LONDON--(BUSINESS WIRE)--According to Technavio Research Report “Bakery Market by product (bread and rolls, cakes and pastries, cookies, and others) and geography (Americas, APAC, and EMEA) is witnessed to grow USD 97.85 billion, at a CAGR of 4% from 2018 to 2022”.
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Bakery Market Driver: Rising urbanization and changing consumer lifestyles
Some of the primary drivers of the global bread market are expanding global urban population, increasing demand for on-the-go snacks, and surge in the parity of purchasing power in emerging countries. A considerable shift in the lifestyles and diet habits over the past two decades has also been noticed. Emerging economies in Central and South America and APAC will prove to be attractive bread markets during the forecast period.
Increased global urbanization has led to improved living standards and higher disposable incomes. However, hectic lifestyles have resulted in deteriorating health conditions and lifestyle disorders owing to unhealthy eating habits. In large cities, the working class demands more on-the-go foods such as rolls, sandwiches, and croissants. Hence, in-store bakeries and artisanal bakeries are often located around busy streets and near corporate parks and entertainment parks.
According to a senior analyst at Technavio for food research, “The growing millennial population demands more options in the on-the-go food category, which augurs well for the global bakery market. The demand for fresh bread for consumption at home is also expected to witness an increase as more millennials are setting up their homes and starting a family.”
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Few Major Players for the Bakery Market are:
- Associated British Foods
- Flowers Foods
- Grupo Bimbo
- JAB Holding Company
- Mondelēz International
- Yamazaki Baking
Bakery Market Trend: Increasing demand for organic and gluten-free bakery food products
The bakery industry is witnessing a growing preference for healthy ingredients owing to the benefits they offer. These ingredients include organic baking products and ingredients, such as aluminum-free baking powder, gluten-free flour, and organic baking flour. Although organic baked goods are more expensive than conventional goods, the growing popularity of this segment among health-conscious consumers will support growth.
The growing preference for organic baking ingredients will positively influence their production and consumption, thereby leading to more products launches. Companies, such as Steenbergs, offer a wide range of organic baked products.
Bakery Market Challenge: fluctuating raw material prices
The major raw materials required to produce bread and rolls include flour, sugar, salt, and milk. The price of all these ingredients is rising due to the increasing cost of production, which in turn impacts the cost of the finished products. Therefore, it is challenging for manufacturers to introduce new product varieties with specific ingredients that enrich taste and attract more consumers. This is because increasing product prices affect the buying decision, which in turn affects the performance of the industry.
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