Bakery Products Industry Overview
The global Bakery Products Market, valued at USD 495.6 billion in 2023, is set to grow at a CAGR of 5.4% from 2024 to 2030. Driving this expansion is the rising worldwide demand for convenient foods, a direct result of evolving lifestyles. The market's strength lies in its diverse product range and its continuous adaptation to different consumer needs, factors that are projected to fuel growth over the coming years.
From cakes and brownies to croissants and cookies, the bakery sector delivers a wide array of products to suit various tastes and occasions. The ongoing innovation in products like biscuits, a common evening snack, highlights the industry's commitment to meeting changing consumer preferences and thereby supporting market growth.
Detailed Segmentation:
- Product Insights
The cookies segment is expected to grow at a significant CAGR over the forecast period. Cookies provide a convenient and delicious way to meet the desired sweet cravings. There is a diverse range of flavors and textures available in cookies which cater variety of consumers with different tastes and preferences. The increasing emphasis on health and well-being is increasing and the demand for digestive cookies, nutritional cookies, whole grain cookies, gluten-free, and no-sugar cookies has increased over the last few years. It is a ready-made and easy breakfast and snack option, which is a key factor in the growth of the cookies segment.
- Distribution Channel Insights
The online segment is projected to grow at the fastest CAGR of 7.7% over the forecast period. Online purchasing enables customers to make orders from the comfort of their homes and receive freshly baked products delivered to their doorsteps. This appeals the busy individuals who have limited time to shop. Online platform provides variety of bakery products, including both local bakery products and specialty shop products from across the country. It gives consumers a wider scope of selection. The recent upsurge in food delivery systems, applications, and services has made it more feasible for customers to order bakery products online. Additionally, social media marketing is making bakery products more popular and connects directly to online customers driving the segment growth.
- Regional Insights
Asia Pacific bakery products market is anticipated to grow with the fastest CAGR of 6.7% over the forecasted period. The rising influence of western food culture in many Asian countries leads to increase in demand for breads, pastries, and cakes in the region. For the growing urbanization and a busy lifestyle, the ready to eat bakery products are becoming popular. The bakery products market is still an untapped business in many Asian countries and people are seeing potential and developing new businesses, which is driving the growth in the region.
Gather more insights about the market drivers, restraints, and growth of the Bakery Products Market
Key Companies & Market Share Insights
Some of the key companies in the bakery products market include Grupo Bimbo S.A.B. de C.V., Britannia Industries, Nestlé S.A., General Mills, Inc., and Campbell Soup Company. Organizations are focusing on increasing their customer base by launching new products in the industry. Therefore, key players are taking several strategic initiatives, such as mergers and acquisitions, and partnerships with other major companies.
- Britannia Industries is a leading food products company established in India, now catering to more than 80 countries in the world. Their key businesses are in bakery, dairy, and adjacent snacking categories.
- Campbell Soup Company is an American company, it is one of the largest processed food companies with a wide range of products such as processed soups, other canned foods, baked goods, beverages, and snacks. Their mission is ‘connecting people through food they love’.
Key Bakery Products Companies:
The following are the leading companies in the bakery products market. These companies collectively hold the largest market share and dictate industry trends.
- Grupo Bimbo S.A.B. de C.V.
- Britannia Industries
- Nestlé S.A.
- General Mills, Inc.
- Campbell Soup Company
- Associated British Foods plc
- Kraft Foods Group, Inc.
- ITC Limited
- Finsbury Food Group Limited
Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.
Recent Developments
- In July 2023, Campbell Soup announced a huge investment of USD 160 million in its Richmond, Utah bakery, to expand its production to meet customers' demand.
- In March 2023, Britannia Industries Limited, announced that it had crossed 100cr revenue in its treat croissant business, in one year of product launch.
No comments:
Post a Comment