The global bread and baked food market is expected to be driven by growing food demand over the forecast period. Increasing population, particularly in the developing regions, is presumed to further aid the market growth in the near future.
Hectic lifestyle particularly in developed regions has resulted in a shift in consumer preference towards bread and baked convenience foods. Rapid urbanization in developing regions had a similar effect on the consumer palette and has spurred demand in these regions.
Growing health awareness and easy affordability are key factors that are projected to assist the growth of the global bread and baked food market. Increasing disposable income in the developing regions, such as Asia Pacific, Central & South America, and Middle East & Africa, is presumed to play a key role in prompting consumer preference for baked foods.
Health concerns regarding gluten and carbohydrate consumption have shifted consumer preference away from bread and baked consumption. Dieting trends and competition from other dynamic and healthier substitutes are anticipated to negatively impact the global bread and baked food industry growth over the forecast period.
Though certain bakery products have witnessed demand growth in recent years, they are still plagued by high sugar and fat content, which is projected to negatively impact the industry. Increasing awareness regarding negative health effects is a key factor expected to subdue the bread and baked food market in the near future.
Industry participants have taken ardent steps and invested heavily to produce innovative products and novel baking ingredients. Constantly changing consumer preferences have encouraged companies to continuously develop different products to cater to the growing demand.
R&D initiatives to develop healthier food products promise ample growth opportunities for industry participants. Technological advancements that increase efficiency and reduce operational costs promise abundant opportunities for industry participants over the forecast period.
Plain non-white, plain white, and other specialty breads are the major bread products. Baked products include bread, biscuits and cookies, cakes and pastries, and rolls and pies.
Different regions are characterized by different dietary habits and preferences. Regions such as North America and Europe are dominant bread consumers. However, the bread and baked food market in these regions has been under pressure over the recent past. Consumer preference shifting away from industrially produced eatables due to health and hygiene concerns has resulted in lower demand.
Such a trend has resulted in artisan bakeries as well as alternative baked foods witnessing a brisk growth in the recent past and is presumed to continue over the forecast period. Health concerns have resulted in declining demand for white bread and other processed baked foods in North America. This trend coupled with increasing raw material prices for wheat and sugar is anticipated to put downward pressure on the regional bread and baked food market.
Developing markets such as Asia Pacific and Central & South America are characterized by rapidly rising population and urbanization. These factors have spurred such product demand in these regions. Though regions such as Asia Pacific do not exhibit a bread dominant cuisine, globalization has resulted in this food product being increasingly adopted as a key part of their dietary palette. Such a trend is projected to assist the regional market in the near future.
The bread and baked food market has witnessed several acquisitions and divestitures in the recent past. Companies are taking such strategic initiatives with an aim to increase their production capacity, develop their network, and enhance their product portfolio. Companies are striving hard to introduce novel products in the market and gain a strong foothold in the developing markets.
Prominent bread and baked food industry participants include Grupo Bimbo, Britannia Industries Ltd., Nestle Chile, Interstate Brands Corporation, George Weston Ltd., Sara Lee Bakery Group, Flowers Food, Lewis Brothers, and Hostess Brands LLC.
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The demand for packaged and processed foods is expected to increase owing to their longer shelf life. Furthermore, manufacturers are closely monitoring the product supply to major retailers through specialized communication channels in order to improve restocking. In addition, processed food manufacturers have urged the packaging raw material suppliers as well as contract packers to ensure a steady flow of goods during the lockdown related to COVID-19. The report will account for Covid19 as a key market contributor.