Bakery Product Market Outlook from 2024 to 2034
The global bakery product market is anticipated to escalate sluggishly at a CAGR of 3.80% to reach a market valuation of USD 354.02 billion.
Moreover, the market is forecasted to reach USD 244.14 billion by 2024. This advancement is attributed to various market forces and trends.
| Attributes |
Key Insights |
| Estimated Market Size in 2024 |
USD 244.14 billion |
| Projected Market Value in 2034 |
USD 354.02 billion |
| Value-based CAGR from 2024 to 2034 |
3.80% |
Explore FMI!
Book a free demo
Key Market Trends and Highlights
- Consumer preferences have been changing recently. After the pandemic outbreak, many consumers started to prefer healthy food products, which drove the revolution of the bakery product market. Meeting consumer needs through healthy bakery items is a fundamental market trend.
- The increasing rate of urbanization and industrialization has led to sedentary lifestyles. The increased speed of life has forced consumers to choose convenience food. Hence, this is another key trend in the industry.
- Due to technological development, the production and storage of bakery items has been revolutionized. Consequently, more product experiments can be executed, another key market trend.
Demand Analysis of Bakery Product Market from 2019 to 2023 vs. Outlook from 2024 to 2034
A CAGR of 3.50% influenced the historical market advancement. With the help of this advancement, the market is anticipated to reach USD 244.14 billion by 2024. The bakery product market was last measured at a market valuation of USD 209.08 billion in 2019.
This market growth in the historical period is attributed to rapidly changing consumer preferences. In the hindsight of COVID-19, consumers started to prefer healthy food products. This surged the subject market in terms of healthy bakery items.
Furthermore, the rise of E-commerce platforms improved the reach of various marketers by reaching consumers. Due to this, the scope of growth of the subject market increased. Therefore, it created the demand for the market.
| Historical CAGR from 2019 to 2023 |
3.50% |
| Forecast CAGR from 2024 to 2034 |
3.80% |
On the other hand, the forecasted period growth is attributed to technological development and growth. This factor drives the market because the scope of innovation in the industry increases in terms of the taste, appearance, texture, and various other aspects of bakery items.
Further, similar to the historical period, the subject market has surged due to people's sedentary lifestyles. This is due to the rapid industrial growth. Also, the effectiveness of branding and marketing strategies has been surging the said market.
Market Drivers
- Increasing consumer inclination to fast food has been accelerating the production of bakery items. Therefore, the subject market is driven by the direct force. This is coupled with the growing rate of urbanization, which increases the speed of an individual’s life, persuading him to choose staple and convenience food.
- The rise of e-commerce platforms propels the market as the distribution of bakery products becomes easier. Hence, this is another critical market driver for the subject market.
- Technological development enhances the scope for product innovation, attractive packaging, and differentiating recipes. Hence, differentiating products and expanding the market is possible, which is another key market driver.
- The affordability of bakery products has increased due to the increased disposable income of an individual. Therefore, the approachability of the market rises, driving the bakery product market.
Market Challenges
- Different geopolitical issues might disturb organizations' supply chains, which is the main market restraint for the global bakery product market.
- Emerging fast food markets might hamper the subject market’s growth, increasing the competition for bakery products. Hence, this is another key market challenge.
Country-wise Analysis
Due to the rising demand for staple and convenience food, the production of bakery items is rising. The sedentary lifestyle in many North American countries is growing. This surges the demand for bakery products.
Easy accessibility and the affordability of bakery items fuel the market growth. Thus, North America is one of the market leaders in the global bakery product market.
Further, the consumption of bakery items is increasing in Europe; therefore, the region is a key contributor to the subject market.
Latin America, Asia-Pacific, Oceania, etc., also contribute to the subject market, helping the market to get propelled.
Forecast CAGRs from 2024 to 2034
| Countries |
CAGR through 2034 |
| The United States |
4.2% |
| Germany |
3.9% |
| China |
4.8% |
| Japan |
5.1% |
| India |
5.5% |
Increased Demand for Convenience Food Drives the Bakery Product Market in the United States of America
- The United States of America promises moderate advancement at a CAGR of 4.2% through 2034. This helps the country to lead North America.
- Consumers have started to demand ready-to-eat food products, which surge for relevant food products.
- Bakery items supplement with a wide range of cuisines; hence, they are more demanded.
- As bakery products, including bread and cereals, fulfill the American population's requirements, they drive the subject market.
Increased Consumer Inclination to Staple Food and its Affordability Propels the German Bakery Product Market
- The German population has started to get inclined toward staple food items. The main reason behind this is that rapid industrialization has increased the speed of life.
- Bakery products are readily available, which fulfill consumers’ demands.
- Furthermore, the affordability of bakery products has been driving the market by increasing its reach.
- These factors ensure that the subject market will advance at a CAGR of 3.9%.
Surge in Gluten-Free Products Surges the Chinese Bakery Product Market
- Health awareness among consumers has been rising recently in China.
- Due to this, consumers have started to shift toward healthy food products that will suit their lifestyles.
- Gluten-free bakery products fulfill their demand; hence, the Chinese population is more inclined towards these products, which drives the market.
