Bakery Market Analysis: Growth, Size, Share & Future Trends (2024-2029)
The report covers a comprehensive analysis segmented By Product Type (Cakes and Pastries, Biscuits, Bread, Morning Goods, Rusk, Others), By Distribution Channels (Hypermarkets/Supermarkets, Convenience Stores, Specialty Stores, Online Retail Stores, Other Distribution Channels), By Geography (North America, South America, Asia Pacific, Europe, the Middle East, Africa).
Bakery Market Snapshot
Bakery Market Overview
The global bakery market is estimated to be at $549.93 Bn in 2024 and is anticipated to reach $686.29 Bn in 2029. The global bakery market is registering a CAGR of 4.53% during the forecast period 2024-2029.
The bakery market provides a wide range of products, including bread, cakes, and pastries, meeting people’s daily nutritional needs as well as their cravings for sweets all over the world. One notable aspect of the bakery market is its resilience and adaptability to changing consumer demands. Rising health consciousness among consumers has led to an increased demand for healthier bakery options, such as whole grain bread, gluten-free products, and items made with natural ingredients. This shift towards healthier alternatives reflects a growing awareness of dietary choices and wellness trends. Apart from health and convenience, consumer preferences in the bakery market are also led by taste and the desire for indulgence.
Cakes, pastries, and desserts remain consistently popular choices. Consumers actively seek out distinctive flavors, premium ingredients, and artisanal offerings for both special occasions and everyday enjoyment. The modern and busy lifestyle increased the desire for quick options leading to the popularity of ready-to-eat bakery items such as breakfast bars, muffins, and individually packaged pastries. In response, bakeries and retailers are broadening their selection of grab-and-go products to meet the needs of busy individuals seeking convenient yet fulfilling food. Technological advancements are reshaping the bakery industry, improving production efficiency, product consistency, and shelf life. Automation equipment like automated dough mixers, dough dividers and rounders, automated ovens, automated packaging equipment, conveyor systems etc. and digital technologies are enabling bakeries to streamline operations and meet the growing demand for high-quality baked goods.
Overall, the bakery market provides a variety of products to meet different consumer preferences and dietary requirements. With evolving tastes and emerging trends, bakeries are ready to innovate and adjust to keep their offerings attractive and suitable for the changing market.
​​​Bakery Market Coverage
| Historical & Forecast Period | 2018-2029 |
| Base Year | 2023 |
| Forecast Period | 2024-2029 |
| Units | Billion US$ |
| Segments | Product type, Distribution Channels |
| Geographies | North America, South America, Asia Pacific, Europe, the Middle East, Africa |
| Key Vendors |
Mondelez International, Inc., Yamazaki Baking Co. Ltd., Finsbury Food Group Plc, Flower Foods, Inc., McKee Foods Corp.  |
Key Geographies of Bakery Market, 2023
Porter’s 5 Forces Analysis of Bakery Market
Bakery Market Trends
The bakery market experiences technological advancements, shifting consumer preferences and broader social changes. There is a notable rise in the demand for healthier bakery choices that reflects a growing consumer preference for nutritious options amidst evolving dietary trends. As consumers prioritize health, they increasingly seek products with less sugar, whole grains, and natural ingredients. This has resulted in the popularity of gluten-free, organic, and low-carb bakery items to meet specific dietary preferences and requirements. There has been a notable growth in artisanal and specialty baked goods as consumers increasingly seek unique, high-quality products. This trend is increasing the popularity of artisan bakeries, which specialize in handcrafted bread, pastries, and desserts.
Artisanal techniques in bakery refer to traditional and craft-based methods of baking that prioritize handcrafted production processes and attention to detail. These techniques often involve using high-quality ingredients, long fermentation periods, and skilled craftsmanship to create baked goods with exceptional flavor, texture, and appearance. Convenience continues to play a significant role in the bakery market and on-the-go choices have become increasingly popular. The demands of busy lifestyles and evolving consumption patterns have led to a rise in the popularity of portable and ready-to-eat bakery snacks such as breakfast bars, muffins, and individually packaged pastries. In response, bakeries and retailers are broadening their grab-and-go selections to meet the needs of busy consumers seeking convenient yet satisfying food solutions.
