Baked Foods Industry Growth Prospects, Key Opportunities, Trends and Forecasts 2023
Baked products have been around for a long time and include a wide variety of food ranging from bread and biscuits to chips and other kinds of snacks. Baked foods are often considered to be healthier depending on thier type and are a quick, convenient ready to eat products which have been gaining increasing propularity. Market Research Future has published it's report on the global Baked Foods Industry which covers every relevant detail regarding the markets direction during the assessment period from 2018 to 2023.
A significant rise in the working population with women increasingly taking up employment has resulted in an increased demand for convenient, ready to eat products. Moreover, unlike many ready to eat products, baked goods are often naturally produced and have potential as functional food. Vitamins, protein, minerals, fiber and several other nutrients can be added to baked goods, thus enrichinging them and making them healthier for consumption. The growing health conciousness, particularly among urban populations in the wake of increasing prevelance of chronic diseases and rising obesity rates is expected to support the growth of the baked foods market. Health concious consumers are also placing a high demand for gluten free products. Moreover, with a truly wide variety of baked foods available in the market ranging from region to region due to regional tastes is another driver of the baked foods market. Ongoing innovation in the F&B sector is expected to assist market growth as the variety on offer increases.
Increasing demand for clean label products and improvement in distrubution networks of developing countries are expected to open up new opportunities for the market and increase market growth.
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Market Segmentation
The market is makde up of key segments which have been differentiated in MRFR's report on the basis of type, distribution channel, and region. Types of baked foods have been divided to include bread & rolls, cakes & pastries, donuts, biscuits, and others. The high demand for cakes and pastries is expected to lead to high market growth for the cakes & pastries segment over the review period. This demand is aided by the rising demand for trans-fat free baked foods.
Distribution channels in the baked foods market have been divided between food service, and food retail. Increasing disposable income and the presence of an expanding consumer population is likely to boost the food retail segment which presently holds the leadership position in the market.
Regional Analysis
Europe leads the market having aquired the largest share of the global market. The region has a rich heritage of baked food products due to the presence of several countries where baked food has been consumed for a long time. For example, French bread is well known across the globe and is a vital part of a French diet. Similarly other baked foods from various surrounding countries are integral parts of the diet and increasing demand for natural and healthy baked foods in these countries is expected to support the regions lead position in the market.
Meanwhile, the Asia Pacific is growing at an incredible pace due to the changing consumption patterns in the region. India, China, Japan and other emerging economies in the region which have a growing working population also have rising disposable incomes which have increased the demand for baked foods. Rapid demand for diverse products in the region will propel the growth of the market.
Key Players
Leading market competitors that have been included in MRFR’s report include Hostess Brands, BreadTalk, Hillshire Brands, George Weston, Flowers Foods, Yamazaki Baking, McKee Foods, Finsbury Food Group, Baked Foods Biotech Pvt Ltd., and Grupo Bimbo among others. The market share of and growth strategies used by these competitors have also been included in the reports analysis.
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