The global bakery products market size was valued at USD 495.6 billion in 2023 and is projected to reach USD 714.1 billion by 2030, growing at a CAGR of 5.4% from 2024 to 2030. The increasing demand for bakery products worldwide is primarily driven by the trend towards convenient foods and changing consumer lifestyles.

Key Market Trends & Insights

• The North America bakery product market accounted for a revenue share of 27.4% in 2023.
• The U.S. bakery product market is expected to grow at a significant CAGR over the forecast period.
• By Product, Cakes & pastries dominated the market and accounted for a revenue share of 28.2% in 2023.
• By Distribution Channel, The specialty stores segment dominated the market in 2023.

Market Size & Forecast

• 2023 Market Size: USD 495.6 Billion
• 2030 Projected Market Size: USD 714.1 Billion
• CAGR (2024-2030): 5.4%
• North America: Largest market in 2023
• Asia Pacific: Fastest growing market

The North America bakery product market held a revenue share of 27.4% in 2023. The U.S. bakery product market is expected to experience a notable CAGR over the forecast period. Among product categories, cakes and pastries dominated the market, accounting for 28.2% of revenue in 2023. In terms of distribution channels, specialty stores led the market in 2023.

A wide variety of bakery products are available, constantly evolving to meet the preferences of different consumer segments. The bakery sector offers products such as cakes, brownies, cupcakes, croissants, cookies, and other baked goods, catering to a wide range of occasions and consumer tastes. For instance, biscuits remain a popular evening snack and continue to evolve according to consumer preferences, supporting overall market growth.

Bakery products are widely consumed across various settings. Cakes and pastries play a central role in celebrations, including weddings, birthdays, office parties, and home events. Bread has remained a dietary staple for many years, often forming part of a typical breakfast with butter in numerous households. The growing focus on healthy lifestyles, natural nutrition, and organic food has increased demand for whole wheat, low-calorie, additive-free, and natural bakery items. Continuous innovation and adaptation to consumer needs are key drivers of market expansion.

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The fast-paced lifestyle of modern consumers has created high demand for convenient and ready-to-eat foods. Bakery products provide quick and easy breakfast or snack options that can be consumed on the go. Pre-made bakery items and quick-service bakery shops help meet this demand efficiently. Affordability and competitive pricing also contribute to the growth of the market. Robust distribution channels and the rise of e-commerce enable wider access to bakery products. Additionally, coffee shops and cafes increasingly feature freshly baked pastries, enhancing both convenience and customer experience.

Some of the key players in the bakery products market include Grupo Bimbo S.A.B. de C.V., Britannia Industries, Nestlé S.A., General Mills, Inc., and Campbell Soup Company. Companies in this sector are focusing on expanding their customer base through new product launches, mergers, acquisitions, and strategic partnerships.

Britannia Industries, established in India, serves over 80 countries and operates in bakery, dairy, and adjacent snacking segments. Campbell Soup Company, based in the United States, is a leading processed food company offering soups, baked goods, beverages, and snacks, with a mission to connect people through food they love.

Key bakery products companies:

• Grupo Bimbo S.A.B. de C.V.
• Britannia Industries
• Nestlé S.A.
• General Mills, Inc.
• Campbell Soup Company
• Associated British Foods plc
• Kraft Foods Group, Inc.
• ITC Limited
• Finsbury Food Group Limited

Conclusion:

The bakery products market is set for steady growth due to evolving consumer lifestyles, demand for convenience, and healthy eating trends.