January 12, Market research future research report on the global Bakery Products market has been estimated to grow over 5.10% post 2023.
Market Overview
Bakery Products are flour-based food baked in an oven, eaten as meal and snacks. Different food safety organizations in different regions have specified particular guidelines related to processing, freezing, and packaging which playing key role in bakery products market. Innovation in packaging technology and development in retail channels will likely to boost the market growth during forecast period.
Market Forecast
Global bakery products market is mainly driven by increase in working women class population and bachelors and also in all consumer groups due to busy life style. Rise in disposable income and consumer preferences for healthy convenient food is driving the sales of fortified, gluten free and low calories bakery products. Introduction of new innovative products and innovative packaging is also supporting market growth and expanding retail formats are also supporting the market growth.
These factors will play a key role to grow bakery products market at CAGR of 5% during forecast period.
Downstream Market Analysis
Consumers prefer more bakery products which contents low or no preservatives as consumers are aware of the ill effects of chemicals such as cancer. Popularity of gluten free and sugar free bakery products are also encouraging the growth of the market. Bakery Products market is hugely influenced by food safety organizations which strictly monitor ingredients, manufacturing process and packaging of bakery products which is changing the dynamics of the market.
Bakery products are mainly bought from supermarket and convenience store. Busy lifestyle of people is supporting the sales of bakery products through online store which will change the future of overall retail network of bakery products. Inclusion of bakery products in popular fast food chains menus is also supporting the market growth.
Competitive Analysis
The major key players in bakery products market are General Mills (U.S.), Bakkavor Group Ltd (U.K.), Nomad Foods Ltd (British Virgin Islands), McCain Foods (Canada), Premier Foods Group Ltd (U.K.), Orkla ASA (Norway), ConAgra Foods Inc. (U.S.) and ITC Limited (India)
The demand for bakery products has pushed manufacturers to innovate and develop new RTE bakery products which are better in taste and offers various health benefits.
Regional Analysis
The global bakery products market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Among this North America region has major market share followed by Asia Pacific and Europe. Growing population and rise in disposable income in Asia Pacific region is driving the demand for bakery products in that particular region.
Market Segmentation-
Global bakery products market is segmented by type, form, specialty type, and region
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