Market Trends of Global Baked Food and Cereals Industry
This section covers the major market trends shaping the Baked Food & Cereals Market according to our research experts:
Rising Demand for Specialty Bakery Products
The specialty bakery products market is expected to attain exponential trajectory in the foreseeable future, owing to the growing consumer preference for a convenient alternative to freshly baked specialty products. The rapid economic development, which is taking place in the emerging as well as developed economies, has led to a highly dynamic market scenario for consumer goods – bakery products are no exception. The hectic schedules and the increasing number of women entering formal employment have made the specialty frozen baked goods segment more popular. The growing health concerns among the consumers has provided a great opportunity for the specialty bakery products to incorporate functional bakery ingredients such as Oats, legumes, probiotics, cereals, and fortified margarine to capture a broad consumer base. Such evolving factors have led to an increasing number of specialty bakery shops across the globe.
Europe Leads the Market
The European bakery industry leads the global bakery market. In the mature US and European frozen bakery markets, the fastest-growing brands are those specializing in healthier baked goods, using high quality of nutritional ingredients and meet demand in ‘free-from’ and for food ‘on-the-go’. The morning goods segment is the most dominating segment in the industry. People prefer convenient and grab-and-go products for breakfast, and this favors the increasing demand for frozen bakery products. Availability of gluten-free frozen baked goods has helped in the growth of the market. Rising disposable incomes, urbanization, and the demand for Western-style diets are supporting the growth in sales of baked goods and pastries in Asia-Pacific, especially in China and India, and are witnessing a growing demand for bakery products. The growth in the bakery products market also paves way to enormous growth in the processed food production sector and vice-versa. It has also led to the introduction of a diverse range of innovative bakery products.
