The Rising Bakery Products Market
There's something universally comforting about the aroma of freshly baked goods wafting through the air. From the intricate patterns on a croissant to the warm embrace of a just-out-of-the-oven loaf of bread, bakery products have woven their way into the fabric of cultures worldwide. Delving into this delicious world, the latest report from Expert Market Research titled, ‘Global Bakery Products Market Size, Share, Value, Growth, Report and Forecast 2023-2028’, This comprehensive study not only charts out the growth trajectory of this sector but also captures the evolving consumer preferences and technological advancements driving change. Join us as we slice through the data and serve up some fresh insights on what's baking in this industry!
Bakery Products Market Outlook
In 2022, the worldwide market for bakery products was valued at USD 480.95 billion. When you see all the different breads, pastries, and biscuits, it's not just about yummy snacks. It shows how the baking world has been booming. And with predictions saying the bakery market will grow by 6.7% from 2023 to 2028, it's clear we all really love our baked treats. In this post, we will knead into the trends, factors, and future of this ever-growing market.
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Bakery Products Market: Latest News (2022-2023)
- Consumer Preferences: A 2022 survey highlighted the rising preference for artisanal and handmade bakery products over mass-produced items, signaling a shift towards quality over quantity.
- Economic Factors: The economic downturn in late 2022 impacted the luxury bakery segment, with consumers opting for essential baked items and cutting back on discretionary spending.
- Health and Safety Regulations: Given the lingering effects of the pandemic, strict health and safety guidelines for bakeries were implemented in 2022, emphasizing regular sanitation and contactless deliveries.
- Sustainability Efforts on the Rise in the Baking Industry: Major bakeries worldwide are prioritizing sustainable packaging to meet consumer demands for eco-friendly solutions. Bakery companies have committed to ensuring all their packaging is recyclable by 2025.
- Artisanal Bakeries Seeing Increased Demand: People are eating healthier these days and preferring local bakeries that serve fresh, organic goodies. In fact, a recent survey found that sales for these local bakeries went up by 15% in the last year.
- Plant-Based and Gluten-Free Products Gaining Traction: The popularity of vegan diets and rising awareness of gluten intolerance has driven bakeries to expand their product lines.
- Digitalization Boosts Online Bakery Sales: COVID-19 influenced a significant push towards online sales, and the baking industry was no exception. E-commerce platforms dedicated to bakery goods have seen a surge in subscriptions and orders.
- Supply Chain Challenges Continue: The global supply chain disruption has affected ingredient availability and prices. This has resulted in a price hike for some bakery items and has driven bakeries to seek local ingredient sources.
- Health-Focused Bakery Products in Demand: With a rise in health awareness, bakeries are introducing products with reduced sugar, high fiber, and added vitamins and minerals.
- Baking Workshops Gain Popularity: To boost customer engagement and capitalize on the baking-at-home trend, several bakeries have started offering workshops and online classes.
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Bakery Products: More than Just Comfort Food
For many, bakery products evoke memories of grandma's kitchen, Sunday family breakfasts, or the comforting aroma that wafts from a local bakery. But beyond these nostalgic feelings lies an industry characterized by innovation, diversity, and adaptability.
The Yeast Behind the Rise
Several factors contribute to the projected growth of the bakery products industry:
- Urbanization & Lifestyle Changes: As urban centers expand and modern lifestyles evolve, the demand for convenient and ready-to-eat food items increases. Bakery products, given their shelf stability and convenience, fit perfectly into this trend.
- Health & Wellness Trends: The modern consumer seeks balance. Even as people enjoy treats like chocolate croissants, many are searching for gluten-free or whole grain choices. Bakeries are catching on and offering a variety of options to fit different diets and tastes.
- Innovation in Flavors: From matcha-filled muffins to sourdough bread with exotic seeds, bakeries continually experiment to offer unique flavors, keeping the interest of consumers piqued.
- E-commerce & Delivery Services: The digital age has brought the bakery to the doorstep. With online ordering and delivery services, consumers can now access their favorite baked goods with a click.
Understanding the Bakery Products Sector and Its Key Categories
Bakery stuff mostly comes from flour, making things like bread, cookies, pies, and muffins. They're full of carbs, protein, and fat and have been a basic food for ages.
On the basis of product type, the market can be segmented into:
- Biscuits
- Cookies
- Cream Biscuits
- Glucose Biscuits
- Marie Biscuits
- Non-Salt Cracker Biscuits
- Salt Cracker Biscuits
- Milk Biscuits
- Others
- Bread and Rolls
- Artisanal Bakeries
- In-Store Bakeries
- Packaged
- Cakes and Pastries
- Artisanal Bakeries
- In-Store Bakeries
- Packaged
- Rusks
Based on distribution channel, the market has been segmented into:
- Convenience Stores
- Supermarkets and Hypermarkets
- Independent Retailers
- Artisanal Bakeries
- Online
- Others
The regional markets for bakery products include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Bakery Products Market Trends: A Flourishing Landscape
Bakery products, with their widespread appeal and timeless nature, have always found a special place on our dining tables and in our hearts. With changing consumer behaviors, technological advancements, and dynamic market forces, the bakery products industry is undergoing a significant transformation. Let's delve into the most prominent trends shaping the bakery products market today.
Health and Wellness Focus:
As health awareness surges globally, consumers are seeking healthier alternatives, even in their bakery products. People are now wanting bakery things that are whole grain, gluten-free, and have less sugar. They're also going for stuff made with natural ingredients because they're reading labels more and don't want any extra stuff added in.
