Bakery Products Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Bakery Products Market is segmented By Product Type (Bars, Bread, Cookies, Desserts, Muffins, Pizza, Sweet Goods, Others), By Form (Packaged, Fresh), By Distribution Channel (Retail Stores, E-Commerce Sites, Supermarkets & Hypermarkets, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Bakery Products Market Overview

The Global Bakery Products Market reached US$ 195.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 251.2 billion by 2031. The market is growing at a CAGR of 3.2% during the forecast period 2024-2031.

The bakery products market is expected to experience sustained demand due to population growth, urbanization and changing consumer preferences. The rising trend of convenience foods and the increasing popularity of bakery products as snacks or on-the-go options are anticipated to contribute to market growth.

The introduction of healthier and organic bakery products, including gluten-free and vegan options, is expected to further fuel market expansion as consumers prioritize their health and dietary preferences.  The convenience of online retail and the growth of e-commerce platforms are likely to provide significant opportunities for bakery product manufacturers to reach a broader consumer base and boost sales.

Bakery Products Market Scope

Bakery Products Market Dynamics

Changing Consumer Lifestyles Drive the Market Growth

Changing consumer lifestyles, such as having busier schedules and a preference for convenience, are leading to an increased demand for bakery products. As a result, the bakery products market is expanding as more consumers rely on bakery products for quick and easy meal solutions or snacks.

To keep up with this evolving trend, bakery product market players are continuously adapting their product offerings to cater to the snacking culture by providing individually packaged baked goods and portion-controlled options.

For instance, on May 15, 2023, Soreen announced the launch of its new Soreen Lift Bars brand, which included three flavors: Blueberry, Raspberry & Vanilla and Chocolate Orange. The soft bakes made for a convenient tasty snack and were ideal for on-the-go consumption, providing a healthier alternative to the average snack bar.

Increasing Awareness of the Health Benefits of the Products to Promote Market Growth

The growth in population, especially in urban areas, directly contributes to the expansion of the bakery products market. As people have more purchasing power, they are more inclined to spend on bakery products as indulgences or for everyday consumption. Market players in the bakery products industry need to adapt their strategies and offerings to capitalize on these trends and meet the evolving demands of urban consumers. 

For instance, on September 14, 2022, Soreen released this year's Halloween Scream multipack, which featured new flavors. The multipack included Cherry Jellies Mini Loaves, which had chopped cherry-flavored jellies and Toffee Apple Scream, made with apple and toffee pieces. These two flavors were available in the form of lunchbox loaves, with each bar containing under 101 calories. The Halloween Scream multipack was available at all major retailers.

Increasing Awareness of Health Issues Hampers the Market Growth

Increasing awareness of health issues, such as obesity and diabetes, has led to greater scrutiny of bakery products due to their often high sugar, fat and calorie content. This has resulted in consumers seeking healthier alternatives, posing a challenge for traditional bakery products, which are restraining market growth.

Segment Analysis

The global bakery products market is segmented based on product type, form, distribution channel and region.

Rising Awareness of Health and Wellness is Expected to Drive the Segment’s Growth

The bars segment has been dominating the global bakery products market. The rising awareness of health and wellness is contributing to the growth of the bars segment. Many bars are formulated with healthier ingredients such as whole grains, nuts, seeds and natural sweeteners. They often cater to specific dietary needs, such as gluten-free, vegan, or low-sugar options. The bars segment offers a wide range of flavors and ingredient combinations, catering to diverse consumer preferences.

Market players continuously innovate by introducing new flavors, textures and ingredient variations, expanding the choices available to consumers. For instance, on May 6, 2021, malt loaf brand Soreen released a new range of plant-based snacks for children called Fruit & Veg Mmms. The individually wrapped snacks are available in two flavors: Blackberry & Beetroot and Orange & Rainbow Carrot. Both flavors are vegan-friendly, catering to a wider range of dietary preferences.

