29th April 2019 - The Global Bakery Product Market is expected to display higher growth rate over the next seven years. The market is subject to witness a substantial growth due to the varying food preferences and increasing consummation of packaged and processed food. Additionally, factors such as growing need for longer shelf life of food product and rising need for organic food products are anticipated to boost the market growth over the forecast period. Globally, the market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for market players to invest for research and development in the bakery product market.
Rising adoption of enzymes, additives, softening agents and baking powders in the baked goods category such as bread, patties, muffins, rolls, tartlets and tarts are prolonging life span of the baked goods. Growing demand for superior quality bakery products with enhanced flavor, texture, taste and odor are estimated to complement the growth of baking product market in the upcoming years. Additionally, increasing consummation and changing user preference towards baked products such as bread, cookies, biscuits, muffins, rolls, tartlets and tarts are further expanding market reach of the baking products market.
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Rising inclination of end users towards bakery products and increasing concern among general population for healthy dietary supplements is anticipated to drive the market demand during the forecast period. Recent developments in baking industry and introduction of innovative products are spurring the demand for bakery products in both developed and developing economies across the globe in near future. However, growing prices, health consciousness among young population, and stringent laws & regulation regarding excessive use of artificial flavors are negatively affecting market growth in the recent years.
Yet, rapid urbanization and increasing per capita income in developing economies across the globe are leading towards rise in consumption of baked food. Rising production and large consumer base in developing countries is expected to propel overall market. On-the-go food, change in lifestyle and need for convenience in developed economies is boosting the demand over the forecast period. Varying food patterns and rising personal expenditure majorly in the developing economies are some of the key factors responsible for boosting the growth of the baking products market in the upcoming years.
In addition, numerous initiatives and growing advertisement by industry players to include the bakery products in the packaged food products and other applications are substantially contributing to advancement of the baking product market over forecast period. Furthermore, major emphasis on the consummation of food products with high nutritional value such as yeast ingredients by consumers in developed economies are propelling growth of the bakery food market during the forecast period.
Bread is considered as one of the faster growing segment in the baking products market with substantial revenue generation in the last couple of years. Growing consummation of bread is credited to high nutritional content and affordability to the price sensitive customers in the developing economies. Baking products involving cakes & pastries segment has also witnessed significant growth owing to increased consumption of snack items and availability of freezers in retail stores.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the changing food habits, increasing demand for demand for packaged and processed food, and existence of prominent industry players in the region. Asia-Pacific region is predicted to hold major market share in the bakery product market with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with shifting preference towards western style food, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the bakery product market are Bahlsen GmbH & Co., KG, Allied Bakeries, Inc., BAB, Inc., Barilla Holding Societa per Azioni, Inc., Bakers Delight, Britannia Industries Ltd., ITC, Inc., Dunkin' Donuts, Inc., Bruegger's Enterprises, Inc., Einstein Noah Restaurant Group, Inc., Flowers Foods, Inc., Nestlé S.A., Kellogg Company, Mondelez International, Inc., McDonald's Co., Warburton’s, Ltd. and Finsbury Food Group.
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