The global bakery product market size is estimated to reach USD 251.1 billion, by 2025, and is projected to grow at the CAGR of 3.2% from 2019 to 2025, according to a new report by Million Insights. The changing consumer preference towards fast food items such as cakes, cookies owing to busy and hectic daily routine is expected to boost the product demand.
The health benefits associated with addition of oats, cereals in bakery foods is anticipated to boost the market growth. In 2018, pastries & cakes product segment dominated the market with market share of around 27.4% in the overall market.
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The cookies segment is also projected to exceed at significant rate over the forecasted period. Growing income level and interest among consumer for the products in countries such as China, India, and Japan is supporting the market growth. The product is also consumed as dietary supplement. In 2018, specialty stores held the largest share in the market. The supermarkets & hypermarkets contributed to share of over 30.0% in the overall market. The growing trend of flavors, texture is also expected to boost the product demand in the coming few years.
Major players in the bakery products market include Nestle S.A., Kraft Food Group, Inc., Britannia Industries Ltd., Bimbo Bakeries USA, General Mills, and Associated British Foods.
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Further key findings from the report suggest:
• The pastries & cakes products are projected to grow at the highest rate of CAGR during the forecasted period.
• Specialty stores channel dominated the market with share of more than 33.0% in 2018.
• Asia Pacific region is anticipated to propel fastest rate during the forecasted period.
• The bakery industry is highly competitive in nature, as the companies continuously engage in strategic acquisitions, partnerships.
Million Insights has segmented the global bakery products market based on product, distribution channel, and region:
Bakery Product Outlook (Revenue, USD Billion, 2014 – 2025)
• Bread & Rolls
• Burger Buns
• Sandwich Slices
• Frozen Bread
• Cakes & Pastries
• Dessert Cakes
• Sponge Cakes
• Bar Cookies
• Molded Cookies
• Rolled Cookies
• Drop Cookies
Bakery Product Distribution Channel Outlook (Revenue, USD Billion, 2014 – 2025)
• Hypermarkets & Supermarkets
• Convenience Stores
• Specialty Stores
Bakery Product Regional Outlook (Revenue, USD Billion, 2014 – 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
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