Technavio has published a new market research report on the global packaged bakery products market 2017-2021 under their food and beverage library. (Graphic: Business Wire)
LONDON–(BUSINESS WIRE)–The latest market research report by Technavio on the global packaged bakery products market predicts a CAGR of close to 5% during the period 2017-2021.
The report segments the global packaged bakery products market by product (bread; cakes and pastries; cookies; crackers and pretzel; and doughnuts), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global packaged bakery products market, according to Technavio researchers:
- Increased snacking and indulgence consumption: a major market driver
- In 2016, the bread segment dominated the market by occupying almost 48% share
- EMEA dominated the global packaged bakery products market with over 48% share in 2016
- Grupo Bimbo, Finsbury Food Group, Flower Foods, Hostess Brands, MCKEE FOODS, and Yamazaki Baking are the leading players in the market
Increased snacking and indulgence consumption: a major market driver
Increased snacking and indulgence consumption is one of the major factors driving the global packaged bakery products market. There has been a notable change in the consumption pattern and food preference among consumers. Most consumers are trading their routine meals for snacks. Also, there has been a rise of nearly 41.39% in the number of consumers who prefer healthy and tasty snacks in the past 10 years. Similarly, the consumption of bakery products, such as bread, rolls, pies, and other similar products in breakfast, has also increased primarily due to hectic lifestyles and urbanization, where consumers often skip their meals and consume such on-the-go food instead.
EMEA: largest packaged bakery products market
Technavio researchers anticipate high growth for the global packaged bakery products market in EMEA due to the growing disposable income, high demand for convenience foods, and increasing demand for healthier products. The market is growing steadily in the Middle East and Africa (MEA), with Egypt and Turkey emerging as the key countries in the packaged bakery products market. The growth is primarily attributed to the expanding consumer indulgence on bakery products.
According to Manjunath Reddy, a lead analyst at Technavio for research on food “Consumers prefer bakery products that are both healthy and tasty due to which the demand for gluten-free bread, high-fiber loaves, and low-fat bread is on the rise. Similarly, in the cakes and pastries and cookies segments, the demand for multi-cultural flavors and designs, reduced sugar, low-calorie and low-fat products has registered an increase. Healthy grains, such as spelt and oats, are also being introduced in the market.”
Competitive vendor landscape
The global packaged bakery products market is subject to the rapidly changing consumer demands and preferences. Vendor performance in the market may be affected by the changing consumer-spending patterns. The market is highly fragmented owing to the presence of numerous small and large vendors. The vendors in the market compete based on factors such as price, quality, innovation, service, reputation, and distribution.