The Bakery & Confectionary Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bakery & Confectionary Global Market Report 2024, The bakery & confectionary market size has grown strongly in recent years. It will grow from $907.39 billion in 2023 to $960.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to health-conscious offerings, artisanal and crafted treats, global flavor fusion, functional ingredients, interactive and experiential products.
The bakery & confectionary market size is expected to see strong growth in the next few years. It will grow to $1174.03 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to changing consumer lifestyles, cultural and ethnic influences, celebrations and festivities, retailing and merchandising strategies, globalization and cross-cultural flavors. Major trends in the forecast period include digitalization and online ordering, packaging innovations, global flavor fusion, customization and personalization trends, innovations in baking techniques.
The world’s population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for food. Supply for materials used in bakery and confectionary and trade volumes will have to increase to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for bakery and confectionery products due to the rising population during the forecast period.
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The bakery & confectionary market covered in this report is segmented –
1) By Type: Breakfast Cereal, Sugar And Confectionery Products, Bread And Bakery Products, Cookie, Cracker, Pasta, And Tortilla
2) By Price Point: Economy, Mid-Range, Luxury
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Oats Breakfast Cereal, Grains Breakfast Cereal, Other Breakfast Cereal, Sugar, Confectionery Product, Bread, Cake And Pastries, Other Bread And Bakery Product, Cookie and Cracker, Dry Pasta, Dough, and Flour Mixes, Tortilla
Confectionery manufacturers are increasingly using natural flavors in confectionery products. Innovation has been key to the development of the confectionery market. According to the United States Food and Drug Administration, the term natural flavor or natural flavoring means the essential oil, oleoresin, essence or extractive, protein hydrolysate, distillate, or any product of roasting, heating, or enzymolysis, which contains the flavoring constituents derived from a spice, fruit or fruit juice, vegetable or vegetable juice, etc. Using natural flavors manufacturers are imparting new and unique taste profiles into their products. For instance, Zaabar, Rococo Chocolates, and Rozsavologyi Csokolade are manufacturing chocolate bars with cardamom flavoring.
The bakery & confectionary market report table of contents includes:
1. Executive Summary
2.Bakery & Confectionary Market Characteristics
3. Bakery & Confectionary Market Trends And Strategies
4. Bakery & Confectionary Market analysis
5. Bakery & Confectionary Market Size And Growth
6.Bakery & Confectionary Segmentation
7.Bakery & Confectionary Regional And Country Analysis
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27.Bakery & Confectionary Competitive Landscape And Company Profiles
28.Bakery & Confectionary Key Mergers And Acquisitions
29.Bakery & Confectionary Future Outlook and Potential Analysis
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