Bakery Products Market Size, Share and Forecast

The global bakery products market size is expected to reach USD 744.63 billion by 2027, exhibiting a CAGR of 5.5% during the forecast period. The growing consumption of ready-to-eat food products due to hectic lifestyles will bolster healthy growth of the market, states Fortune Business Insights, in a report, titled “Bakery Products Market Size, Share & Industry Analysis, By Product Type (Bread and Rolls, Biscuits and Cookies, Cakes and Pastries, Doughnuts, Tortillas, Pretzels, and Others), By Category (Fresh and Frozen), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Online Retail), and Regional Forecast, 2020-2027.” The market size stood at USD 491.32 billion in 2019.

Information Source - https://www.fortunebusinessinsights.com/industry-reports/bakery-products-market-101472 

The entire world is fighting with the COVID-19 pandemic, which has severely disrupted trades across the globe. The authorities of several countries have initiated lockdown to prevent the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.

The bakery products market highlights an insightful analysis of the industry, comprising of vital facts and figures. It also offers prominent data about dominant regions, policies adopted by governments and companies. Besides, providing a brief overview of the market with future insights. The report also encompasses key factors exhibiting growth and information regarding COVID-19 impact on various sectors and industries.

Market Driver:

Increasing Urbanization and Population to Boost Business

The increasing women employment in developed and developing nations will have a tremendous impact on the global market. The busy schedule of working women has led to high demand for packed bakery products, in turn, aiding the growth of the market. The inflated demand for baked products such as bread and muffins as breakfast among women can have a positive effect on the market. According to the United States Department of Labor in 2019, the women's employment rate in the U.S. is 46%. The women's employment rates in China and South Africa are 43.7% and 45% respectively. However, according to the International Labor Organization in 2019, the global unemployment rate has fallen drastically to 5% since the 2008 global economic crisis. Globally, 3.3 billion working populations are age 15 and above.

Disrupted Supply Chain to Critically Affect Market Sales During Coronavirus

The COVID-19 pandemic has considerably disturbed the food and beverage industry. The lockdown imposed by the governments and supply chain disruptions will impede the growth of the market amid COVID-19. The declined sales of bakery and dairy products owing to the temporary shutdown of bakery shops and cake factories will aggravate the market amid coronavirus. The low availability of products and the lack of raw materials in the production of bakery products can worsen the market. However, the re-opening of restaurants and cafes in various regions of the world will consequently uplift the market in the forthcoming years.

Regional Analysis:

Rising Consumption of Baked Products to Aid Expansion in Europe

The market in Europe is expected to rise tremendously during the forecast period owing to the increasing consumption of baked products in various countries such as Spain and Belgium. The evolving purchasing power of the consumers and economic stability will enable speedy expansion of the market in the region. The hectic lifestyle of the working-class population will spur demand for ready-to-eat breakfast products such as packaged baked items, in turn, bolstering the growth of the market in Europe. North America is likely to experience a rapid growth rate owing to the increasing consumer base in the US and Canada. The high percentage of working-class women will foster the growth of the market in North America.

Key Development:

June 2020: Britannia introduced a range of packaged croissants in partnership with a Greek-based company Chipita. This product launch is targeting breakfast-substitute consumers.

The Report Lists the Key Players in the Bakery Products Market:

• General Mills Inc. (Minnesota, U.S.)
• Nestle SA (Vevey, Switzerland)
• Britannia Industries Limited (Bengaluru, India)
• Mondelez International (Illinois, U.S.)
• The Kellogg Company (Michigan, U.S.)
• Grupo Bimbo S.A.B. DE C.V. (Mexico City, Mexico)
• Barilla Holding S.p.A. (Parma, Italy)
• Campbell Soup Company (New Jersey, U.S.)
• The Kraft Heinz Company (Illinois, U.S.)
• Dunkin' Donuts LLC (Massachusetts, U.S.)
• Wawona Bakery Products (California, U.S.)
• United Biscuits (London, U.K.)