The global bakery products market exceeding 500 billion dollars directs companies to this field. The market, which exceeded 536 billion dollars in 2023, is estimated to exceed 700 billion dollars in 6 years. The latest research of ResearchAndMarkets.com, Bakery Products - Global Strategic Business Report also supports this issue.
The global market for Bakery Products estimated at US$536.4 Billion in the year 2023, is projected to reach a revised size of US$734.5 Billion by 2030, growing at a CAGR of 4.6% over the analysis period 2023-2030. Biscuits, one of the segments analyzed in the report, is expected to record a 5.4% CAGR and reach US$424.9 Billion by the end of the analysis period. Growth in the Bread & Rolls segment is estimated at 4% CAGR for the next 7-year period.
The bakery products market is driven by consumers’ evolving needs for health, indulgence, and convenience. Recent market snapshots and activities highlight key trends and drivers that shape the industry. There is a growing preference for healthy, organic, and all-natural baked goods, which is revitalizing market growth. However, manufacturers face challenges in altering production processes to meet the rising demand for healthier variants.
The push for trans-fat-free products is intensifying competition, while organic and whole grain-based baked goods are expected to see strong market penetration. The future looks bright for bakery products, with developed markets continuing to dominate consumption and developing countries leading growth due to lower per capita consumption, which presents significant market potential.
In 2024, global key competitors’ market shares will reflect the competitive landscape, with established players and emerging brands vying for a larger share of the market. The combination of health trends, consumer preferences, and market opportunities suggests a robust outlook for the bakery products industry.
THE U.S. MARKET IS ESTIMATED AT $141.4 BILLION
The Bakery Products market in the U.S. is estimated at US$141.4 Billion in the year 2023. China, the world’s second largest economy, is forecast to reach a projected market size of US$162.4 Billion by the year 2030 trailing a CAGR of 7.3% over the analysis period 2023 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 3.7% respectively over the 2023-2030 period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$100.6 Billion by the year 2030.