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Bakery Products Market Size, Share & COVID-19 Impact Analysis, By Product Type (Bread, Cakes and Pastries, Biscuits and Cookies, and Other Bakery Products), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Convenience Stores, and Others), and Regional Forecast, 2021 – 2028

Region : Global | Format: PDF | Report ID: FBI101472

 

KEY MARKET INSIGHTS

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The global bakery products market size was USD 397.90 billion in 2020. The market is projected to grow from USD 416.36 billion in 2021 to USD 590.54 billion by 2028, growing at a CAGR of 5.12% during the forecast period (2021-2028). The global impact of COVID-19 has been unprecedented and staggering, with these products witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower/higher growth of 1.50% in 2020 as compared to the average year-on-year growth during 2017-2019. The rise in CAGR is due to the growing demand for convenient foods, increasing westernization in the emerging markets, and rising spending on packaged foods.


Bakery products are high in demand due to their convenience and affordability. Moreover, the bakery industry is constantly evolving with the launch of innovative products, thereby creating further growth. The rising influence of western diets, increasing urbanization, and rising working women population significantly contribute to the de


COVID-19 IMPACT


velopment of the baked goods market.


Disruption in Supply Chain of Bakery Products to Impact Market Value amid COVID-19


To limit the spread of COVID-19, the governments in many countries declared the shutdown of many food and beverage manufacturing companies, restricted transportation, and border closures. This lockdown led to the panic buying of bakery items in the initial months, thereby stockpiling the products. However, increase in the number of COVID-19 cases and the rise in absenteeism of workers in production led to shortage of output. Border closures further impacted the supply chain of baked goods. Therefore, the impact on the demand and supply of bakery items led to declined sales rate in 2020.


LATEST TRENDS


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Growing Consumer Inclination Toward Better-for-you Baked Products


Since the COVID-19 outbreak, health has become a top priority among consumers worldwide. According to International Food Information Council's (IFIC) 2021 Food & Health Survey, one in five consumers is dynamically looking for health benefits from foods. Therefore, there is a growing interest in plant-based food and beverages. Hence, these product manufacturers are focusing on developing vegan baked goods. For instance, in June 2021, RXBAR, the Kellogg Company subsidiary, launched its first plant-based product, peanut butter, and chocolate chip flavors.


In addition, consumers are paying close attention to their sugar intake. According to Ingredion's Sugar Reduction Resource Center's bakery insight, 42% of consumers want to reduce the amount of sugar. The number of Americans restricting or avoiding sugar consumption has remained stable at 72% since 2020, according to IFIC's 2021 Food & Health Survey. Therefore, reducing sugar content in bakery fillings would boost the growth of healthy bakery items.


DRIVING FACTORS


Mounting Demand for Convenient Food Products to Support Market


Convenience is the primary driver for the bakery market. The fast-paced lifestyle increases the need to adopt convenient solutions in all aspects of life. Long working hours make it difficult for consumers to spend more time cooking. Thus, a hectic lifestyle boosts the consumption of ready-to-eat food products such as bread, cookies, cakes, tortillas, frozen pizza, and biscuits. Furthermore, high spending capacity and growing urbanization that result in a fast-paced lifestyle also plays an essential role in surging the demand for convenient food For example, in the U.S., doughnuts are considered anytime food and often eaten as a meal substitute, whereas cakes are usually consumed as snacks.


Rising Working Women to Positively Influence the Bakery Products Market Growth


An increasing number of working women offer significant opportunities for the growth of the bakery market. As employed women have limited time cooking or preparing a meal, they prefer ready to eat and frozen meals. According to the World Bank, 47% of the global labor force was women in 2019. The women's employment rate in the U.S. was 46% and 44% in China, according to the U.S. Department of Labor in 2019. Thus, nearly half of the working population was women. Thus, the rising employed women population is likely to boost the sales of baked goods.


