Bakery Products Market Aided by Bakery Market Growth, Projected Reach USD 565 Billion in 2024

Posted January 6, 2020 by johnmarshall

The bakery market is further expected to grow in the forecast period of 2019-2024, growing at a CAGR of 2.7% between 2019-2024. The market is projected to attain USD 565 billion in 2024.

According to a new report by EMR titled, ‘Global Bakery Products Market Report and Forecast 2019-2024’, the market for bakery products is being propelled forward by the global bakery market, which reached a value of USD 482 billion in 2018.

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The global bakery products market is being driven by the increasing consumption of processed products and shift towards convenient food and beverage products. Bread is the leading segment in the bakery products industry. Within Europe, a major bakery market, Germany leads in the bread and rolls segment. Frozen bakery products are also witnessing a growing demand due to their convenience and longer shelf life. In 2017, the global frozen bakery market stood at almost USD 52 billion. Biscuits are also a popular bakery product in the market. Ready-to-eat segment, too, in the bakery industry is being propelled forward due to their convenience.

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The US is the leading bakery products market, globally, accounting for nearly a fifth of the global market. The bakery sector in the US contributes to 2.1% of the country’s GDP. With the rising health concerns associated with the ingredients in bakery products, consumers in the US are increasingly seeking out healthier baked goods which are ideally, gluten-free, have high fibre content and are low in carbs. The US bakery products market is followed by China where the bakery segment is a significant part of the country’s food and beverage industry. Bakery represents 10% of China’s food and beverage market, finding impetus for its growth in the rising demand from Tier 1 cities where consumers are more open to trying out western cuisines. The rise in online bakery platforms has given a significant boost to the bakery market in the country. Thus, China along with Brazil are the fastest growing markets for bakery products. The industry in both the countries grew at a rate of almost 10% over the last four years.

Market Breakup by Types:

1. Bread and Rolls
2. Cake and Pastries
3. Biscuit and Snacks
4. Breakfast Cereals
5. Others

Bread and rolls, cake and pastries, biscuit and snacks, and breakfast cereals, among others, are the major types of bakery products available in the market.

Market Breakup by Forms:

1. Fresh
2. Frozen

By form, they can be broadly bifurcated into fresh and frozen bakery products.

Market Breakup by Distribution Channels:

1. Supermarkets and Hypermarkets
2. Artisanal Bakeries
3. Convenience Stores
4. Independent Retailers
5. Online

Supermarkets and hypermarkets, artisanal bakeries, convenience stores, independent retailers, and online, among others, are the major distribution channels for bakery products.

Market Breakup by Regions:

1. Asia Pacific
2. Europe
3. Middle East and Africa
4. North America
5. South America

Region-wise, the market can be divided into Asia Pacific, Europe, Middle East and Africa, North America, and South America.

Key Findings of the Report:

1. The market is being driven by the rising demand for low-calorie bakery products.
2. The manufacturers are diversifying their products to include organic and gluten-free products to meet the consumer demand.
3. The rapid urbanisation and increasingly hectic lifestyles are aiding the market for bakery products as consumers are seeking out convenient and ready-to-eat products.
4. The globalisation of diets is also driving the market growth with people willing to experiment new products and flavours.
5. The growth in retail channels are making the products easily accessible and available, thus, further propelling the industry forward.

Key Offerings of the Report:

1. The EMR report gives an overview of the global bakery products market for the periods (2014-2018) and (2019-2024).
2. The report offers historical (2014-2018) and forecasted (2019-2024) market information for the types, forms, distribution channels, and regional markets of bakery products.
3. An assessment of the market based on the Porter’s Five Forces model along with a SWOT and value chain analysis has also been provided.

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Issued By John Marshall
Country United States
Categories Business , Industry , Services
Tags bakery products market analysis , bakery products market forecast , bakery products market growth , bakery products market industry , bakery products market price , bakery products market share , bakery products market size , bakery products market trends
Last Updated January 6, 2020