Published Date : Jul 18, 2014
Bakery products constitute flour-based food baked in an oven. These could be both sweet and savory. Sweet bakery products include cakes, waffles, donuts, gingerbread, cookies, pies and rolls. Savory products include bread, buns, wafers, crispbread, biscuits, tortilla and bagels. With numerous small and large, indigenous and international players, the global market for baked goods is constantly innovating and growing. Hectic working hours, rising disposable income of consumers, rapid urbanization, influence of television and change in diet and lifestyle are just some of the factors that affect the bakery product industry [http://www.marketresearchreports.biz/analysis/188751]. Based on reports published by a leading market research database, it is believed that the global market for baked goods will cross USD 310 million by the year 2015. Some of the major consumers of baked products in the world include the U.S., Europe, China, France, Italy and Germany.
Baked products can be classified into two broad categories: sweet and savory.
Sweet products: These include cakes, pastries, donuts, waffles, gingerbread, pies, biscuits and cookies. Cakes and pastries in a variety of flavors, shapes and sizes have bombarded the world of baked products. Sweet biscuits and cookies are a convenient and affordable replacement to cakes and pastries and offer consumers indulgences in smaller portions. Donuts are consumed as on-the-go snacks, either between meals, or late-night snacking. Gingerbread is baked either in the form of cakes, biscuits or the holiday-special Gingerbread Man.
Savory products: Savory products include bread, buns, wafers, crispbread, biscuits, tortilla, bagels and pretzels. Bread, in itself, is an extremely broad category, which can be divided into: white bread, brown or whole-wheat bread and ethnic breads. Ethnic or specialty bread includes those in Europe, the Middle East and Asia, such as naan, pitta and baguette.
Industries supported by or supporting the bakery products market
The global bakery market affects and is affected by various other complementary industries. These include: frozen bakery items, frozen bakery additives, sugar, and its supplements and substitutes. Busy lifestyle of the modern man leaves little time for freshly cooked food, giving rise to a thriving frozen food market. There is an entire market dedicated to additives such as preservatives, emulsifiers and oxidizing agents that are used in frozen foods to increase the shelf life of the product. The baked goods industry is largely depended on the sugar industry, which is an integral ingredient in the sweet food items. Apart from sugar, other supplements and substitutes such as honey, molasses, and maple, corn and agave syrup also contribute to the global baked goods industry and are supported by the same.
Factors affecting the industry
There are many drivers that have led to innovations in terms of production, processing, distribution, which in turn, have resulted in the growth and development of the bakery industry.
An increase in migration from rural to urban areas has led to higher standards of living and subsequently a rise in demand for convenience food. Moreover, the number of families where both the partners are working has gone up, forcing consumers to depend largely on conveniently portioned and easy-to-eat bakery goods such as sandwiches, frozen pizzas, rolls, etc. Hectic lifestyles have given birth to casual eating patterns, replacing traditional meals. Breakfast includes bread, toast, muffins, croissants and others; food items that are quick, non-messy and filling. Since most of the time is spent at work, offices with built-in cafes are on the rise. Yet again, frozen and non-frozen baked goods are products mostly offered. Bakery products also prompt impulse purchasing, forcing competitors to fight for shelf space in supermarkets.
Overview of the global bakery product market
The market for bakery products is fairly large in developed regions like North America and Western Europe. However, analysts see great potential and future in emerging markets like Asia-Pacific, Eastern Europe, the Middle East and Latin America. Europe takes up the largest portion in terms of size, followed by the U.S. and Latin America. As far as growth potential is concerned, the Asia-Pacific market is expected to lead the pack.
Recent mergers and acquisitions in the bakery products industry in the U.S. has resulted in a boost in production capacity. Improvements in production and processing technology have also led to favorable growth.
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