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The doughnuts market size is projected to increase by USD 6.49 billion, at a CAGR of 4.98% between 2023 and 2028. Market growth hinges on multiple factors, including the proliferation of stores and retail outlets, heightened consumption of snacks and indulgent treats, and the growing significance of in-store bakeries within supermarkets. The expansion of retail spaces and outlets amplifies accessibility to products, stimulating market demand and consumer engagement. Furthermore, the trend towards increased snacking and indulgence consumption reflects evolving dietary habits and consumer preferences, driving market expansion in related product categories. Additionally, the rising prominence of in-store bakeries within supermarket caters to the demand for fresh, artisanal baked goods, enhancing the shopping experience and fostering customer loyalty. These interconnected factors collectively shape market dynamics, influencing product innovation, marketing strategies, and industry growth trajectories.
The market shows an accelerated CAGR during the forecast period.
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The market is a vibrant landscape encompassing a diverse range of offerings, from deep-fried delights found in supermarkets to artisanal treats at food stalls. These fried dough confections come in various shapes and cater to cultures worldwide, appealing to the working population seeking convenience foods for their snacking habits. From handcrafted to sugar-free and keto options, the market reflects evolving dietary preferences, including gluten-free and protein-rich varieties. With the integration of Artificial Intelligence to enhance production efficiency and inventory management, the baking process is optimized, paving the way for emerging opportunities such as premium doughnuts and eggless alternatives like the beloved Love and Cheesecake doughnut.
One of the key factors driving market growth is the rising prominence of in-store bakeries in supermarkets. In-store bakeries are present in several large supermarkets and hypermarkets. In addition, although relatively smaller in size, these bakeries provide a wide range of baked products like doughnuts, cakes, pastries, and others. Moreover, the prominence of these bakeries is growing, mostly because they offer lower prices and the convenience of one-stop shopping. In addition, most consumers are value-conscious and, hence, opt for private labels in supermarkets.
Furthermore, parbaking is a procedure where the batter is baked partially for 15 to 20 minutes, cooled, and refrigerated until the final baking. In addition, many supermarkets and QSRs employ this procedure for many of their baked products, including doughnuts. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the doughnuts market growth is the growing demand for healthier doughnuts. One of the most popular types of pastry consumed in the US, both at home as well as away from home is doughnuts. However, with changing consumer lifestyles, there is a growing demand for healthier varieties like whole grain, high fiber, low-fat, all-natural, and fortified options.
Moreover, many people across the globe prefer fresh and home-cooked foods rather than unhealthy processed or pre-packaged as well as foods with high calories. In addition, to meet this demand, new vendors are launching healthier doughnuts with less sugar content. Furthermore, many bakers use organic, nutritious, and fibrous ingredients like nuts, raw cocoa, fruit, and coconut oil in their products. Hence, such factors are driving the market growth during the forecast period.
Fluctuating prices of raw materials of doughnuts are one of the key challenges hindering the market growth. The prices of raw materials that are required to make doughnuts, such as sugar, eggs, flour, cocoa, and milk, can fluctuate depending on the availability. In addition, in recent years, the widening gap between the demand for and supply of these raw materials has increased their costs substantially.
Moreover, any increase in the price of raw materials not only increases manufacturing costs but also reduces the profit margins for vendors. In addition, to remain competitive in the global doughnuts market, manufacturers generally experiment with cheaper substitutes. Furthermore, suppliers of raw materials have the power to price their products at competitive and different prices. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The foodservice segment is estimated to witness significant growth during the forecast period. There is a growing popularity for freshly baked doughnuts in many regions and are available across several food service chains, like bakeries, food stalls, and franchised specialty outlets. In addition, the franchised specialty outlet segment accounts for the maximum sales in this segment.
The foodservice segment was the largest segment and was valued at USD 15.42 billion in 2018.
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For instance, Dunkin' Donuts and Krispy Kreme Doughnuts are leading doughnut brands in the US, accounting for over 50% of sales in this segment in the country. In addition, major retail stores are focusing more on strengthening their footholds in countries across Asia, where the change in the lifestyle of consumers is prominent, mostly due to growing urbanization. Furthermore, consumers in China and India, for instance, are developing Western eating habits, and many bakeries and retail stores in these countries are increasingly adding doughnuts to their menus as regular snack items. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
APAC is estimated to contribute 37% to the growth of the global market during the forecast period
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Another region offering significant growth opportunities to companies is North America. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main markets that are contributing to the market growth in North America include the US, Mexico, and Canada. In addition, factors such as improved living standards and the rise in the number of middle-class families are propelling the demand for doughnuts in the region. Moreover, in North America, most consumers, both men and women, have busy schedules, lead hectic lifestyles, and are, consequently, left with less time for at-home meal preparation. Furthermore, many people also prefer doughnuts along with coffee for breakfast in the region, mainly in the US and Canada, and hence, many specialty coffee shops offer doughnuts as a part of their menus. Hence, such factors are driving the market growth in North America during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The doughnuts market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:??????
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecast research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
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The market offers a delectable array of treats available in various forms, like rings and balls, adorned with chocolate, icing, and an assortment of sweet fillings including jam, cream, and custard. Found ubiquitously from supermarkets to food stall, they are among the most popular foods, serving as a staple indulgence. The glazed doughnut segment sees large expansions driven by factors like affordability and widespread availability, appealing to donut enthusiasts nationwide. From classic flavors like Maple Bacon to vegan yeast doughnuts, the market offers a range of options to cater to diverse tastes and dietary preferences, including sugar-free and keto alternatives, amidst concerns about calorie content and associated health issues like diabetes and obesity. Catering to diverse dietary preferences, handcrafted doughnuts bakeries are innovating with options like sugar-free doughnuts, keto doughnuts, and gluten-free doughnuts alongside protein-rich foods and traditional bread rolls, catering to the evolving snacking habit of consumers.
Market Scope |
|
Report Coverage |
Details |
Page number |
159 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.98% |
Market Growth 2024-2028 |
USD 6.49 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.83 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 37% |
Key countries |
US, China, Japan, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Corporativo Bimbo SA de CV, Daylight Donut Flour Co. LLC, Dough Doughnuts, Doughnut Time Ltd., Focus Brands LLC, Glory Hole Doughnuts, Honey Dew Associates Inc., Inspire Brands Inc., J.CO Donuts and Coffee, JAB Holding Co. Sarl, Jelly modern doughnuts, LaMars Donuts, Mad Over Donuts, Maple Donuts Inc., McDonald Corp., MTY Food Group Inc., Restaurant Brands International Inc., Starbucks Corp., Sugar Shack Donuts and Coffee, and Yum Yum Donut Shops Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecasting period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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