Bakery Products Market: Future Growth & Demand

The global bakery product market size is expected to reach USD 251.1 billion by 2025 registering a CAGR of 3.2%, according to a new report by Grand View Research, Inc. The market is majorly driven by the growing product demand owing to time-constrained lifestyles of customers resulting in increased on-the-go food consumption. The major companies are involved in continuous innovation and introduction of novel flavors owing to high industry rivalry. High demand for Ready-to-Eat (RTE) foods, owing to hectic lifestyle, is also contributing to the market growth. Cakes & pastries segment led the market in 2018, accounting for 27.4% of the global revenue share.

It was followed by cookies as the second-largest segment, owing to rapid urbanization, rising income levels, altering food experiences. Many bakery product manufacturers are doing backward integration, which would help ensure and enhance the product quality. In addition, demand for bakery products is growing on account of their ability to meet dietary requirements. Specialty stores was the largest distribution channel segment in 2018. It was followed by hypermarket & supermarket as the second-largest market, accounting for 30.5% of the global revenue share on account of easy availability of a variety of brands and flavors.

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Further key findings from the study suggest:

• Cakes & pastries is likely to be the largest, as well as fastest-growing, product segment over the forecast period
• Specialty stores led the market in 2018 accounting for a share of over 33% and is projected to maintain its dominance throughout the estimated period
• In terms of revenue, Europe was the leading market in 2018. However, Asia Pacific is expected to be the fastest-growing regional market from 2019 to 2025
• Breads & rolls, the major contributor of product segment, is mostly driven by new production methods that carry nutritional content
• The bakery products market is highly competitive with companies participating in several initiatives including frequent mergers, acquisitions, capital expansion, and strategic alliances
• Some of the key companies in the market are General Mills, Inc.; Nestle S.A.; Bimbo Bakeries; George Weston; and Campbell Soup Company

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About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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