Conscious consumers are seeking products that meet their values, including environmentally friendly packaging, ethically sourced ingredients, and commitments to reducing food waste. Bakeries are adopting sustainable practices such as using locally sourced ingredients, implementing eco-friendly packaging solutions, and donating unsold products to minimize environmental impact and contribute to social responsibility efforts. Additionally, the rise of e-commerce and digital technologies is reshaping the bakery market.
Online ordering, delivery services, and mobile applications are providing consumers with convenient ways to access bakery products, while also enabling bakeries to reach a broader audience and enhance customer engagement. Moreover, technology-driven innovations in production processes, such as automation and smart equipment, are improving efficiency, consistency, and quality in bakery operations, meeting consumer demands.
Bakery Market Driving Factors
Urbanization plays a significant role as more people move to cities, leading to increased demand for bakery products due to higher population density and changing lifestyles. The bakery industry is witnessing notable expansion that drives strong consumer demand. As the workforce grows and disposable incomes rise, there is a significant rise in the consumption of convenient bakery delights such as cakes, pies, and pastries, leading to a substantial increase in sales. The convenience factor of ready-to-eat bakery products aligns with busy modern lifestyles, that fuels its popularity and sales.
Cakes and pastries stand out as top favorites in this industry. The increasing popularity of artisanal and specialty baked goods reflects consumers’ desire for distinctive, healthy, top-tier products. Crafted using artisanal methods, premium ingredients, and flavor blends, these treats attract customers and thus drive the customers to make healthy choices. Furthermore, continuous testing of new filling and topping flavors, along with the increasing desire for customized cakes and pastries, meets the needs of a wide range of consumers.
Bakery Market Challenges
With increasing health consciousness, consumers seek bakery products with reduced sugar, whole grains, and natural ingredients, leading to the demand for healthier alternatives such as gluten-free, organic, and low-carb options. This results in higher costs for ingredients, labor, and energy, making it important for bakeries to manage expenses due to fluctuating commodity prices and rising wages which can reduce profit margins. Maintaining product quality and consistency is difficult for artisanal bakeries that rely on traditional techniques. Ensuring consistent taste, texture, and freshness that meets consumer expectations is difficult.
Additionally, competition within the bakery market is intense, with numerous players ranging from small local bakeries to large-scale manufacturers and multinational corporations. Standing out in a crowded market and distinguishing products requires creative strategies and unique offerings. Moreover, bakeries face challenges in keeping up with changing consumer tastes and dietary trends. Adapting to the increasing desire for healthier choices, accommodating various dietary restrictions, and addressing sustainability concerns require a high degree of flexibility and adaptability in their approach.
Bakery Market – Key Industry News
- In February 2024, Pepperidge Farm Inc. has announced its plan to launch a new Milano cookie based on the cafe beverage, London Fog drink.
- In November 2023, The J.M. Smucker Co. has announced the acquisition of Hostess Brands, Inc. valued at approximately $5.6 billion.
Bakery Market Competitive Landscape
Larger manufacturers and retailers compete with smaller, neighborhood bakeries in the bakery sector, each attempting to set itself apart through unique products, superior quality, competitive price, and efficient distribution methods. Moreover, artisanal bakeries cater to niche segments with unique offerings, challenging traditional bakery businesses. Additionally, the rise of online platforms and e-commerce has introduced new competition, enabling smaller players to reach a wider audience and compete with established brands. As consumer preferences evolve, the competitive landscape continues to shift, prompting bakery businesses to continuously adapt and differentiate to maintain their competitive edge. Several important entities in the bakery market include Mondelez International, Inc., Yamazaki Baking Co. Ltd., Finsbury Food Group Plc, Flower Foods, Inc., McKee Foods Corp., and others.
