Bakery Renaissance: Exploring Dynamics of the Bakery Products Industry (2022-2032)

The global bakery products market is set to witness growth at a CAGR of 4.2% over the forecast period (2022-2032) and top a valuation of US$ 354.6 Million by 2032.

The global bakery products market is set to witness growth at a CAGR of 4.2% over the forecast period (2022-2032) and top a valuation of US$ 354.6 Million by 2032.

Bakery products are cooked at high temperatures in an oven or on a hot stove. With technological advancements, conventional baking methods have undergone a huge alteration.

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The market is likely to be fueled by increased consumption of processed foods and a shift in consumer demand for convenient food and beverage products. Furthermore, the convenience and long shelf life provided by frozen food items are expected to increase demand for frozen bakery products in the coming years.

Consumer behaviour has changed, and their preferences and tastes for various bakery items have evolved. They’ve been experimenting with new items with varied tastes and stuffings. Furthermore, health-conscious consumers are gradually altering their preferences to low-calorie items.

Busy schedules and hectic timelines have convinced the consumers to switch to convenient and ready-to-eat products such as biscuits and bread and rolls which is likely to positively impact the market. Due to the above-listed factors, the demand for bakery products is prophesied to show impressive growth over the forecast period.

“High demand for gluten-free bakery products across emerging economies, along with increasing preference for international baked products is expected to fuel the growth in the market,” says an FMI analyst.

Key Takeaways:

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

 


Pravin Patil

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