Bakery Product Market Summary, Value Structure Analysis, Growth Opportunities And Forecast To 2034
The estimated market leap of the bakery product market is at a CAGR of 3.80%, which promises the market to reach US$ 354.02 billion by 2034. Moreover, by 2024, the market is expected to reach US$ 244.14 billion.
Due to rapid urbanization, the speed of an individual’s life
has also increased. As a result, people have started to rely more on fast food.
This surges the demand for bakery food produscts, driving the subject market.
Moreover, bakery products form a large section of the convenience food market,
which propels the subject market’s growth.
Organizations favor product innovation regarding flavors,
ingredients, and product packaging. Due to this, the diversification of the
product portfolio is possible, favoring the market advancement. Hence, this is
another vital market driver.
The rise of e-commerce businesses increases the availability
and accessibility of the bakery product market. Due to this, bakery products
can be delivered to remote areas, creating a better market presence. Hence,
this is another critical market driver. This factor is coupled with an
individual’s increasing disposable income. It enhances the affordability of
bakery goods, driving the subject market.
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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.
“Despite increasing consumption of bakery products,
the emergence of new entrants in the fast food market might split the market’s
target audience, which is a key market restraint for the subject market,” -says Nandini Roy Choudhury (client Partner for
Food and Beverages at Future Market Insights, Inc.)
Competitive Landscape
Many key competitors clutter the global bakery product
market. Organizations take various key strategic initiatives to expand and
embark on their positions in the market. Mergers and acquisitions, strategic
alliances, product innovation, market diversification, and partnerships are
some market expansion tactics organizations use. The following developments in
the subject market are visible:-
- In
September 2023, Nestle SA acquired Advent International, a famous
Brazilian chocolate company. This diversifies the organization’s market
and expands the scope of innovation in the business.
- In
March 2024, Britannia Industries launched Britannia Bourbon with a new
packaging and product design. This will help the organization position its
product better to gain more popularity.
More Valuable Insights Available
Future Market Insights offers an unbiased global bakery
product market analysis, providing historical data from 2019 to 2023 and
forecast statistics from 2024 to 2034.
In the case of the subject market, the analysis is put forth
by assessing key segments By Product Type (Biscuits, including Cookies,
Non-Salt Cracker Biscuits, Salt Cracker Biscuits, Milk Biscuits, Cream
Biscuits, Glucose Biscuits, Marie Biscuits, and Others, Bread and Rolls,
including Artisanal, In-Store, Packaged, and Cakes and Pastries, including
Artisanal, In-Store including Packaged, Pizza Crusts, and Rusks), Specialty
Type (Gluten-free, Fortified, Organic, Low-calorie, and Sugar-free), and
Distribution Channel (Direct, Indirect, Hypermarkets/Supermarkets, Convenience
Stores, Bakery Stores, Artisanal Bakeries, and Online Retailers).
About the Food and Beverage Domain at Future Market
Insights
Future Market Insights’ food and beverage team offers expert
analysis, time-efficient research, and strategic recommendations to provide
authentic insights and accurate results to help clients worldwide. With over
100+ reports and one million+ data points, the team has lucidly analyzed the
industry in 50+ countries for over a decade. The team briefly analyzes key
trends, including competitive landscape, profit margin, and research
development efforts.
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
Information Source:
https://www.futuremarketinsights.com/reports/bakery-products-market
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