Bakery Market Company Share Analysis, 2023 (%)
Bakery Market – Key Companies
Reason to Buy from us
Table of Contents
| 1. Introduction |
|---|
| 1.1. Research Methodology |
| 1.2. Scope of the Study |
| 2. Market Overview / Executive Summary |
| 2.1. Global Bakery Market (2018 – 2022) |
| 2.2. Global Bakery Market (2023 – 2029) |
| 3. Market Segmentation |
| 3.1. Global Bakery Market by Product type |
| 3.1.1. Cakes and Pastries |
| 3.1.2. Biscuits |
| 3.1.3. Bread |
| 3.1.4. Morning Goods |
| 3.1.5. Rusk |
| 3.1.6. Others |
| 3.2. Global Bakery Market by Distribution Channels |
| 3.2.1. Hypermarkets/Supermarkets |
| 3.2.2. Convenience Stores |
| 3.2.3. Specialty Stores |
| 3.2.4. Online Retail Stores |
| 3.2.5. Other Distribution Channels |
| 4. Regional Segmentation |
| 4.1. North America |
| 4.2. South America |
| 4.2.1. Brazil |
| 4.2.2. Argentina |
| 4.2.3. Colombia |
| 4.2.4. Chile |
| 4.2.5. Rest of South America |
| 4.3. Asia Pacific |
| 4.3.1. China |
| 4.3.2. India |
| 4.3.3. Japan |
| 4.3.4. South Korea |
| 4.3.5. Rest of Asia Pacific |
| 4.4. Europe |
| 4.4.1. UK |
| 4.4.2. Germany |
| 4.4.3. Italy |
| 4.4.4. France |
| 4.4.5. Spain |
| 4.4.6. Rest of Europe |
| 4.5. The Middle East |
| 4.5.1. Turkey |
| 4.5.2. UAE |
| 4.5.3. Saudi Arabia |
| 4.5.4. Rest of the Middle East |
| 4.6. Africa |
| 4.6.1. Egypt |
| 4.6.2. South Africa |
| 4.6.3. Rest of Africa |
| 5. Value Chain Analysis of the Global Bakery Market |
| 6. Porter Five Forces Analysis |
| 6.1. Threats of New Entrants |
| 6.2. Threats of Substitutes |
| 6.3. Bargaining Power of Buyers |
| 6.4. Bargaining Power of Suppliers |
| 6.5. Competition in the Industry |
| 7. Trends, Drivers and Challenges Analysis |
| 7.1. Market Trends |
| 7.1.1. Market Trend 1 |
| 7.1.2. Market Trend 2 |
| 7.1.3. Market Trend 3 |
| 7.1.4. Market Trend 4 |
| 7.1.5. Market Trend 5 |
| 7.2. Market Drivers |
| 7.2.1. Market Driver 1 |
| 7.2.2. Market Driver 2 |
| 7.2.3. Market Driver 3 |
| 7.2.4. Market Driver 4 |
| 7.2.5. Market Driver 5 |
| 7.3. Market Challenges |
| 7.3.1. Market Challenge 1 |
| 7.3.2. Market Challenge 2 |
| 7.3.3. Market Challenge 3 |
| 7.3.4. Market Challenge 4 |
| 7.3.5. Market Challenge 5 |
| 8. Regulatory Landscape |
| 9. Competitive Landscape |
| 9.1. Mondelez International, Inc. |
| 9.2. Yamazaki Baking Co. Ltd. |
| 9.3. Finsbury Food Group Plc |
| 9.4. Flower Foods, Inc. |
| 9.5. McKee Foods Corp. |
| 9.6. Company 6 |
| 9.7. Company 7 |
| 9.8. Company 8 |
| 9.9. Company 9 |
| 9.10. Company 10 |
Bakery Market – Frequently Asked Questions (FAQs)
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