Global bakery product market is expected to witness significant growth over the next eight years owing to rising popularity of natural, healthy and organic baked products along with increasing consumption of bread in China, the U.S., Mexico, and Brazil. Abundant availability of raw materials including sugar, flour, starch, meat, emulsifiers, dried fruit, flavorings, additives, preservatives, gluten, food acids, and vitamins will propel industry growth. Growing demand for various products including donuts, bread, cakes, pastries, and pies is expected to drive market growth. The increasing presence of convenience stores, supermarkets, retailers and food service providers will aid demand over the forecast period.
The bakery products industry will continue to witness moderate rise over the next eight years, driven by factors such as the availability of foods at reasonable prices, variety of products, rapid urbanization, hectic lifestyles, health benefits and the convenience of baked products. Projected growth in the industry will be driven by rising popularity of whole grain, multi-grain and trans-fat free food products, and the increasing sophistication in flavor preferences. Surging consumption of bread and bread products in Australia and India, coupled with a steady shift to whole-wheat bread, multi-grain bread, brown bread and various healthier options is expected to be a major drive for market expansion over the forecast period. Development of the global tourism and hospitality industries will spur demand for bakery products over the forecast period. However, perishability of goods along with fluctuation in raw material prices is expected to hinder market growth over the forecast period.
Moreover, bread manufacturer’s profitability and a focus on operational efficiency related to distribution will be the primary challenge for the industry expansion. Also, implementation of standard packaging norms for biscuits will further pose the problem over the next few years.
Increasing preference for bread, rolls, cakes and pastries, pies, cookies, crackers, pretzels and tortillas is expected to augment demand over the forecast period. Bread will continue to remain the most widely consumed bakery product globally, whereas cakes and pastries will witness the fastest growth over the next eight years. The introduction of novel flavors, increasing penetration, indulgence factor and rising disposable income in Asia Pacific and Latin America will promote pastries demand over the forecast period. The demand for donuts will increase considerably on account of an indulgence factor and the advent of modern chains in India, China, and Brazil.
Europe was the dominant bakery product market, owing to evolving taste palettes, incorporation of healthy ingredients innovative new flavors, and increase consumption frequency.
Asia Pacific is anticipated to be the fastest growing market over the next eight years owing to the presence of the main participants in China, India, Singapore and Japan Developing markets will provide opportunities through greater market penetration and rising per-capita income. Bakery foods are a product of mass consumption on account of their low prices and changing eating habits of people which have led bakery products to gain popularity among the consumers. Armed with newer technology, know-how, and new ideas, many foreign companies have entered and made quick inroads into this lucrative industry within a very short amount of time.
The exponential population growth, presently low per-person consumption, widespread promotional and advertising campaigns by multinationals, rapidly westernized lifestyles and reducing the time for preparation of drive demand in the region. Also, availability of better-quality ingredients such as chocolate, fillings, toppings and flavors and secondly, by international exposure to improve the quality of bakery products will stimulate growth over the next eight years.
The global bakery products market is fragmented in nature with numerous regional and local players. Various participants include Bahlsen GmbH & Co. KG, Allied Bakeries, BAB, Inc., Barilla Holding Societa per Azioni, Bakers Delight, Britannia Industries Ltd., ITC, Dunkin' Donuts, Bruegger's Enterprises, Inc., Einstein Noah Restaurant Group, Inc., Flowers Foods, Inc., Nestlé SA, Kellogg Company, Mondelez International, Inc., McDonald's Corporation, Warburton’s, Ltd. and Finsbury Food Group.
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