Bakery Product Market - Forecast(2022 - 2027)
Bakery Product Market size was estimated at $242 billion in 2020, projected to grow at a CAGR of 3.7% during the forecast period 2021-2026s. The bakery Product industry has witnessed huge demand as buyers are more willing to adopt western cuisines, including baking, driving the expansion of the bakery products market. Baking is the oldest kind of cookery and is used to make daily items such as breads like baguettes, cakes, pastries, pies, cookies, and donuts. Various components, such as grain-based flour, water, and leavening agents, are used to make these goods. Bakery goods such as baguettes and others has become an essential element of the human diet since they include a lot of carbohydrates, as well as proteins, dietary fibers, B vitamins, and minerals. Acrylamide is a toxin found mostly in roasted, baked, and deep-fried meals. They are fast-moving consumer goods (FMCG) that are consumed on a daily basis. They are highly liked for both formal and informal occasions owing to their palatability, appearance, and ease of digestion. Acrylamide is a process-derived compound produced when reducing sugars, primarily glucose and fructose, react with the amino acid asparagine in the presence of moisture and heat at temperatures over 120°C (248oF). The Maillard process produces acrylamide as a by-product. Heat-treated foods, such as bakery goods like baguettes, roast potatoes, potato chips, and roasted coffee beans, contain low amounts of acrylamide. It's a pollutant generated from the food processing industry that the scientific community has identified as having possible carcinogenic and mutagenic effects on people and animals. However, Consumers in emerging economies have improved standards of living and are changing their lives as a result of cultural changes and increasing emerging markets, which is driving the global bakery goods market. Furthermore, new product releases are also helping the sector to meet customer needs. The market's growth is aided by growing processed-food consumption and a trend toward more convenient food and beverage items. Frequent consumption of highly processed with High-sugar, high-fat leads to malnutrition. For example, potato chips, bakery goods, cold beverages, soda, and so on. Malnutrition in children is a serious worldwide health issue that results in increased morbidity and death, as well as impaired intellectual development and productive ability, as well as an increased risk of adult illness. According to Food and Agriculture Organization of United Nations, Malnutrition is the leading cause of sickness throughout the world.
Bakery Product Market Report Coverage
Key Takeaways
- People increasingly prefer low-calorie, ready-to-eat food items, such as bakery products, owing to the rising living standards and substantial changes in their lives and eating habits. This has spurred major manufacturers to create bakery goods with minimal trans-fat levels that use multi-grains or whole wheat.
- However, the bakery products market was significantly impacted by COVID-19. During the peak of the epidemic, several bakeries were forced to close their business owing to a lack of bakery product sales, and logistical delays caused by the lockdown that disrupted the supply chain, affecting the market.
- According to Food and Agriculture Organization of United Nations, every year, over 5 million children under the age of five die in underdeveloped nations as a result of malnutrition.
Bakery Product Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Bakery Product Market. Bakery Product Market top 10 companies are Nestle S.A.; Associated British Foods; Bimbo Bakeries USA; Kraft Food Group, Inc.; Britannia Industries Ltd.; General Mills; Mondelez International; Campbell Soup Company; Bakers Delight Holdings Limited.Acquisitions/Product Launches:
- In March 2020, General Mills Company announced the introduction of the Pillsbury Online community which is a new resource for foodservice operators to make baking easier.
- In October 2020 Bimbo Bakeries established a cooperation with Disney and Oroweat to boost the manufacturing of organic bread products.
- In February 2020. Kraft Heinz established a cooperation with Indo Nissan Foods This collaboration aided Kraft Food's expansion in India.
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