The estimated market leap of the bakery product market is at a CAGR of 3.80%, which promises the market to reach USD 354.02 billion by 2034. Moreover, by 2024, the market is expected to reach USD 244.14 billion.
Due to rapid urbanization, the speed of an individual’s life has also increased. As a result, people have started to rely more on fast food. This surges the demand for bakery food produscts, driving the subject market. Moreover, bakery products form a large section of the convenience food market, which propels the subject market’s growth.
Organizations favor product innovation regarding flavors, ingredients, and product packaging. Due to this, the diversification of the product portfolio is possible, favoring the market advancement. Hence, this is another vital market driver.
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The rise of e-commerce businesses increases the availability and accessibility of the bakery product market. Due to this, bakery products can be delivered to remote areas, creating a better market presence. Hence, this is another critical market driver. This factor is coupled with an individual’s increasing disposable income. It enhances the affordability of bakery goods, driving the subject market.
Key Takeaways from the Market Study
- The forecasted CAGR of the market has increased to 3.80% from 3.50%, which promises constant growth for the global bakery product market.
- The Indian market registers the highest advancement rate and progresses at a CAGR of 5.5%.
- The United States of America leads North America regarding the market’s growth rate. It advances at a CAGR of 4.2%.
- Based on the product type, the biscuit segment is the largest market segment of the subject market and holds 34.2% of the market.
“Despite increasing consumption of bakery products, the emergence of new entrants in the fast food market might split the market’s target audience, which is a key market restraint for the subject market,” -says Nandini Roy Choudhury (client Partner for Food and Beverages at Future Market Insights, Inc.)
Competitive Landscape
Many key competitors clutter the global bakery product market. Organizations take various key strategic initiatives to expand and embark on their positions in the market. Mergers and acquisitions, strategic alliances, product innovation, market diversification, and partnerships are some market expansion tactics organizations use. The following developments in the subject market are visible:-
- In September 2023, Nestle SA acquired Advent International, a famous Brazilian chocolate company. This diversifies the organization’s market and expands the scope of innovation in the business.
- In March 2024, Britannia Industries launched Britannia Bourbon with a new packaging and product design. This will help the organization position its product better to gain more popularity.
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Bakery Product Market- Key Segments
By Product Type:
- Biscuits
- Cookies
- Non-Salt Cracker Biscuits
- Salt Cracker Biscuits
- Milk Biscuits
- Cream Biscuits
- Glucose Biscuits
- Marie Biscuits
- Others
- Bread and Rolls
- Artisanal
- In-Store
- Packaged
- Cakes and Pastries
- Artisanal
- In-Store
- Packaged
- Pizza Crusts
- Rusks
By Specialty Type:
- Gluten-free
- Fortified
- Organic
- Low-calorie
- Sugar-free
By Distribution Channel:
- Direct
- Indirect
- Hypermarkets/Supermarkets
- Convenience Store
- Bakery Stores
- Artisanal Bakeries
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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