Bakery products are grain-based baked goods which are prepared using dry heat in an oven, hot stones or ashes. The primary ingredients responsible for the characteristic flavour, texture and appearance of the bakery products are leavening agents, flour and water. There is a continuous demand for bakery products from all age groups due to their appealing taste and easy to digest nature. Nowadays, bakery products are gaining prominence, particularly in the urban areas as they are convenient and easy to consume. A new research report by IMARC Group, titled “Bakery Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimates that the market reached a value of US$ 456 Billion in 2018. The report further anticipates the market to reach a value of US$ 591 Billion by 2024, registering a CAGR of 4.3% during 2019-2024.
Global Bakery Products Market Drivers/Constraints:
- The introduction of innovative, premium and packaged bakery products, such as whole grain, multigrain, trans-fat free, organic, etc. are accelerating the growth of the global bakery products market.
- The escalating demand for the baked items on formal and informal occasions are further expected to provide an impetus to the bakery products market across the globe.
- The increasing population, rapid urbanisation and rising per capita income of the consumers are some of the other factors propelling the demand for bakery products worldwide.
- The rising prevalence of diet-related health complications coupled with high packaging costs and fluctuating raw material prices are the major factors hampering the growth of the market.
Product Type Insights:
On the basis of type, the market has been segmented into breads and rolls, cakes and pastries, rusks and biscuits. Currently, biscuits are the most popular type of bakery products, accounting for the majority of the global share.
Distribution Channel Insights:
Based on distribution channel, the market has been segregated as supermarkets and hypermarkets, artisanal bakeries, convenience stores, independent retailers, online and others. Amongst these, supermarkets and hypermarkets account for the leading share of the global bakery products market.
On a geographical front, Europe represents the largest market for bakery products, holding the majority of the total share. Owing to the incorporation of healthy ingredients, introduction of innovative flavours and evolving taste palettes, there is a surging demand for the bakery products in the region. Europe is followed by North America and Asia Pacific. Other major regions include Latin America, and Middle East and Africa.
The market is highly concentrated with the presence of a handful of key players who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Grupo Bimbo
- Finsbury Food Group
- Flower Foods
- Hostess Brands
- McKee Foods
- Yamazaki Baking
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