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Global Bakery Products Market Aided by Bakery Market Growth, Projected Reach USD 709.32 billion by 2028

According to a new report by EMR titled, ‘Global Bakery Products Market Report and Forecast 2023-2028’, the market for bakery products is being propelled forward by the global bakery market, which reached a value of USD 480.95 billion in 2022. The bakery products market is further expected to grow in the forecast period of 2023-2028, growing at a CAGR of 6.7% between 2023-2028. The market is projected to attain USD 709.32 billion by 2028.

The global bakery products market is being driven by the increasing consumption of processed products and shift towards convenient food and beverage products. Bread is the leading segment in the bakery products market. Within Europe, a major bakery market, Germany leads in the bread and rolls segment. Frozen bakery products are also witnessing a growing demand due to their convenience and longer shelf life. Biscuits are also a popular bakery product in the market. Ready-to-eat segment, too, in the bakery market is being propelled forward due to their convenience.

The US is the leading bakery products market, globally, accounting for nearly a fifth of the global market. The bakery sector in the US contributes to 2.1% of the country’s GDP. With the rising health concerns associated with the ingredients in bakery products, consumers in the US are increasingly seeking out healthier baked goods which are ideally, gluten-free, have high fibre content and are low in carbs. The US bakery products market is followed by China where the bakery segment is a significant part of the country’s food and beverage industry. Bakery represents 10% of China’s food and beverage market, finding impetus for its growth in the rising demand from Tier 1 cities where consumers are more open to trying out western cuisines. The rise in online bakery platforms has given a significant boost to the bakery market in the country. Thus, China along with Brazil are the fastest growing markets for bakery products. The industry in both the countries grew at a rate of almost 10% over the last four years.

Market Breakup by Product, Distribution Channels, and Regions:

  • Bread and rolls, cake and pastries, biscuits, and rusks among others, are the major products in the of bakery products market.
  • Supermarkets and hypermarkets, artisanal bakeries, convenience stores, independent retailers, and online stores, among others, are the major distribution channels for bakery products.
  • Region-wise, the market can be divided into Asia Pacific, Europe, Middle East and Africa, North America, and Latin America.

Key Findings of the Report:

  • The market is being driven by the rising demand for low-calorie bakery products.
  • The manufacturers are diversifying their products to include organic and gluten-free products to meet the consumer demand.
  • The rapid urbanisation and increasingly hectic lifestyles are aiding the market for bakery products as consumers are seeking out convenient and ready-to-eat products.
  • The globalisation of diets is also driving the market growth with people willing to experiment new products and flavours.
  • The growth in retail channels are making the products easily accessible and available, thus, further propelling the industry forward.

Key Offerings of the Report:

  • The EMR report gives an overview of the global bakery products market for the periods (2018-2022) and (2023-2028).
  • The report offers historical (2018-2022) and forecasted (2023-2028) market information for the product, distribution channels, and regional markets of bakery products.
  • An assessment of the market based on the Porter’s Five Forces model along with a SWOT and value chain analysis has also been provided.

Mondelez International, Inc., Associated British Foods Plc, Nestle S.A., Britannia Industries Limited, Grupo Bimbo, S.A.B. de C.V., and Finsbury Food Group Plc are the key players in the global bakery products market as identified by EMR. The comprehensive report looks into their market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

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