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According to Technavio's analyst, the packaged bakery products market size is expected to be valued at USD 163.9 billion by 2026 with a progressing CAGR of 6.75%.
This packaged bakery products market research report has covered details of key players and demographic segmentation that highlight potential growth areas and competition. Furthermore, the post-COVID-19 impact analysis on the market captured in this report will help players evaluate their business approaches.
This packaged bakery products market research report extensively covers key market segmentations - Product (bread, cakes and pastries, cookies, crackers and pretzels, and others) and geography (APAC, Europe, North America, South America, and the Middle East and Africa).
The packaged bakery products market vendors compiled in this report are American Baking Co., Aryzta AG, Barilla G. e R. Fratelli Spa, BreadTalk Group Pte Ltd., Britannia Industries Ltd., Campbell Soup Co., Dr. August Oetker KG, Edeka Zentrale Stiftung and Co. KG, Edwards Cake and Candy Supply, Finsbury Food Group Plc, Flowers Foods Inc., Gruma SAB de CV, Grupo Bimbo SAB de CV, Hostess Brands Inc., McKee Foods, Mondelez International Inc., Monginis Foods Pvt. Ltd., PepsiCo Inc., Tyson Foods Inc., and Yamazaki Baking Co. Ltd. among others.
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The increased snacking and indulgence consumption is notably driving the packaged bakery products market growth, although factors such as an increase in in-home cooking may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the packaged bakery products industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Packaged Bakery Products Market Driver
One of the key factors driving the global packaged bakery products market growth is the increased snacking and indulgence consumption. There has been a rise of nearly 41.39% in the number of consumers who prefer healthy and tasty snacks in the last decade. This is attributed to hectic lifestyles and urbanization, where consumers often skip their meals and consume such on-the-go food instead. Although consumers have become very health conscious and prefer healthier snacks, there is a steady and growing market for indulgent and premium food varieties such as premium cakes, cookies, and pastries. According to Hartman Group, in 2020, 43% of consumers started snacking in order to cope with boredom or frustration, and 55% were snacking for their comfort. This will further help in the growth of the market in focus throughout the forecast period.
Key Packaged Bakery Products Market Trend
Increasing demand for organic bakery food products owing to their health benefits is one of the key packaged bakery products market trends that is expected to impact the industry positively in the forecast period. Organic baking products and ingredients, such as aluminum-free baking powder, gluten-free flours, and organic baking flours, are becoming popular.
These organic baked goods are more expensive than conventional goods because of the higher cost of manufacturing and raw materials. The growing preference for organic baking ingredients will influence production and consumption positively, thereby leading to new product launches in the market in the coming years.
Key Packaged Bakery Products Market Challenge
One of the key challenges to the global packaged bakery products market growth is the increase in in-home cooking, owing to the growing popularity of cookery shows and online forums and channels. For instance, The Great British Bake Off and MasterChef encourage people, especially millennials, to experiment and prepare customized products. Moreover, the demand for in-home cooking is promoted by the rising demand for ready-to-eat meals and foods. In addition, small bakery businesses have grown over time, thereby challenging the growth of the major vendors in the market.
This packaged bakery products 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 packaged bakery products 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 packaged bakery products 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 packaged bakery products market encompasses successful business strategies deployed by the key vendors. The packaged bakery products 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 the 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 packaged bakery products 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 packaged bakery products 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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34% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for packaged bakery products in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The significant increase in disposable income among consumers, the rise in influence of westernization, changes in lifestyles and urbanization, and the need for convenience will facilitate the packaged bakery products market growth in APAC 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
The ongoing COVID-19 pandemic severely impacted APAC countries such as India, China, Australia, Malaysia, and Japan, especially in 2020. As of April 4, 2022, India reported more than 43.02 million COVID-19 cases, and the associated deaths were 521,388. The outbreak of the pandemic in 2020 led to the imposition of lockdowns during the first few months of 2020 which significantly impacted the market growth. However, the regional economy is expected to recover from the pandemic due to the availability of COVID-19 vaccines. The large-scale vaccination drives contained the spread of the disease and resulted in the resumption of bakery production operations in the last quarter of 2020. Therefore, the market is expected to show a positive trend during the forecast period.
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The packaged bakery products market share growth by the bread segment will be significant during the forecast period. The growing preference for vegan, healthy, and low-calorie foods and the presence of healthy varieties of bread in the market will be driving the concerned market growth through this segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the packaged bakery products market size and actionable market insights on the post-COVID-19 impact on each segment.
Packaged Bakery Products Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.75% |
Market growth 2022-2026 |
$163.9 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.67 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 34% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
American Baking Co., Aryzta AG, Barilla G. e R. Fratelli Spa, BreadTalk Group Pte Ltd., Britannia Industries Ltd., Campbell Soup Co., Dr. August Oetker KG, Edeka Zentrale Stiftung and Co. KG, Edwards Cake and Candy Supply, Finsbury Food Group Plc, Flowers Foods Inc., Gruma SAB de CV, Grupo Bimbo SAB de CV, Hostess Brands Inc., McKee Foods, Mondelez International Inc., Monginis Foods Pvt. Ltd., PepsiCo Inc., Tyson Foods Inc., and Yamazaki Baking Co. 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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