Bakery products are grain-based baked goods which are prepared using dry heat in an oven, hot stones or ashes. The primary ingredients responsible for the characteristic flavour, texture and appearance of the bakery products are leavening agents, flour and water. There is a continuous demand for bakery products from all age groups due to their appealing taste and easy to digest nature. Nowadays, bakery products are gaining prominence, particularly in the urban areas as they are convenient and easy to consume. A new research report by IMARC Group, titled “Bakery Products Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market reached a value of US$ 433 Billion in 2017. The report further anticipates the market to reach a value of US$ 569 Billion by 2023, registering a CAGR of nearly 5% during 2018-2023.

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Global Bakery Products Market Drivers/Constraints:

The introduction of innovative, premium and packaged bakery products, such as whole grain, multigrain, trans-fat free, organic, etc. are accelerating the growth of the global bakery products market.

The escalating demand for the baked items on formal and informal occasions are further expected to provide an impetus to the bakery products market across the globe.

The increasing population, rapid urbanisation and rising per capita income of the consumers are some of the other factors propelling the demand for bakery products worldwide.

The rising prevalence of diet-related health complications coupled with high packaging costs and fluctuating raw material prices are the major factors hampering the growth of the market.

Source: https://www.imarcgroup.com/global-bakery-product-market