Baked Goods Market Sales to Grow at a CAGR of 4.2%

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bakery products market

The global bakery products market is expected to grow at a CAGR of 4.2% over the forecast period (2022-2032) and exceed a valuation of US$354.6 million by 2032.

Baked goods are cooked at high temperatures in the oven or on a hot stove. A massive transformation in cooking methods has been seen with the upgrading of technology taking over traditional cooking methods.

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Rising consumption of processed foods and shift in consumer preferences towards convenient food and beverage products are expected to fuel the market. At the same time, due to the convenience and extended shelf life offered by frozen food products, the demand for frozen bakery products is expected to increase in the coming years.

Changing consumer behavior has changed their preferences and developed their taste for various bakery products. They started experimenting with new products with different flavors and fillings. In addition, health-conscious consumers are gradually turning to low-calorie products.

Busy schedules and busy deadlines have convinced consumers to turn to convenient and ready-to-eat products such as cookies and bread and rolls, which is likely to have a positive impact on the market. Due to the factors listed above, the demand for bakery products is expected to show impressive growth during the forecast period.

“Strong demand for gluten-free bakery products in emerging economies, along with growing preference for international bakery products is expected to fuel market growth,” an IMF analyst said.

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Key points to remember:

Europe is expected to account for the maximum value share of the global market of around 28% by 2022.
By product type, bread and rolls are expected to account for the highest market share in 2022.
In the case of the specialty segment, sales of gluten-free baked goods are expected to gain momentum.
The indirect channel is expected to account for a higher market share than the direct channel by 2032.
Germany is expected to account for 30% of the bakery products market share in Europe during the forecast period.

Competitive landscape

Manufacturers adopt various marketing strategies such as new product launches, geographic expansion, mergers and acquisitions, partnerships, and collaboration to gain a competitive advantage in the market. For instance:

In 2021, Mondelez International (MDLZ) had acquired Chipita SA which is a Greek snacking company. Chipita produces and markets savory and sweet snacks.
In 2020, ITC brand, popularly called ‘Sunfeast’, had expanded its ‘cake’ category, introducing its new product named Sunfeast Caker which is available in three forms, namely Choco Swiss Roll, and Layer Cake, and Trinity.

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Explore more valuable insights

Future Market Insights in its new report offers an unbiased analysis of the global bakery products market, presenting historical data (2017-2021) and estimation statistics for the forecast period 2022-2032.

The study offers compelling insights based on the Bakery Products Market by Product Type (Cookies, Breads & Rolls, Cakes & Pastries, Rusks), Specialty Type (Enriched, Gluten Free, Organic, Low Calorie, Sugar Free) and distribution channel (direct and indirect) in seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).

About Future Market Insights Food and Beverage Division

Future Market Insights’ Food & Beverage team provides all the information and advisory analysis needed to meet the unique business intelligence needs of clients around the world. With a catalog of over 500 reports relating to the latest food and beverage industry statistics and analysis, the team is happy to meet any business intelligence research and consulting requirements.

Explore other in-depth IMF food and beverage reports:

Frozen bakery products market: https://www.futuremarketinsights.com/reports/frozen-bakery-market

Bakery Ingredients Market: https://www.futuremarketinsights.com/reports/bakery-ingredients-market

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About the IGF

Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.

This press release was published on openPR.

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