Over the years, the ease of availability and convenience has proliferated the demand for bakery products globally. Advancement in processing technology has allowed the inclusion of numerous ingredients that help ameliorate taste, appearance, and the overall nutritional value of the baked products. This is another key factor helping support the global COVID-19 Impact on Bakery Products Market. With rising demand for healthy convenience food products, the availability of bakery products have increased due to its convenient-nature and enhanced packaging. Bakery products are available in different types and varieties like sweet, breakfast foods, and as savory snacks. This attracts the consumers to experiment with their choice.
However, on the flip side, the increasing health awareness among the consumers has shifted their food preferences. The shifting consumption pattern and growing population of health-consciousness consumers can restrain the growth of bakery products.
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Britannia Industries Limited (India), Mondelez International, Inc. (US), Barilla Holding S.p.A. (Italy), General Mills, Inc. (US), United Biscuits (UK), Grupo Bimbo, S.A.B. de C.V. (Mexico), Dunkin' Donuts LLC (US) and others are some of the leading players operating in the Global Bakery Products Market Size.
April 3rd, Puratos India, a subsidiary of the Puratos International Group, has announced the launch of four new innovative products that aims at revolutionizing the Indian Bakery, Chocolate, and Patisserie Industry. The products include Carat Supercrem Nutolade, Tegral Satin Purple Velvet EF, Tegral Red Velvet Sponge Mix, and Fruitfil Range.
March 12th, 2019, Nature Bakery has announced the launch of new products in the market but with a different and eye-catching packaging and designing to support the appeal of the product.
Global COVID-19 Impact on Bakery Products Market segmentation is based in terms of three dynamics: by type, by claim, and by form.
By product type, the market includes pastries, doughnuts, cake, biscuits, breads, and others. The breads segment holds the largest share in this market category and is expected to continue its dominance in the forthcoming years due to the wide usage of bread as one of the staple food items across various regions worldwide.
By claim, COVID-19 Impact on Bakery Products Market segments into organic, gluten-free, low calories, sugar-free, and others. The organic segment holds a majority of the share and is expected to hold on to its leading positioning in the forthcoming years due to the healthier alternative it provides over other options. These products are produced without any chemical compounds, one which makes them much more nutritive and healthier for consumption than various other conventional products. The gluten-free segment is expected to grow with the highest CAGR during the forecast period. This is due to the rising sensitivity of gluten among the consumers.
By form, the market divides into frozen, fresh, and others. The fresh segment holds the leading share in the market and is forecasted to be the dominant player going forward. Fresh products boast much more nutritious content than other frozen products, which require preservatives to be added to keep them away from being spoilt.
Global COVID-19 Impact on Bakery Products Market is geographically segmented into the following key regions: Asia Pacific, Europe, North America, and the Rest of the World (RoW).
The Europe region is the dominant market share holder globally. The region is even anticipated to dominate the global market throughout the forecast period. The increasing traction and demand for convenient bakery items is one of the biggest drivers of the bakery products market globally. Developing economies and the high disposable income of consumers are playing significant role in aiding the bakery market growth in recent years. Add to this, the mass consumption of bakery items due to its low pricing level and shifting consumer eating habits are anticipated to accelerate the growth of the market in this region even further.
The Asia Pacific region is expected to be one of the fastest growing regions in the world due to the expanding population in the region and shift in consumer eating pattern. Herein, emerging economies like China and India hold a key role in aiding the market growth further.
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