Market Size of Baked Food And Cereals Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.69 % |
| Fastest Growing Market | Asia |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Baked Food and Cereals Market Analysis
The baked food and cereals market is valued at USD 552.4 billion for the current year and is projected to register a CAGR of 5.69% over the next five years.
- The bakery food and cereal market is mainly driven by convenience. The necessity to embrace practical solutions in every area of life grows due to the fast-paced way of living. It's challenging for customers to spend more time cooking due to long working days. So, a busy lifestyle increases the consumption of foods like bread, cookies, cakes, and breakfast cereals that are ready to consume.
- Additionally, a fast-paced lifestyle brought on by expanding urbanization and high purchasing capacity also significantly contribute to the rise in demand for convenient, healthy foods. According to the state of a snacking report published by Mondelez International in 2022, 64% of consumers prefer snacking as regular eating behavior over traditional mealtime.
- Additionally, the cost of cakes and pastries is typically more than regular bread manufactured in in-store bakeries. Still, the wide accessibility of options, customization, and expanded options attract consumers to buy, thereby driving the segment's and industry's revenue. Also, there are continuous innovations as the bakery and cereal industry invests a lot in developing beneficial and nutritional products.
- Low-carb, high-fiber, multigrain, and fortified baked food & cereals that appeal to health-conscious consumers have triggered the market growth. The bakery and cereal industry has satisfied the consumers' health concerns and their indulgence in consuming baked and packaged foods as they are produced with high-quality ingredients.
- However, the bakery products contain a significant number of calories. Owing to this factor, health-conscious consumers try to consume low-calorie bakery products. Meanwhile, the increasing prevalence of obesity worldwide is anticipated to drive the sales of low-calorie bakery products over the forecast period.
