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The fortified bakery market share is expected to increase by USD 1.52 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.57%.
This fortified bakery market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers fortified bakery market segmentation by application (cake, biscuits, bread, pastries, and others) and geography (North America, Europe, APAC, South America, Middle East and Africa, and ). The fortified bakery market report also offers information on several market vendors, including Associated British Foods plc, Allied Bakeries, Britannia Industries Ltd., CRUST- a baking co., Dawn Food Products Inc., H and S Bakery Inc., Modern Food Enterprises Pvt. Ltd., Irish Pride Fine Foods, Parle Products Pvt. Ltd., Super Bakery Inc., SURYA FOOD and AGRO LTD., Flowers Foods Inc., Mars Inc., The Hershey Co., Grupo Bimbo SAB de CV, Nestle SA, Archer Daniels Midland Co., Koninklijke DSM NV, Bunge Ltd., Conagra Brands Inc., King Milling Co., Chelsea Milling Co., and Prestige Group among others.
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The rising awareness regarding good health is notably driving the fortified bakery market growth, although factors such as stringent government regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the fortified bakery industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Fortified Bakery Market Driver
One of the key factors driving the global fortified bakery market growth is the rising awareness regarding good health. The ever-increasing population, growth in the female working population, and the changing eating behavior have contributed significantly to the growth of the bakery industry. In addition, the availability of different varieties of bakery products such as gluten-free, organic, sugar-free, low-calorie, and added nutrients has attracted a large number of the population toward fortified bakery products due to their various health benefits. Moreover, rising awareness of weight management has increased the sales of gluten-free and low-calorie bakery products. Thus, such factors will drive the growth of the market during the forecast period.
Key Fortified Bakery Market Trend
Rising consumption of vitamin-infused bakery products is one of the key fortified bakery market trends that is expected to impact the industry positively in the forecast period. This is attributed to the rising health consciousness among consumers and the increasing prevalence of vitamin deficiencies that can cause health disorders, such as anemia, scurvy, beriberi, and pellagra. In addition, studies have mentioned that these are not simply diseases caused by deficiencies but are conditions present even in a relatively well-nourished society. Furthermore, the frequent launches of newly formulated fortified bakery products such as cakes and biscuits with added vitamins and other nutrients have driven the growth of the market. For instance, in 2021, Britannia Industries Ltd. launched an Iron & Folic Acid-based fortified biscuit that delivers 50%-75% recommended dietary allowance (RDA) of these nutrients, especially for adolescent girls and women. Thus, the market is expected to grow in the coming years.
Key Fortified Bakery Market Challenge
One of the key challenges to the global fortified bakery market growth is the stringent government regulations in countries, such as the US, India, and the UK. For instance, in 2018 Food Safety and Standards Authority of India (FSSAI) notified fortification standards for five staples, i.e., salt, vegetable oil and milk (fortified with vitamin A & D), flours, and the optional addition of- zinc, vitamin B1, B2, B3, and B6 single or in combination. Furthermore, in January 2021, FSSAI proposed mandates on fortifying edible oil and milk with vitamin A and D. Globally, several countries such as Nicaragua, Costa Rica, Panama, the Philippines, Solomon Islands, Papua New Guinea, and the USA have already mandated rice fortification. Thus, the continuous introduction of new regulations and amendments will hinder the growth of the market during the forecast period.
This fortified bakery market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global fortified bakery market as a part of the global packaged foods and meats market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the fortified bakery market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the fortified bakery market encompasses successful business strategies deployed by the key vendors. The fortified bakery market is fragmented and the vendors are deploying growth strategies such as product innovation to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The fortified bakery market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the fortified bakery market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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35% of the market's growth will originate from North America during the forecast period. The US is the key market for fortified bakeries in North America. Market growth in this region will be faster than the growth of the market in other regions.
The increase in health consciousness among consumers and support provided by government organizations will facilitate the fortified bakery market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the outbreak of COVID-19 adversely affected the economies of various countries in North America, especially the US. The increase in the number of deaths from COVID-19 compelled governments of various North American countries, including the US, Canada, and Mexico, to implement a nationwide lockdown to control the spread of the disease. This negatively impacted the production and supply of fortified bakery products in North America. However, the region is gradually resuming its economic activities with the initiation of large-scale vaccination drives, which is further supporting the growth of the regional economy. Such factors are expected to increase the demand for fortified bakery products, which, in turn, will drive the growth of the regional market during the forecast period.
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The fortified bakery market share growth by the cake segment will be significant during the forecast period. The growth is attributed to the growing working population across the world, coupled with the increasing demand for on-the-go food such as cupcakes, muffins, and sweet pies. Furthermore, the launch of new products with added flavors and nutrients to meet the growing demand of the consumers will further support the growth of the market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the fortified bakery market size and actionable market insights on post COVID-19 impact on each segment.
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Fortified Bakery Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.57% |
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Market growth 2022-2026 |
$ 1.52 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
5.37 |
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Regional analysis |
North America, Europe, APAC, South America, Middle East and Africa, and |
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Performing market contribution |
North America at 35% |
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Key consumer countries |
US, China, Japan, Germany, and Brazil |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Associated British Foods plc, Allied Bakeries, Britannia Industries Ltd., CRUST- a baking co., Dawn Food Products Inc., H and S Bakery Inc., Modern Food Enterprises Pvt. Ltd., Irish Pride Fine Foods, Parle Products Pvt. Ltd., Super Bakery Inc., SURYA FOOD and AGRO LTD., Flowers Foods Inc., Mars Inc., The Hershey Co., Grupo Bimbo SAB de CV, Nestle SA, Archer Daniels Midland Co., Koninklijke DSM NV, Bunge Ltd., Conagra Brands Inc., King Milling Co., Chelsea Milling Co., and Prestige Group |
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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, Market condition analysis for forecast period |
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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 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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