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Report Overview
The global bakery products market reached a value of USD 513.17 billion in the year 2023. The bakery products industry is further expected to grow at a CAGR of 6.7% between 2024 and 2032, to reach a value of USD 919.9 billion in 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The trend toward natural nutrition, healthy living, and organic products has boosted the demand for whole wheat, light (low-calorie), natural, and additive-free bakery items.
- In 2019, retail bakeries in the US made around USD 3 billion in sales, while commercial bakeries sold over 10 times more, with USD 31 billion in sales.
- The most popular bakery products include cakes, brownies, cupcakes, croissants, cookies, crackers, and rolls. These items are widely consumed.
Competitive Landscape
Market players are focused on product innovation, strategic alliances, and effective branding and marketing strategies to stay ahead of the competition. Companies in the market compete based on various factors such as product innovation, pricing, quality, brand reputation, distribution channels, and responsiveness to consumer trends like health consciousness and sustainability.
Key Industry Players
Associated British Foods Plc was established in 1935 and is based in London, United Kingdom. The company operates in various sectors such as grocery, agriculture, ingredients, and retail. It is a prominent player in the food production and retail industry, offering a wide range of products and services.
Nestle S.A., founded in 1866, has its headquarters in Switzerland, United Kingdom. It is a global food and beverage company renowned for its extensive portfolio of products including dairy, coffee, confectionery, bottled water, breakfast cereals, and pet foods.
Britannia Industries Limited, established in 1892 and headquartered in Bangalore, India, is a leading player in the bakery and dairy industry. The company specialises in the manufacture and sale of biscuits, bread, rusk, cakes, and dairy products. Britannia is well-known for its iconic brands like Britannia and Tiger biscuits.
Other key players in the global bakery products market report include Grupo Bimbo, S.A.B. de C.V., Finsbury Food Group Limited, General Mills Inc., McKee Foods Corporation, Parle Products Pvt. Limited, ITC Limited, Walkers Shortbread Ltd, Lotus Bakeries NV, Kambly SA, and Annie’s Homegrown, Inc, among others.
Bakery Products Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global bakery products market reached a value of USD 513.17 billion in 2023.
The market is expected to grow at a CAGR of 6.7% between 2024 and 2032.
The major drivers of the market include rising disposable incomes, increasing population, new product launches, higher standards of living and shifting lifestyles due to cultural changes, increasing consumption of processed products, the rising demand for low-calorie bakery products, hectic lifestyles, rapid urbanisation, the rise of online bakery platforms, and the rising demand for diversified products like organic and gluten-free products.
The rising product diversification and rapid innovations are expected to be the key trends in the bakery products market.
Regions considered in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The bread and rolls segment is the dominant product in the market.
The major distribution channels in the market include supermarkets and hypermarkets, specialty stores, convenience stores, and online, among others.
Key players in the market are Associated British Foods Plc, Nestle S.A., Britannia Industries Limited, Grupo Bimbo, S.A.B. de C.V., Finsbury Food Group Limited, General Mills Inc., McKee Foods Corporation, Parle Products Pvt. Limited, ITC Limited, Walkers Shortbread Ltd, Lotus Bakeries NV, Kambly SA, and Annie’s Homegrown, Inc, among others.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 919.9 billion by 2032.
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