RESTRAINING FACTORS


Growing Health-issues from Bakery Food Consumption to Obstruct Market Growth


Bread is one of the most consumed bakery product. However, its consumption is declining significantly in developed countries due to the growing concern for weight gain and high consumption of gluten. Moreover, gluten is unacceptable in people with celiac disease. 


Since most baked goods are prepared using refined flour, its excessive consumption leads to various health issues, including obesity. Therefore, doctors recommend consuming nutritionally balanced food such as the addition of high protein and probiotic food in a regular diet. The high content of sugar and carbs also makes bakery items an unhealthy go-to option due to the rising concern regarding lifestyle related health issues such as obesity and diabetes. Thus, to overcome these concerns, manufacturers invest in R&D to develop new products containing whole grains.


SEGMENTATION


By Product Type Analysis


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Bread Segment to Dominate Market Owing to its High Consumption


Based on product type, the market is divided into bread, cakes and pastries, biscuits and cookies, and others. The dominance of the bread segment is due to its high consumption among consumers of varied age groups. The high nutritional value, price, and convenience are primary factors that increase bread consumption in Western diets. Moreover, nowadays, bread is available in various categories such as gluten-free, whole grain, and high-fiber products. Thus, the availability of these new bread products is likely to boost its consumption among consumers who prefer to consume healthy diets.


The biscuits and cookies segment is projected to grow at the highest CAGR due to increasing consumer preferences in developed and developing countries. Also, many manufacturers are coming up with healthy options such as oat and whole-grain-containing cookies. For instance, in April 2021, U.S.-based the Famous 4th Street Cookie Company launched two new oatmeal cookies, Orange Cranberry and Sunrise Granola. The snacking culture further influences the consumption of cookies and biscuits.


By Distribution Channel Analysis


Supermarkets/Hypermarkets Segment to Remain Dominant Due to Availability of Wider Product Range


Based on distribution channel, the supermarkets/hypermarkets segment is expected to hold the largest revenue share due to its proximity, accessibility, and affordability. Furthermore, it has been observed that there is a dedicated retail shelf for bakery items.


The other retail channels, such as convenience stores and online platforms, would showcase stronger growth in the coming years owing to its convenience offered and enhanced shopping experience. Therefore, the strengthening network of distribution channels and e-commerce platforms is expected to flourish the bakery market.


REGIONAL INSIGHTS


Europe Bakery Products Market Size, 2020 (USD Billion)

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Europe accounted for the largest bakery products market share and is predicted to remain the leading segment during the forecast period. The European market growth is supported by more than 150 bakery companies and the growing trend of snacking culture. Due to high consumption of the product in the region, consumers constantly seek healthier alternatives such as bread with whole grain, high-fiber, and omega-3 content.


In Italy, many consumers buy gluten-free bread to support the health and wellness trend in the country. Also, gluten-free bread is easy to digest and better for health.


Convenience is the primary factor driving the growth of the bakery market in the North America market. Leading players such as Mondelez International, General Mills, and Grupo Bimboo support the market growth in North America. The U.S. leads the North America market owing to the high consumption of bread, cakes, and pastries. The heavy reliance on bakery products in Mexico makes it the fastest growing country in the region.


The Asia Pacific market reported a significant growth in the coming years. The region's high growth is supported by increasing adoption of western diets in China, India, and other Southeast Asian countries. The rising number of women working for the population in the region and the growing disposable income support the market growth. Moreover, the growing healthy-living trend in China and Japan boosts the demand for reduced sugar and low-carb bread, cakes, and pastries.


Brazil leads the South America bakery market, owing to the high inclusion of bakery items in their daily diet. In Brazil, bakery food consumers are also looking for packaged bread with healthier ingredients in Argentina, Chile, and Columbia. Snacking trend influences the consumption of biscuits among adults and children.


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In the Middle East & Africa, the bakery market is propelled by rising consumption of packaged foods due to their convenience. In Africa, the growing middle-class population also supports the region's growth. Turkey is a key market for bakery food products in the region, and its sales are driven by high demand in local and foreign markets.