Ethical and Sustainable Choices:
Nowadays, people aren't just buying things; they want to know the story behind them. They're choosing brands that care about the planet, use green farming methods, have earth-friendly packaging, and get their stuff from good places. Bakery brands highlighting their commitment to sustainability often find an edge in today's competitive market.
Gourmet and Artisanal Products:
The appeal of handcrafted, artisanal bakery products has been growing rapidly. These products, often made with traditional methods and unique ingredients, offer an authentic and premium experience. Artisanal bakeries focus on quality over quantity, differentiating their products with distinct flavors and textures that can't be replicated by mass-produced items.
Global Flavors Fusion:
The world is more connected than ever before, and our palettes are becoming increasingly global. The bakery sector is embracing this global fusion, incorporating flavors and ingredients from different cultures. From matcha-flavored croissants to turmeric-infused bread, the merging of culinary traditions is a trend that's here to stay.
Digital Integration and E-commerce Growth:
The digital wave is transforming every industry, and bakeries are no exception. Many bakery businesses are harnessing the power of e-commerce platforms to reach a wider audience. Subscription models, online delivery services, and curated bakery boxes have gained traction, offering consumers convenience and a wide variety to choose from.
Personalization and Customization:
Personalization is becoming the norm in many industries, and bakery products are catching on to this trend. Consumers today want products tailored to their preferences, whether it's in terms of flavor, design, or dietary needs. This is evident in the growth of customized cakes, pastries, and even bread on demand.
Functional Bakery Products:
Bakery products are no longer limited to being mere sources of indulgence. With the introduction of superfoods, probiotics, and
fortified ingredients, they now offer added health benefits. For instance, bread with added fiber for digestive health or cookies fortified with vitamins are making waves in the market.
Snackification Trend:
With hectic lifestyles and changing eating habits, there's a shift from traditional meal times to frequent snacking. Bakery products are perfectly positioned to cater to this trend. Portable, convenient, and delicious, items like muffins, croissants, and cookies are becoming popular snack choices.
Innovative Packaging:
The way a product is packaged can significantly influence purchasing decisions. With rising environmental concerns, there's a move towards sustainable packaging solutions. Moreover, innovative packaging designs that maintain product freshness, while also being visually appealing, are in demand.
Experience-centric Brick and Mortar Stores:
While online sales are growing, the importance of physical bakery stores remains. However, there's a shift from traditional stores to experience-centric spaces. Consumers aren't just looking to buy bakery products; they want an immersive experience, be it through open kitchen designs, baking workshops, or aroma-filled spaces.
Key Market Players
The major players in the market are:
- Finsbury Food Group Plc
- Bimbo Bakeries USA
- Britannia Industries
- Nestle SA
- Associated British Foods plc
- Mondelez International, Inc
- Bakers Delight Holdings
- Others
Bakery Products Market: COVID-19 Impact
The onset of the COVID-19 pandemic introduced unprecedented challenges to various sectors, including the bakery products market. The industry, heavily reliant on both local sales and global supply chains, faced several disruptions. However, as with many markets, the bakery sector also saw opportunities amidst the challenges. Here's a comprehensive look at the COVID-19 impact on the bakery products market:
- Supply Chain Disruptions: With lockdowns and restrictions, many bakeries faced disruptions in their supply chains. Ingredients, especially those imported, became harder to procure, leading to reduced production or the need to find alternative sources.
- Shift to Home Baking: With more people confined to their homes, there was a notable surge in home baking. Retail sales of baking ingredients such as flour, sugar, and yeast spiked as people rediscovered the joy of baking at home. This meant commercial bakeries faced competition from an unexpected quarter – the home kitchen.
- Closure of Outlets and Eateries: Many bakeries, especially those operating as cafés or sit-down eateries, faced severe losses due to closure mandates. Without foot traffic and dine-in customers, sales plummeted.
- Surge in Online Orders and Deliveries: While physical sales decreased, there was a considerable uptick in online orders. Bakeries that had an online presence or could pivot quickly to establish one benefited from this shift. Delivery and curbside pick-ups became the new norm.
- Health and Safety Concerns: Consumer behavior changed with an increased emphasis on health and safety. Bakeries had to ensure stringent safety measures, both in production and delivery. Those that could effectively communicate their safety protocols to customers gained a competitive edge.
- Economic Impact: With job losses and economic downturns, many consumers reduced discretionary spending. Premium or luxury bakery items saw a dip in sales, while essential baked goods like bread remained stable or even saw growth in some areas.
- Innovation in Products: To cater to the changing needs, many bakeries introduced DIY baking kits, pre-mixes, and other innovative products that allowed consumers to enjoy fresh bakery products at home with minimal effort.
- Focus on Immunity-boosting Ingredients: Given the health crisis, there was a growing demand for products with immunity-boosting ingredients. Bakeries introduced products infused with ingredients like turmeric, ginger, and other herbs known for their health benefits.
- Local vs. Global: With disruptions in international supply chains, there was a renewed focus on local produce and ingredients. This not only ensured uninterrupted production but also resonated with consumers who wanted to support local businesses.
- Post-pandemic Recovery: As restrictions eased, bakeries had to adapt to the new normal. While many continued emphasizing online sales, others re-opened their physical locations with reduced capacities, social distancing measures, and enhanced sanitation protocols.
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