The bakery product market is projected to grow at a CAGR of 3.80%, reaching an estimated value of USD 354.02 billion by 2034. Additionally, the market is expected to reach USD 244.14 billion by 2024.
Rapid urbanization has accelerated the pace of life, leading people to rely increasingly on fast food. This shift has boosted the demand for bakery products, contributing to market growth. Additionally, bakery items constitute a significant segment of the convenience food market, further driving this expansion.
Organizations are prioritizing product innovation in flavors, ingredients, and packaging, enabling diversification of their product portfolios. This focus on innovation is another key driver of market advancement.
The growth of e-commerce has improved the availability and accessibility of bakery products, allowing for delivery to remote areas and enhancing market presence. This factor serves as a crucial driver of the market. Additionally, the rise in disposable income among individuals has made bakery goods more affordable, further boosting demand.
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.
Competitive Landscape
The bakery product market is highly competitive and cluttered, with numerous large-scale organizations vying for market share. Key players in the industry aim to carve out a competitive niche through a differentiated product portfolio, with product innovation being a crucial strategy for gaining market entry and securing substantial shares.
To expand within this sector, businesses pursue strategic initiatives such as forming alliances, partnerships, mergers, acquisitions, and diversifying their offerings.
Key Market Developments
- In September 2021, Mondelez International Inc. entered the snack bar segment. The organization took this initiative to meet the rising consumer demand for nutritional foods. Due to this, the scope of growth for the organization is enhanced.
- In October 2023, Finsbury Food Group Plc. Introduced the Skittles cake, a new product in its existing product portfolio. This product development has helped the organization to penetrate the market, bolstering its market presence.
- In January 2024, Nestle invested US$ 100 million in its coffee factory in Vietnam. Due to this monetary investment, the scope of meeting customer needs is enhanced. Consequently, the market position of the said organization gets bolstered.
Key Companies Profiled
- Nestle SA
- Associated British Foods plc
- Mondelez International Inc.
- Finsbury Food Group Plc
- Bimbo Bakeries USA
- Britannia Industries
- Flowers Foods Inc.
- Rich Products Corporation
- Dr. August Oetker Nahrungsmittel KG
- Gruma, S.A.B. de C.V.
- Bakers Delight Holdings
- Grupo Bimbo S.A.B de C.V.
- Yamazaki Baking Co. Ltd.
- JAB Holding Company
- ARYZTA AG
- General Mills Inc.
- Others
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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
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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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