The bakery & confectionery market size has experienced strong growth, progressing from $907.39 billion in 2023 to $960.09 billion in 2024, representing a compound annual growth rate (CAGR) of 5.8%. This growth in the historic period is attributed to factors such as the rising demand for health-conscious offerings, the popularity of artisanal and crafted treats, the trend of global flavor fusion, the integration of functional ingredients, and the appeal of interactive and experiential products. Looking forward to 2028, the market is poised for continued growth, reaching $1174.03 billion at a CAGR of 5.2%. The projected expansion in the forecast period is driven by changing consumer lifestyles, cultural and ethnic influences, increased demand during celebrations and festivities, evolving retailing and merchandising strategies, and the impact of globalization with cross-cultural flavors. Major trends in this period encompass digitalization and online ordering, innovations in packaging, the continued trend of global flavor fusion, customization and personalization preferences, as well as advancements in baking techniques.
Major Driver In The Bakery and Confectionary Market
The world's population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for food. Supply for materials used in bakery and confectionary and trade volumes will have to increase to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for bakery and confectionery products due to the rising population during the forecast period.
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Bakery and Confectionary Market Competitive Landscape
Nestle S.A., PepsiCo Inc., Mars Inc., Mondelez International, Roshen Confectionery Corp., The Kraft Heinz Company, Wm Morrison Supermarkets plc, Valeo Foods Group, Grupo Bimbo S.A.B. de C.V., General Mills Inc., Ferrero Group, Kellanova, Lotte Corp., The Hershey Company, Yamazaki Baking Co. Ltd., The Clorox Company, Barry Callebaut AG, The Campbell Soup Company, Campbell Soup Company, The J.M. Smucker Company, Flowers Foods Inc., Bimbo Bakeries USA, The Hain Celestial Group Inc., Morinaga & Co., Orion Corp., Hostess Brands Inc., Bourbon Corp., Lindt & Sprüngli AG, PIM Brands Inc., Crown Confectionery Co.
Key Bakery and Confectionary Market Trend
Natural flavors are increasingly being used in the confectionery industry. Innovation is driving the development of new taste profiles in confectionery products. According to the U.S. Food and Drug Administration, natural flavors come from essential oils, extracts, and other products derived from natural sources. For example, Zaabar, Rococo Chocolates, and Rozsavologyi Csokolade have developed chocolate bars flavored with cardamom, showcasing the trend toward natural flavoring in confectionery.
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Bakery and Confectionary Market Segmentation
The bakery & confectionary market covered in this report is segmented –
1) By Type: Breakfast Cereal, Sugar And Confectionery Products, Bread And Bakery Products, Cookie, Cracker, Pasta, And Tortilla
2) By Price Point: Economy, Mid-Range, Luxury
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Oats Breakfast Cereal, Grains Breakfast Cereal, Other Breakfast Cereal, Sugar, Confectionery Product, Bread, Cake And Pastries, Other Bread And Bakery Product, Cookie and Cracker, Dry Pasta, Dough, and Flour Mixes, Tortilla
By Geography:The regions covered in the bakery & confectionary market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
Asia-Pacific was the largest region in the bakery and confectionary market in 2023.
The Bakery and Confectionary Global Market Report 2024 furnishes information about the global bakery and confectionary market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
