The latest report by IMARC Group, titled “Bakery Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global bakery products market size reached US$ 497.5 Billion in 2022. Bakery products comprise a range of baked goods prepared using dry heat in an oven, hot stones, or ashes. Some commonly consumed baked products include cakes, bread, pies, muffins, donuts, cookies, bagels, biscuits, pastries, rolls, macrons, and brownies. They are usually made using grain-based flour, water, salt, sugar, flavorants, and leavening agents. They generally have a sweet or savory taste, fluffy texture, and are easy to consume and store for extended periods. Moreover, bakery products are widely consumed across the globe due to their palatability and easily digestible nature.
Global Bakery Products Market Trends:
The changing consumer dietary preferences and the escalating demand for convenience foods represent the primary factors driving the market growth. Additionally, there has been a significant shift toward processed, packaged, and ready-to-eat baked products due to the rising consumer disposable incomes, improving living standards, and rapid urbanization. In line with this, the increasing number of artisanal bakery shops and patisseries offering different varieties of baked goods has augmented the product demand. Furthermore, with the growing health consciousness among the masses, the leading manufacturers are introducing low-calorie bakery products containing multi-grains or whole wheat and low trans-fat content. Along with this, recent product innovations, such as the launch of gluten-free, vegan, lactose-free, and high fiber product variants made using premium quality ingredients, have propelled the market growth. Besides this, the surging awareness regarding the adverse health effects of synthetic additives in conventional bakery items has accelerated the adoption of clean label, organic, and fortified bakery products. Other factors, including the expanding food and beverage industry, integration of robotics technology with the bakery processing equipment, emerging healthy snacking trend, and easy product availability via online and offline channels, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 625.9 Billion by 2028, growing at a CAGR of 3.7% during 2023-2028.
- Based on the product type, the market has been divided into biscuits (cookies, cream biscuits, glucose biscuits, Marie biscuits, non-salt cracker biscuits, salt cracker biscuits, milk biscuits, and others), bread and rolls (artisanal bakeries, in-store bakeries, and packaged), cakes and pastries (artisanal bakeries, in-store bakeries, and packaged), and rusks (artisanal bakeries, in-store bakeries, and packaged). Amongst these, bread and rolls represent the largest market segment.
- On the basis of the distribution channel, the market has been classified into convenience stores, supermarkets and hypermarkets, independent retailers, artisanal bakeries, online stores, and others. Currently, supermarkets and hypermarkets account for the majority of the market share.
- Region-wise, Europe holds the leading position in the market. Other major regions include Asia-Pacific, North America, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been analyzed, with some of the key players being Grupo Bimbo S.A.B de C.V., Yamazaki Baking Co., Ltd., JAB Holding Company, ARYZTA AG, Flowers Foods, Inc., Rich Products Corporation, Dr. August Oetker Nahrungsmittel KG, Gruma, S.A.B. de C.V., General Mills, Inc., and Associated British Foods (ABF) Plc.
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