Pune, India, 22 Feb. 2022 (GLOBE NEWSWIRE) — The world baked goods market is expected to emerge over the forecast period owing to the growing demand for ready-to-eat foods. Rising labor force and busy lifestyle are fueling the market. Fortune Business Insight™ publish this information in an upcoming report entitled, “Bakery Products Market, 2021-2028”. According to the report, the bakery products market size was USD 397.90 billion in 2020. The market size is expected to grow from USD 416.36 billion in 2021 to USD 590.54 billion in 2028 with a CAGR of 5. 12% over the projected period.
Baked goods are in great demand due to their convenience and affordability. Also, growing demand for easy-to-cook and ready-to-eat packaged foods is expected to drive the market in the coming years. In addition, the increase in the population of working women in developing countries contributes to the increase in the rate of sale of ready meals.
Impact of COVID-19:
Supply Chain Disrupted Amid COVID-19 to Hamper Market Growth
The outbreak of the COVID-19 virus has affected various industries around the world. However, the pharmaceutical and food industries have suffered a slight impact due to lack of supply chain and restricted workforce. Governments in several countries have imposed strict restrictions on the operation of the workforce to maintain social distancing norms and limit the spread of the virus. In addition, governments have revised import/export policies to control the spread of the virus, which has affected the production rate and sales rate of companies working in this industry.
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List of Key Players Profiled in the Bakery Products Market Report:
- Mondelez International, Inc. (Illinois, USA)
- Associated British Foods plc (London, UK)
- The Kellogg Company (Michigan, USA)
- GrupoBimboo, SAB de CV (Mexico City, Mexico)
- Yamazaki Baking Company, Ltd. (Tokyo, Japan)
- Campbell Soup Company (New Jersey, USA)
- Britannia Industries Limited (Bengaluru, India)
- General Mills, Inc. (Minnesota, USA)
- Dunkin’ Donuts LLC (Massachusetts, USA)
- Flower Foods (Georgia, USA)
The Bakery Products Market report provides factual data and insights regarding market growth and industrial developments in recent years. Major industry developments include strategies such as partnerships, mergers, acquisitions and alliances. Additionally, business growth strategies such as innovation, product development, and market segmentation are discussed further in this report. Drivers and restraints affecting the growth of the market are given further to assess the growth potential of the market. The impact of COVID-19 on the market development is further explained in the report.
The bread segment will dominate the market owing to its high consumption
By product type, the market is split into bread, cakes & pastriescookies and biscuits and other baked goods.
Based on distribution channel, the market is segmented into supermarkets/hypermarkets, specialty stores, convenience stores, and others.
Finally, by region, the market is classified into North America, Europe, Asia-Pacific, South America, Middle East & Africa.
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Drivers and constraints:
Increase in population of working women to propel market growth
The market is expected to witness significant market growth owing to the growing demand for convenient food products and ready-to-eat packaged foods. Moreover, the growing adoption of changing lifestyle encourages people to increase the consumption of baked goods in daily life. In addition, the population of working women is increasing and according to the World Bank, 47% of the global working population were women in 2019. These factors are likely to ensure the growth of the bakery products market during the period of forecast.
However, rising health concerns related to the consumption of baked goods may hamper the market growth.
Europe dominates the market owing to the increase in the consumption of bakery items
Europe holds the largest global bakery products market share owing to the presence of prominent key players in the industry. This region offers consumers healthy food alternatives such as whole-grain, omega-3 and fiber-rich breads.
North America holds the second largest market due to its high consumption of cakes, pastries and bread. Moreover, the population regularly consumes prepared meals, which is driving the growth of the market.
Launch of a new product allows key players to dominate the market
Major industry players are implementing competitive strategies to expand their business across the globe. Business development strategies, such as partnerships, acquisitions, mergers, and strategic alliances, are formed by organizations to attract global customers. Moreover, the implementation of innovation strategies allows key players to enrich their product portfolio and ensure market growth.
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Detailed Table of Contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Overview of parent/related markets
- Supply chain analysis
- Industry SWOT Analysis
- Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
- Impact of COVID on Bakery Products Market Supply Chain
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Key Industry Developments:
- June 2020: Britannia has launched a range of packaged croissants in partnership with Greek company Chipita. This product launch targets consumers of breakfast substitutes.
- February 2020: Nestlé has expanded its premium KitKat line of 2-finger biscuits by adding two different products to its range in three different flavors.
Take a look at related research information:
Specialty bakery market Size, Share & Industry Analysis, by Type (Specialty Bread, Specialty Biscuits, Specialty Rolls, Others (Specialty Cupcakes and Others)), by Distribution Channel (Supermarkets/Hypermarkets, Stores specialized, online retail stores, others) and regional forecasts, 2022-2029
packaged food market Size, Share and Industry Analysis, by Product Type (Bakery Products, Dairy Products, Beverages, Breakfast Products, Meals, Others (Baby Food, Confectionery)), by Distribution Channel (e-commerce/online shops, supermarket/hypermarket, conventional, retail stores) and regional forecasts 2022-2029
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