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The muffins market is estimated to grow at a CAGR of 4.04% between 2022 and 2027. The size of the market is forecast to increase by USD 1,675.49 million. The growth of the market depends on several factors, including growing demand for portion-snacking products, increasing need for gluten-free and healthy bakery food, and growth of organized retail and private labels.
This report extensively covers market segmentation by distribution channel (offline and online), product (artisanal muffins and packaged muffins), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing demand for portion-snacking products is notably driving the market growth, although factors such as inflated costs and availability of substitute snacks in emerging economies may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Muffins Market Driver
The growing demand for portion-snacking products is notably driving market growth. The popularity of muffins in recent years has increased because people are looking for convenient, single-serving snacks. People can now purchase these high-calorie products in more manageable serving sizes as a result of the rising awareness about the importance of health. People are increasingly willing to experiment with new flavors while still paying attention to the nutritional value of the foods they consume.
Baking and candy-making have noticed a shift in consumer preference as a result of this pattern. This fad has developed because of the growing consciousness of the link between diet and health and the understanding that the high butter and sugar content of these sweets might contribute to unwanted weight gain. Thus, producers are concentrating on introducing new products with smaller serving sizes to entice buyers. Manufacturers are now embracing the current trends in their products to create a better quality product rather than simply adding value to the number, leading to high growth of the market. Hence, these factors will boost the market growth during the forecast period.
Significant Muffins Market Trend
The increasing trend of savory muffins is an emerging trend in the market. Consumer tastes and preferences are changing, and many are willing to experiment with the foods they consume, including bakery and confectionery products. In line with this, traditionally sweet muffins are now available in savory varieties as well.
With advancements in bakery food processing techniques and flavors, vendors are developing muffins with a variety of seasonings, garnishing, and additives. This market trend is gaining traction, and the demand for savory snacks is increasing. Cheese, parsley, meat, and other fillings are common ingredients in savory muffins. Many bakers are also experimenting with sweet and savory flavors in muffins to give them a unique flavor. Therefore, the availability of different flavors of muffins is expected to increase their consumption and drive the demand for the global market during the forecast period.
Major Muffins Market Challenge
Inflated costs and the availability of substitute snacks in emerging economies are major challenges impeding market growth. Bakery goods, such as muffins and bread, are very common in western countries. Vendors in these areas base their rates on the amount of money that residents can afford to spend. Companies do take into account local consumer spending power when setting prices for new items, but there is a floor below which they cannot go without incurring a loss in profit. The increased price of muffins has a ripple effect on production costs and overall sales. Similarly, vendors suffer when they are unable to take advantage of economies of scale and scope.
Furthermore, street food culture and genuine snacks are extremely popular in the developing countries of Asia and Africa. Muffins and other baked goods can't replace the importance of this lifestyle. This has been mitigated somewhat by greater globalization, but it is still not as common in these developing countries as it is in advanced economies like the US and the UK. Muffins are more expensive than street food and locally-produced snacks. Therefore, these factors are expected to pose a challenge to the global market growth during the forecast period.
Key Muffins Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Muffins Market Customer Landscape
Vendors 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.
BAB Systems Inc.: The company offers varieties of food and beverage products, such as handcrafted bagels, muffins, and more. The company owns several brands like Big Apple Bagels, Sweet Duet, My Favorite Muffin, and Brewster's Coffee. The key offerings of the company include muffins such as cappuccino coffee muffins.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. This section includes department stores, supermarkets, hypermarkets, convenience stores, and coffee shops. This segment's sales are being driven by the expanding retail industry and the proliferation of retail locations. These establishments give consumers an extensive selection of bakery goods and the convenience of obtaining everything under one roof.
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The offline segment was valued at USD 6,106.43 million in 2017 and continued to grow until 2021. In the organized retail sector, vendors operate based on geographical presence, ease of production and inventory management, and transportation of goods. The specialized muffin aisles in supermarkets and hypermarkets improve the visibility of these packaged foods. These initiatives by retailers have attracted the attention of consumers and raised muffin sales in supermarkets and hypermarkets. In supermarkets and hypermarkets, factors like discounted costs, a comfortable shopping experience, and beautiful shelf displays encourage consumers to purchase muffins of various flavors and ingredient types. Convenience stores carry packaged muffins from both international and regional manufacturers. Because as these stores maintain stocks, they acquire products every day, allowing customers to purchase fresh and nutritious food items. Independent retailers are independent owners who have constructed their retail establishments by evaluating the personnel, marketing, merchandising, and sales requirements of businesses. As the number of independent merchants increases worldwide, muffin sales through this channel are anticipated to rise. Hence, muffin demand from offline distribution channels will increase during the predicted period.
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North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The US and Canada are among the largest markets in North America. As people in the region place a greater emphasis on health and include more healthy foods in their diets, the demand for healthy bakery goods is rising in North America. Moreover, as obesity rates in the United States continue to rise, so does the demand for healthier bread items.
Due to the healthy eating trend, there is an increasing demand for freshly baked muffins instead of boxed ones. This reason has prompted local bakery stores to grow the number of their locations and many supermarkets to establish their own in-house stores. People's willingness to experiment with diverse cuisines, tastes, and flavors has led to the development of a number of innovations. There have been advancements in the utilization of raw materials, fillings, tastes, and preparation techniques. The expansion of private-label bakery product sales in the United States is largely due to the variety of items offered by suppliers. In the United States, major shops and e-commerce suppliers have begun selling bakery goods. Amazon sells a variety of private-label bakery items, such as 365 Daily Value Whole Wheat English Muffin. Private-label items provide value-conscious consumers with an option. These private-label products enable retailers to optimize their profit margins, which encourages them to favor them over brand-name alternatives. Therefore, all these factors will lead to high growth of the global market during the forecast period.
The COVID-19 pandemic in the US negatively impacted the muffins' business growth. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Therefore, such factors are expected to drive the market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global muffins market as a part of the global packaged foods and meats market under the global food products segment of the global food, beverage, and tobacco market. The global packaged foods and meat market covers manufacturers or food processing vendors that are involved in food processing to eliminate microorganisms and extend shelf life. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Muffins Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.04% |
Market growth 2023-2027 |
USD 1,675.49 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.3 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 43% |
Key countries |
US, China, UK, Germany, and France |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alpha Baking Co. Inc., Aryzta AG, Associated British Foods Plc, BAB Systems Inc., Bakeline Snc, Britannia Industries Ltd., Corporativo Bimbo SA de CV, EDEKA ZENTRALE Stiftung and Co. KG, Einstein Noah Restaurant Group Inc., FlapJacked, Flowers Foods Inc., GrainCorp Ltd., McCain Foods Ltd., McKee Foods, Mondelez International Inc., Prager Brothers Artisan Breads, Promise Gluten Free, Sprightlite Foods Pvt. Ltd., The Hershey Co., and Warburtons Ltd. |
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 forecast 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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