DUBLIN – ResearchandMarkets.com released a new report illuminating the pandemic’s impact on the global confectionary and bakery markets and their recovery through 2030, predicting that the market will reach $1,221.28 billion by 2025.
The bakery market was valued at $887.82 billion in 2020 and $938.97 billion in 2021 at a compound annual growth rate of 5.8%. The CAGR is predicted to reach 7% by 2025. The study identified major companies in the combined market as Grupo Bimbo, Finsbury Food Group, McKee Foods, Yamakazi Baking and BreadTalk Group.
Asia Pacific was the largest region in the global market, accounting for 43% in 2020, and Western Europe was the second biggest player holding 22%. The study noted that confectionary manufacturers are increasing their use of natural flavors and ingredients and that innovation has been a major key to growth. Examples of natural flavors according to the US Food and Drug Administration include those derived from spices, fruit or fruit juice, or vegetables and vegetable juice.
The report also includes product analysis, supply chain statistics, market trends and strategies, and information on how the pandemic impacted the market.
More information on the research can be found here.
