Market Overview
Bakery products are an item of huge consumption due to high nutrient value and affordability. Due to rapid population rise, the emergence of a women working population, the rising foreign influence, and the fluctuating eating habits of consumers, they have gained popularity, contributing significantly in the growth of the bakery industry. Fortified bakery products come in various types such as cakes, cookies, biscuits, cupcakes, pancakes, and others. Bakery products also come in a spectrum of varieties such as gluten free, organic, sugar free, low-calories, fortified, and others. Gluten free bakery products, owing to its various health benefits, are preferred by the consumers.
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Market Forecast
With the growing consumer awareness & their increasing interest in healthy bakery products, the demand for fortified bakery products will drive the market growth from 2017 to 2023. Also, with the growth of food advancement in food technology and packaging technology, combined with the innovation and introduction of new attractive packaging has also boosted the sales of fortified bakery products. The growing incidence of diseases and increasing consumer health awareness as well as their consciousness about appearance are the various trends which have led to the adoption of healthy bakery products, which is one of the main variant fortified bakery products come in. Moreover, a healthy diet trend due to the increasing prevalence of various health issues, will play a key role to grow fortified bakery products market at CAGR of 5.3% during the forecast period.
Downstream market analysis
Globalization and urbanization are major driving force for this market. Furthermore, popularity of healthy and nutrient-rich bakery products are also encouraging the growth of the market. Gluten free and organic bakery will be the highest growing segment in the fortified bakery market. Additionally, nutrient-rich varieties are also expected to gain popularity due to nutrient deficiency in the contemporary population owing to unhealthy and hectic lifestyles which result in daily unmet mineral needs.
Competitive analysis-
The major key players in fortified bakery market are
• Puratos (Europe)
• Lewis Brothers (U.S.)
• Grupo Bimbo (Mexico)
• Britannia Industries Ltd. (India)
• Nestle (Europe)
• Sara Lee Bakery Group (U.S.)
• Flowers Foods (U.S.)
The demand for fortified bakery products has pushed manufacturers to innovate and develop new product line which are better in taste and offers various health benefits.
Regional Analysis
The global bakery market is segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). Among this, Asia Pacific region has major market share followed by North America. Growing population, changing consumption pattern, rising health awareness, and rising disposable income in Asia Pacific region are anticipated to drive the demand for bakery products in that particular region.
Market Segmentation-
Global Fortified Bakery market is segmented by type, form, nutrients, special type and region
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