DUBLIN — International market research firm Research and Markets released a new report that has valued the global bakery market at $453.74 billion for 2020 and projected to reach more than $672 billion by 2026. That reflects an estimated 7.02% CAGR through 2026.
According to the study, the global bakery market is experiencing consistent growth thanks to changing consumer tastes and preferences, as well as improving standards of living and increased consumption of packaged food.
The popularity of bakery items coincides with the growth of fast-food businesses, where the most popular menu items include burgers, snacks and sandwiches.
Other factors include increased attention on value-added bread items, according to the report. Changing eating habits, busy lifestyles and Western influence are also contributing to the increased demand for bakery products. As people focus more on health and wellness, they are also recognizing more health benefits linked to nutritious and organic ingredients used in bakery products, which is helping to propel the market’s growth.
This awareness is leading more consumers to eat baked goods that are gluten-free, low in carbohydrates and high in fiber, and they are also demanding more options. As a result, many global baking companies are fortifying their products to meet the growing appetite of the health-conscious populace, the study noted. One example is Britannia Industries, which produces Nutrichoice biscuits, which have a low glycemic index and high dietary fiber.
The study analyzed historical growth from 2016 to 2020 and forecasted the market size and growth rate from 2021 to 2026. It identified leading market players, including Grupo Bimbo, Mondelez International, Yamazaki Baking, Flowers Foods, Britannia Industries and more.
