Global Packaged Bakery Products Market 2017-2021
About Packaged Bakery Products
Even with the constant change in consumer consumption habits in developing economies, the global packaged bakery products market has retained its prominence. Moreover, in developed economies, brands are continuously innovating their products to prevent them from reaching a saturation stage in their product life cycle. Manufacturers are also developing healthier versions of their products, considering the growing awareness of consumers about health and wellness. This has given a whole new outlook to the current bakery market. As the demand for such products is increasing, there is a concurrent rise in the number of bakery stores and availability of bakery items. The growth is further supported by the emergence of online bakery sites that have amplified the penetration of private labels. In addition, the increasing availability of branded bakery products across the world through various retailing channels have propelled the sales of bakery products.
Technavio’s analysts forecast the global packaged bakery products market to grow at a CAGR of 4.6% during the period 2017-2021 .
Covered in this report
The report covers the present scenario and the growth prospects of the global packaged bakery products market for 2017-2021 . To calculate the market size, the report considers the retail selling price is the average selling price of the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Packaged Bakery Products Market 2017-2021
Technavio recognizes the following companies as the key players in the global packaged bakery products market: Grupo Bimbo, Finsbury Food Group, Flower Foods, Hostess Brands, MCKEE FOODS, and Yamazaki Baking.
Other Prominent Vendors in the market are: American Baking Company, Aryzta, BreadTalk Group, Britannia, EDEKA-Gruppe, Edwards Cake & Candy Supplies, George Weston, Hillshire Brands, Mondelēz International, Monginis, Mulino Bianco, PEPPERIDGE FARM, PepsiCo, and Snyder's-Lance.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing demand for organic bakery food products. The bakery industry is witnessing a growing consumer preference for healthy ingredients owing to their benefits. Organic baking products and ingredients, such as aluminum-free baking powder, gluten-free flours, and organic baking flours are becoming popular among consumers as they perceive that completely natural ingredients are safer and healthier for consumption than artificial ingredients. Such organic baked goods are more expensive than conventional goods because of the higher cost of manufacturing and raw materials. Moreover, the growing popularity of the overall organic segment will support the growth of the organic packaged bakery products segment due to the increased demand from health-conscious consumers.”
According to the report, one of the major drivers for this market is Increased snacking and indulgence consumption. There has been a notable change in the consumption pattern and food preference among consumers. Most consumers are trading their routine meals for snacks. Also, there has been a rise of nearly 41.39% in the number of consumers who prefer healthy and tasty snacks in the past 10 years. Similarly, the consumption of bakery products, such as bread, rolls, pies, and other similar products in breakfast, has also increased primarily due to hectic lifestyles and urbanization, where consumers often skip their meals and consume such on-the-go food instead. Bread is a versatile product that can be modified easily and consumed as tasty and healthy snacks. Apart from sandwiches, various snacks, such as French toast, bruschetta, puddings, garlic bread, bread salad, and breakfast toasts, can be prepared using bread. The nutritional level can be increased by using different kinds of bread such as multi-grain, whole wheat, and brown bread.
Further, the report states that one of the major factors hindering the growth of this market is Increase in in-home cooking. The growing popularity of cookery shows and online forums and channels have greatly promoted in-home preparation and consumption of cakes and baked goods, which has hampered the growth of the packaged bakery food market. Television shows, such as The Great British Bake Off and MasterChef, encourage people to bake. For instance, the UK home baking market was worth $2.4 billion in 2015 and increased by about 59% between 2007 and 2012 owing to the resurgence of interest in baking at home. Many consumers, especially millennials, are inspired by such cookery shows and engage in experimenting and preparing customized products. Moreover, the demand for in-home cooking is promoted by rising demand for ready-to-eat meals and foods. Thus, there has been an increase in the number of launches that serve the purpose of instant baking, such as instant cake mix powder.
Grupo Bimbo, Finsbury Food Group, Flower Foods, Hostess Brands, MCKEE FOODS, Yamazaki Baking, American Baking Company, Aryzta, BreadTalk Group, Britannia, EDEKA-Gruppe, Edwards Cake & Candy Supplies, George Weston, Hillshire Brands, Mondelēz International, Monginis, Mulino Bianco, PEPPERIDGE FARM, PepsiCo, and Snyder's-Lance.
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