KEY INDUSTRY PLAYERS


Key Players Launching Innovative Bakery Products to Gain Bulging Market Share


Mondelez International, the Kellog Company, Associated British Foods, General Mills, and Grupo Bimboo are major players operating in the market. With the rising health concerns, major players are focusing on launching innovative and healthy baked products. For instance, in November 2021, Bimbo Bakeries USA, a subsidiary of Grupo Bimboo, launched soft & smooth wheat bread under its Sara Lee Delightful variety line. This new product is made using whole grains and contains no added sugar. For instance, in September 2021, Mondelez International launched Limited Edition Pokemon x Oreo cookies. This new launch would attract kids and the younger generation.


LIST OF KEY COMPANIES PROFILED:



  • Mondelez International, Inc. (Illinois, U.S.)

  • Associated British Foods plc (London, U.K.)

  • The Kellogg Company (Michigan, U.S.)

  • Grupo Bimboo, S.A.B. de C.V. (Mexico City, Mexico)

  • Yamazaki Baking Company, Ltd. (Tokyo, Japan)

  • Campbell Soup Company (New Jersey, U.S.)

  • Britannia Industries Limited (Bengaluru, India)

  • General Mills, Inc. (Minnesota, U.S.)

  • Dunkin' Donuts LLC (Massachusetts, U.S.)

  • Flower Foods (Georgia, U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • March 2021:U.S.-based, Mmmly launched plant-based reimagined cookies. These cookies comprises clean ingredients such as prebiotic fiber, root vegetables, fruits, and healthy fats that fuel the brain support gut health and overall well-being.

  • September 2020:Nestlé Professional signed a partnership contract with Dawn Foods to launch KitKat muffins in Europe and the Middle East counties.


REPORT COVERAGE


An Infographic Representation of Bakery Products Market

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The global research report provides a detailed bakery products market analysis and focuses on key aspects such as competitive landscape, product types, and distribution channel. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors contributing to the market's growth in recent years.


Report Scope & Segmentation












































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



By Product Type



  • Bread

  • Cakes and Pastries

  • Biscuits and Cookies

  • Other Bakery Products



By Distribution Channel



  • Supermarkets/Hypermarkets

  • Specialty Stores

  • Convenience Stores

  • Others



By Geography



  • North America (By Product Type, Distribution Channel, and Country)

    • U.S. (By Product Type)

    • Canada (By Product Type)

    • Mexico (By Product Type)



  • Europe (By Type, Distribution Channel, and Country)

    • U.K. (By Product Type)

    • France (By Product Type)

    • Germany (By Product Type)

    • Spain (By Product Type)

    • Italy (By Product Type)

    • Rest of Europe (By Product Type)



  • Asia Pacific (By Type, Distribution Channel, and Country)

    • China (By Product Type)

    • India (By Product Type)

    • Japan (By Product Type)

    • Australia (By Product Type)

    • Rest of Asia Pacific (By Product Type)



  • South America (By Type, Distribution Channel, and Country)

    • Brazil (By Product Type)

    • Argentina (By Product Type)

    • Rest of South America (By Product Type)



  • Middle East and Africa (By Type, Distribution Channel, and Country)

    • South Africa (By Product Type)

    • Turkey (By Product Type)

    • Rest of Middle East & Africa (By Product Type)





Frequently Asked Questions

Fortune Business Insights says that the market size of the market was at USD 397.90 billion in 2020 and is projected to reach USD 590.54 billion by 2028.

The market is projected to grow at a CAGR of 5.12% during the forecast period (2021-2028).

Bread is expected to be the leading product type of segment in the global market.

Mounting demand for convenience food products across the globe is driving the market growth.

Associated British Foods, General Mills, and Mondelez International are a few of the top players in the global market.

Europe is expected to hold the highest market share throughout the forecast period.

Other retail channels, including online retails, are expected to be the fastest-growing segment during the forecast period.

Growing health issue from excessive consumption of baked goods is the major market restraint.

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Bakery Products Market Size, Share and Global Industry Trend Forecast till 2026
  • Feb, 2022
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