Bakery Market Size, Share, Growth, Industry & Revenue 2031

Report Description

Global Bakery Market Outlook 2031:

The global bakery market size was valued at USD 497.50 Billion in 2022 and is expected to reach USD 689.93 Billion by 2031 projected to expand at a CAGR of 3.7% during the forecast period, 2023 – 2031. Bakery items are made from flour or meal obtained from grains and come in a variety of flavors. Bakery items are made by cooking on hot stones, in an oven, or on hot ashes in the presence of dry heat.

Bread, rolls, cookies, biscuits, cakes, tarts, cupcakes, sweet rolls, pies, coffeecakes, doughnuts, and refrigerated bakery products are among the bakery products available. A standard bread is an everyday staple and a source of essential nutrients that have been produced either commercially or domestically since ancient times. Biscuits are another popular bakery product. With the development of technology, baking procedures have experienced a major transition, with modern ways supplanting ancient baking methods.

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Bakery Market Trends, Drivers, Restraints, and Opportunities:

• Rising investment in technological advancement and growing urbanization are expected to drive overall growth.
• Increasing demand for convenient food products and rising fitness-related issues are key factors increasing demand for healthy baked food products.
• Growing retail channels, improved features of frozen baked items, and new product launches such as low-calorie baked goods as well as changes in nutritional patterns are projected to drive market growth in the coming years.
• Increasing issue of replacing baked goods with cereals such as oats along with strict regulations and the application of international quality standards are major restraining factors of the market.
• Decreased production costs and increased product shelf life are main factors expected to create profitable opportunities for the market.

Scope of Bakery Market report:

The report on the global bakery market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Bakery Market Segment Insights:

Bread & rolls segment is projected to hold significant market share

Based on product types, the bakery market is fragmented into bread & rolls, biscuits, cakes & pastries, and rusks. The bread & rolls segment is further classified as artisanal, packaged, and in-stores. Furthermore, the biscuits segment is sub-segmented into cookies, milk biscuits, cream biscuits, salt cracker biscuits, glucose biscuits, non-salt cracker biscuits, marie biscuits, and others.

The cakes & pastries segment is further categorized into artisanal, packaged, and in-stores. The bread & rolls segment is projected to hold significant market share. Bread is a staple meal, therefore demand in markets is likely to remain stable over the forecast period, while it is expected to rise in developing nations where the number of people is rapidly growing.

On the other hand, the cakes & pastries segment is expected to grow at a rapid growth during the forecast period due to the advent of novel flavors and customers' rising preference for indulgence foods.

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Ready-to-bake segment is anticipated to account for a substantial share

On the basis of form of consumptions, the market is segregated into ready-to-bake, ready-to-eat, and ready-to-proof. The ready-to-bake segment is anticipated to account for a substantial share due to the growing demands for pre-baked products that require less time to bake and providing the option of manufacturing fresh bakery products.

The advancement of freezing technology provides the most well-known preservation methods for the bakery business by extending product shelf life. The use of low-temperature freezing technology has increased the economic potential of bakery products while also creating a new market for bakery items.

Conventional stores segment to expand at a robust growth rate

In terms of distribution channels, the bakery market is divided into conventional stores, specialty stores, and food services. The conventional stores segment is further categorized as grocery stores, mass merchandisers, and online retailers. Additionally, the specialty stores is sub-segmented into artisan bakers, in-store bakeries, and bakery stores.

The food services segment is bifurcated into institutional food service & catering and HORECA. The conventional stores segment is expected to expand at a robust growth rate during the forecast period. Conventional stores have the ability to be a significant distribution channel for frozen bakery items. Among these stores, niche retailers have recognized the chance to develop an effective retail chain.

Previously, these retailers mainly sell their product lines through exclusive stores in desirable locations. These stores, on the other hand, are now aware of the rapid changes in consumer demand for healthier food goods.

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Europe is expected to dominate the market

In terms of regions, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Europe is expected to dominate the market. In terms of the supply chain, distribution channels, product assortment, and consumer preferences, the European bread products market is well-established. Innovations and new product creation are becoming more common in indulgence categories such as pastries, cakes, and cookies. Gluten-free, ancient grain, whole grain, and additive-free items are becoming increasingly popular in Europe's traditional breakfast foods.

Owing to the growing need for fast and nutritious baked goods, such items have the potential for increased sales. Moreover, the increasing need for convenient food goods and rising sales of bread and biscuits in particular present another key drivers of the Eastern Europe market growth.

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