 
Source: DataM Intelligence Analysis (2023)

Top of Form

Bakery Products Market Geographical Penetration

Rising Adoption of High-Quality Bakery Products in Europe

Europe region dominated the global bakery products market. Europe has a long-standing tradition of artisanal baking, renowned for its diverse and high-quality bakery products. This heritage, along with a strong culinary culture, gives Europe bakery products a competitive edge in the global market. European market players adepting at meeting changing consumer demands and adapting to emerging trends.

For instance, in June 2021, Warburtons entered the free-from-cake market by introducing two new additions to its gluten-free lineup. Warburtons Gluten Free Cake Squares were offered in three-packs and were available in two flavors: Raspberry & Hazelnut and Chocolate Orange & Gingerbread.

Source: DataM Intelligence Analysis (2023)

Bakery Products Market Competitive Landscape

The major global bakery products market players include Grupo Bimbo SAB de CV, Kellogg Co, Artisanal Foods, McKee Foods Corporation, Yamazaki Baking Co Ltd, Flowers Foods, Inc, Aryzta AG, Modern Foods Enterprises Private Limited, Britannia Industries Limited and Hostess Brands.

COVID-19 Impact Analysis

The pandemic led to disruptions in the bakery products market as lockdowns, social distancing measures and restrictions on dining-in affected the operations of bakeries, cafes and restaurants. Many establishments faced temporary closures or reduced operating hours, leading to a decline in overall market activity.

However, COVID-19 influenced consumer preferences and purchasing behaviors. Health and safety concerns prompted consumers to prioritize products with longer shelf life, such as packaged and frozen bakery items. There was also an increased demand for healthier and immune-boosting bakery products, including those made with natural ingredients and whole grains.

Artificial Intelligence Impact Analysis

Artificial intelligence technologies play a crucial role in optimizing various aspects of the bakery products market. AI algorithms can analyze market trends, consumer preferences and competitor strategies to identify potential market opportunities. This helps market players make informed decisions regarding product development, pricing and marketing strategies, ultimately maximizing their market potential. AI-powered systems contribute to improving the efficiency of the bakery products market's supply chain.

By Product Type

• Bars
• Bread
  • Bagels
  • Buns
  • Rolls
  • Biscuits
  • Loaves of Breads
• Cookies
• Desserts
  • Cakes
  • Cheesecakes
  • Pies
• Muffins
• Pizza
• Sweet Goods
  • Doughnuts
  • Danish
  • Sweet Rolls
  • Cinnamon Rolls
  • Coffee Cakes
• Others

By Form

• Fresh
• Frozen
• Others

By Distribution Channel

• Supermarkets & Hypermarkets
• Convenience Stores
• Online Sales
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In April 2022, Walker's Shortbread partnered with retailer Dufry to launch a new Global Travel Retailer range at more than 55 travel sites worldwide. The product range included several types of shortbreads and other products.
• In September 2021, Finsbury Food Group expanded its Mary Berry supermarket cake range with the launch of Bundt cakes. The Bundt cakes came in two flavors: lemon sponge cake with lemon icing, lemon curd drizzle and hand-decorated Belgian white chocolate curls and chocolate sponge cake featuring chocolate icing and hand-decorated Belgian dark and white chocolate.
• In January 2021, Chipita SA, a global baker of packaged cakes and pastries, was acquired by Mondelez International Inc. Croissants, bagel chips, cake bars, biscuits and spreads were among the company's products, which were largely offered under the 7Days, Chipicao and Fineti names.

Mondelez planned to use Chipita's Central and Eastern European distribution network to expand its distribution in the region while also introducing its brands to new nations in the region and beyond.

Why Purchase the Report?

• To visualize the global bakery products market segmentation based on product type, form, distribution channel and region and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of bakery products market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global bakery products market report would provide approximately 61 tables, 63 figures and 124 Pages.

Target Audience 2024

• Manufacturers / Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies