Impact of COVID-19 on Bakery Market 2020
This report provides strategists, marketers and senior management with the critical information they need to assess the global bakery product market as it emerges from the Covid 19 shut down.
The Asia Pacific was the largest region in the global bread and bakery product market, accounting for 31% of the market in 2019. North America was the second largest region accounting for 28% of the global bread and bakery product market. Africa was the smallest region in the global bread and bakery product market.
The global bread and bakery product market is expected to grow from $209.9 billion in 2019 to $211.9 billion in 2020 at a compound annual growth rate (CAGR) of 1%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5% from 2021 and reach $245.7 billion in 2023.
The objective of the study is to define market sizes of different segments and countries in previous years and to forecast the values to the next Five years. The report is designed to incorporate both qualify qualitative and quantitative aspects of the industry with respect to each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as drivers and restraining factors which will define the future growth of the Bakery Products market.
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Bakery Products Market is segmented as below:
· Product
· Bread and Rolls
· Cakes and Pastries
· Cookies
Bakery Products market baked products are highly perishable and their attractive declines rapidly within a few hours of being taken from the oven. Freezing is the best known preservation method will significantly extend shelf life while retaining baked goods’ all-important taste, texture and appearance.
Due to lockdown, during the start of 2020, sales of non-edible products such as disinfectants, toilet paper, paper goods, and hand sanitizer were high in demand and the sales of edible products such as bakery, meat products, and many others were up to the mark as the supply of bakery was insufficient as many of the bakers have shut operations due to shortage of labors. Along with this, disruption in logistics facilities due to the lockdown has created more issues in the market as consumers were not getting products as per their requirement which ultimately affected the market. Another factor that has created an impact on the market is the lack of raw material availability due to which production of products was not proper. Due to these issues, smaller bakers in the unorganized segment are the worst affected, as stated by Mago, who is also a president of the All India Bread Manufacturers Association.
In bakery industry, where one sector i.e. food service is plummeting due to lockdown, another sector i.e. household sector is making an increase in sales of bakery products. The increase in the sales is possible due to the incredible efforts of the entire bakery supply chain.
At present time, it is difficult to estimate for the bakery products sales of food service sector, but once the situation of COVID is under control, it will also regain its position as it was in previous years and market value of bakery products will increase in future.
Bakery products manufacturers: perspective & initiatives
The outbreak of COVID-19 has brought world to a halt where each and every industry has got an impact of it. This crisis has brought to an unexpected situation through which everyone is going on. With such unscrupulous situation, everyone is trying to get over of it. In all, one of the industries is cocoa related product industry which has fallen badly due to covid-19 in the beginning of 2020. But rising support from several companies as well as governments are helping the industry to rebuild the position again in the market.
Conclusion
Covid-19 pandemic has taken a toll on the global population and economy. A collaborative effort on governments, public health departments, and hospital fraternity to fight the coronavirus has led to economic slowdowns, global lockdowns, and extreme public safety measures. The public health measures include creating awareness about home quarantine measuring, maintaining food and healthcare supply, especially to the poor are being strictly followed by governments across the world. During this pandemic situation, public awareness about maintaining high immunity levels has become a serious concern. However, as a staple food in the majority of the countries, bread and bread products have faced a lower impact as compared to other bakery products such as cakes, pastries, and croissants.
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