluten-free and organic bakery products, the rise in online retailing, and the introduction of innovative flavors and ingredients.
Who are the key players in the global bakery products market?
- Key players include several multinational corporations and local/regional players.
What are the major factors driving the growth of the bakery products market?
- Factors driving growth include changing consumer preferences, urbanization, and increasing disposable incomes.