- Consequently, the advancement of the Chinese market is forecasted to be at a CAGR of 4.8% through 2034.
Rising Health Consciousness among Consumers Surge Healthy Bakery Products in Japan
- Similar to China, the Japanese population is also inclined toward healthy food products, surging the market and promising its advancement at a CAGR of 5.1%.
- Japan focuses on manufacturing healthy bakery products. Therefore, this drives the bakery product market to produce healthy consumables.
- Low-carb products are favored by the Japanese, which drives the said market.
- White flour is replaced by barn and soy, driving the market through healthy baked items.
Influence of the Western Culture Drives the Indian Bakery Product Market
- The Indian bakery product market is forecasted to advance at a CAGR of 5.5%, the highest among all the countries.
- The Western culture highly influences the Indian population.
- Hence, the demand for cakes, pastries, and other consumables is rising. These are used on special occasions like birthdays and anniversaries.
- Consequently, the market has mainly surged due to the rising demand for Western bakery food items.
Category-wise Insights
| Category |
Product Type (Biscuits) |
| Market Share in 2024 |
34.2% |
| Market Segment Drivers |
- The widespread reach of biscuits defines the popularity of the market segment. Consequently, this is the fundamental market driver that drives the subject segment.
- Due to biscuits' easy availability and affordability, this market segment has better reach and propels to secure a significant market share.
- Including biscuits in the daily routine has helped the market segment grow significantly. Hence, this is another market segment driver.
|
| Category |
Specialty Type (Gluten Free) |
| Market Share in 2024 |
25.7% |
| Market Segment Drivers |
- The rising popularity of gluten-free diets has helped the market segment to catch demand. Hence, this is the fundamental market driver.
- Increasing health consciousness has surged the demand for gluten-free products, which drives the market segment.
|
Competitive Landscape
In the case of the bakery product market, it is a highly cluttered sector. Due to the presence of multiple large-scale organizations, the competitive landscape of the subject industry is fierce.
Key players within the industry strive to achieve a competitive niche in the market through their differentiated product portfolio. Product innovation is the fundamental source for the competitors to penetrate the market and secure substantial market share.
Strategic alliances, partnerships, mergers and acquisitions, product innovation, and market diversification are key strategic initiatives businesses take to expand in the subject market.
Key Market Developments
- In September 2021, Mondelez International Inc. entered the snack bar segment. The organization took this initiative to meet the rising consumer demand for nutritional foods. Due to this, the scope of growth for the organization is enhanced.
- In October 2023, Finsbury Food Group Plc. Introduced the Skittles cake, a new product in its existing product portfolio. This product development has helped the organization to penetrate the market, bolstering its market presence.
- In January 2024, Nestle invested US$ 100 million in its coffee factory in Vietnam. Due to this monetary investment, the scope of meeting customer needs is enhanced. Consequently, the market position of the said organization gets bolstered.
Key Coverage of Bakery Product Market Report
- Analysis of the market occupancy of key players, including their share analysis.
- Restraints, drivers, threats, and opportunities for the subject market in different circumstances.
- Different strategic movements and growth initiatives of key competitors.
- Coverage of key market dynamics.
- Market forecast under different external forces analysed using theoretical frameworks.
Report Scope
| Attributes |
Details |
| Estimated Market Size in 2024 |
USD 244.14 billion |
| Projected Market Valuation in 2034 |
USD 354.02 billion |
| Value-based CAGR 2024 to 2034 |
3.80% |
| Forecast Period |
2024 to 2034 |
| Historical Data Available for |
2019 to 2023 |
| Market Analysis |
Value in USD billion |
| Key Regions Covered |
North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key Market Segments Covered |
By Product Type, By Specialty Type, By Distribution Channel, Region |
| Key Countries Profiled |
The United States of America, Canada, Brazil, Mexico, Germany, The United Kingdom, Spain, Italy, France, Russia, Poland, China, India, Japan, Australia, New Zealand, GCC Countries, North Africa, South Africa |
| Key Companies Profiled |
Nestle SA; Associated British Foods plc; Mondelez International Inc.; Finsbury Food Group Plc; Bimbo Bakeries USA; Britannia Industries; Flowers Foods Inc.; Rich Products Corporation; Dr. August Oetker Nahrungsmittel KG; Gruma, S.A.B. de C.V.; Bakers Delight Holdings; Grupo Bimbo S.A.B de C.V.; Yamazaki Baking Co. Ltd.; JAB Holding Company; ARYZTA AG; General Mills Inc.; Others |
Frequently Asked Questions
At what rate is the bakery product market growing?
The bakery product market is anticipated to advance at a CAGR of 3.80% through 2034.
What is the scope of advancement for the bakery product market by 2034?
The bakery product market is expected to hit a market valuation of USD 354.02 billion by 2034.
What will the bakery product market size be by 2024?
The bakery product market reached USD 244.14 billion in 2024.
Based on the product type, which segment holds the largest bakery market share?
The bakery product market's biscuits segment holds 34.2%.
Based on the specialty type, which segment holds the largest bakery market share?
The bakery product market's gluten-free segment holds 25.7%.
