Baking has been an oldest food-processing technology known to man. From being a subsistence-based food, the bakery products have attained a phenomenal transformation of being a delicacy-based and choice-arousing food that can continue to contribute its vital share to the rapidly emerging food processing sector. The development is much more dynamic in emerging economies whereas the matured markets of North America and Western Europe are increasingly seeking advanced and sophisticated level of “value-addition” without compromising the indulgence factor, for which bakery products are primarily consumed. The global market of bakery products is majorly driven by factors like rising demand for convenience, safe, healthy, and affordable food products, along with the enhanced focus on indulgence and flavors diversification, especially from artisanal bakers. The aforementioned trends prevailing in the market are estimated to take the compounded annual growth rate (CAGR) of global bakery products market at around 2.6% during the forecast period (2018-2023).
Indulgence is an opportunity for bakery, and bakery market has time and again witnessed the variety of flavors making a mark. Red velvet, salted caramel and s’mores from Pillsbury™ are fetching popularity among Americans. Hostess recently launched Apple and Cherry mini-pies that captures best of both worlds since apple and cherry both can be indulgent flavors, and healthful at the same time.
In the recent years, it has been observed that consumers are more focused on ingredients, and are looking for a healthier label around reduced calories, reduced fat. There are other sets of consumers who are price-conscious. Both ingredient-focused and nutrition-focused consumers are willing to pay more for products having blend of ingredients
Consumers are demanding additives-free, non-GMO, clean-label, and health-promoting baked goods. Thus health and convenience along with indulgence are expected to be trending in developed markets for bakery products.
The global market for bakery products is expected to get a significant boost from the rapid growth of processed food sector, particularly in the emerging markets. The rapid pace of urbanization observed in the countries of Asia as a by-product of overall improvement in the economic situation is setting a stage for this region to be one of the fastest growing in the bakery products.
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The global market for bakery products is segmented based on product type, distribution channel, and geography. Morning baked goods are primarily leading the global growth of bakery products followed by indulgent baked goods like cakes, pastries, and biscuits. In terms of distribution channels, the robust growth of food service retail has been an underlying factor for the enhanced sales of bakery products in the recent years. Geographically, the consumers in Asia and the Middle East have an increasing appetite for indulgence. The Asia Pacific boasts the highest pastry sales globally and accounts for the majority of global growth within pastries.
The major strategies adopted by the companies in the global bakery product market are new product launches, agreements/partnerships, expansions, and acquisitions. The global companies have designed strategies to expand into emerging economies, in an attempt to increase their consumer base. The global bakery product market is highly fragmented, particularly with the significant presence of numerous global and regional players.