Bakery Market Forecast
The global market for bakery products amounted to the value of $203.8 billion in 2018 and is estimated to grow by 3.2% CAGR in the period between 2019 and 2025. The market for bakery ingredients was estimated at $13.9 billion and is expected to expand by 5.7% CAGR from 2021 to 2027, amounting to $19.2 billion. The increased popularity of bakery products is owed to the growing interest in ready-to-eat offers, as well as enhanced preference for ethnic food and the success of Thai and Mexican eateries.
Across North America and Europe, the demand for wholesome ingredients is rising as customers become more and more health-aware. Europe had the largest bakery ingredients market share of 39.43% in 2019 and is expected to remain the leader over the curse of the next 5 years. The fastest growth is expected to take place in the Asia-Pacific market from 2019 to 2027 with a projected 6.6% CAGR. The most popular distribution channel for baked goods is specialty stores with a projected market share of 33% by 2025.
The major application for bakery ingredients remains bread, but the rolls and pies segment is expected to grow by 6.7% in the period between 2021 and 2027. On the basis of type, dry baking mix dominated the market in 2019 with a market share of 18.3%, a trend which is expected to continue.