According to the latest market research study released by Technavio, the global bakery market is expected to grow at a CAGR of more than 6% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global bakery market based on product:
Global bakery market share by product 2015
|
Bread and rolls |
51.24% |
|
Others |
23.57% |
|
Cookies |
13.08% |
|
Cakes and pastries |
12.11% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Global bread and rolls market
The bread and rolls market accounted for around 51% of the global bakery market in 2015. During the forecast period, it is anticipated that the rising working woman population with no time to cook will boost growth in the bread and rolls market. The average age range of the customers preferring bread and rolls is around 30-35 years. The demand for bakery items such as breads, roll, and sandwiches is more in developing economies such as India, Indonesia, and Thailand. Further, the top manufacturers in these economies constantly focus on product innovation to prevent their brand from reaching the saturation point in their respective product lifecycle.
The consumer demand for bread and rolls is mainly credited to artisanal bakers that offer customized artisan bread. Such is the popularity of the artisan bakers that its bread and rolls are often sold within two days of manufacturing. Most of the artisan bread includes ethnic varieties of crusty loaves, and owing to the popularity of artisan breads, they have gained position in supermarkets and hypermarkets. For the sale under retail labels, the manufacturers produce bread and rolls on large scale which is further distributed to various retailers that includes hypermarkets, supermarkets, and convenience stores.
“The increased awareness regarding health and wellness among consumers has propelled manufacturers to focus on the production of healthy baked products. The surge in the demand for healthy products will increase the number of bakery stores and the availability of bakery items. This demand has evolved the modern grocery store network in the industry. Moreover, the easy availability of branded bakery products globally across retail stores will also drive sales of bakery products,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
Owing to the health and wellness trend, bakery manufacturers are developing products that are healthy like wheat-based products, gluten-free products, and customized bread and rolls.
Global cookies market
In 2015, cookies market accounted for around 13% of the global bakery market and is anticipated to witness steady growth during the forecast period. The market has a large customer base as biscuits and cookies are popular among all age groups and is not confined to any particular section. Further, the increase in health concerns over high cholesterol and calories has led the manufacturers produce more of low calorie cookies with no fat and more fiber. The sales in the cookies market is also driven by the increased preference for packaged cookies from that of cookies made in general bakery stores. Sweet cookies, butter-based cookies, and plain sweet cookies are the various types of cookies popular among the consumers. The increased consumption of cookies as snacks and tea accompaniments has increased the demand for plain sweet cookies in most of the geographical regions. The demand for chocolate cookies is not that impressive due to its high cost. However, the launch of low calorie chocolate cookies may drive growth in the market during the forecast period. Even the butter based cookies are not so popular owing to the increased diabetes, cholesterol and other diseases. The market growth, however may change in the coming years with the introduction of low fat cookies.
Global cakes and pastries market
In 2015, the cakes and pastries market accounted for around 12% of the global bakery market. The introduction of new varieties like snack cake is expected to boost the growth in the market during the forecast period. In addition, the increase in get-together parties, birthday parties, and corporate events will also propel growth in the cake and pastries market. The increased consumption of cakes and pastries especially during Christmas and New Year, has resulted in the steady growth of the market. The consumer preferences have changed and they are more interested in the quality ingredients of the product. This bend towards quality has resulted in the introduction of healthy products, however, the only concern is the affordability in the developing nations. The market faces a serious challenge from private labels of supermarkets. Although the majority of consumers prefer buying bakery and baked products from independent stores, they are mainly attracted to in-store bakeries in supermarkets and hypermarkets. The product developments in categories such as cake rolls, frozen pies, and pound cakes will determine the growth in the market.
The top leading vendors operating in the global bakery market are:
- Grupo Bimbo
- Finsbury Food Group
- Flowers Foods
- Hostess Brands
- McKee Foods
- Yamazaki Baking
Other prominent vendors in the market include American Baking Company, Aryzta, BreadTalk, Britannia, EDEKA, Edgar’s Bakery, Edwards Cake & Candy Supplies, George Weston, Hillshire Brands, Mulino Bianco, Monginis, and Pepperidge Farm.
A more detailed analysis is available in the Technavio report titled, ‘Global Bakery Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Bakery Packaging Market 2016-2020
- Bakery Market in Japan: Forecast, and Market Analysis 2015-2019
- Global Cakes and Pastries Market 2016-2020
- Global Diabetic Food Market 2016-2020
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