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Industry -OverviewAccording to a recent study report published by the Market Research Future, The global Market of Baked Foods is booming and expected to gain prominence over the forecast period. Globally, the market for Baked Foods has been rising up owing to urbanization and changing consumption patterns, traction towards convenience foods. Key drivers for the market are increasing demand from the RTE foods and also increased preferences of consumers towards organic Baked Foods and gluten free products. Hence, the global market of Baked Foods is forecasted to demonstrate a spectacular growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017– 2027).
Other factors that positively impacting the market growth of Baked Foods include; changing lifestyle of the consumers, due to the rise in the disposable income are some of the major factors contributing to the growth of baked food market. Moreover, rapidly growing food chain industry provides impetus to the market growth of Baked Foods. Also, increasing purchasing power and rising living standards are anticipated to boost the Baked Foods Industry.
Factors affecting the market growth are energy, manufacturing costs, labour cost, wheat Flour & other raw material cost, Production Process and Technology Changes. Other challenging factors are limited shelf life of Baked Food Items. Alternatively, introduction of innovative baked foods with high nutritional value is likely to open the new avenue for the bread and baked food market. Also, mounting demand for gluten-free baked products anticipated to impact the growth positively in the baked food market during the forecast period.
There have been important production technology advancements in the commercial Baked Food industry. These advancements centre on the development of ESL technology. A standard cost for commercial bakeries is the cost associated with returns of unsold, stale bread and other fresh Baked Foods.
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Industry -Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Baked Foods appears to be highly competitive and fragmented. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. International players who are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as quality, technology, and price. The merger and acquisition activity that characterized the commercial Baked Food market in the past few years also impacted producers of frozen products, since many commercial producers of Baked Foods also produce frozen products.
Industry -Segments
The Baked Foods Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation On the basis of Type : Comprises Pastries, Cereals, Pies, Cakes, Cookies, Biscuits, Scones, and Pizza and others.
Segmentation On the basis of Source : Comprises Dairy, Non-Dairy, Sweet, whole grain and Savoury and others.
Segmentation On the basis of Application: Comprises confectionery, Baked products, and dairy products.
Segmentation On the basis of Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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Industry - Synopsis
The commercial Baked Foods industry has experienced some recent consolidation and is currently undergoing significant changes in how Foods are marketed and distributed. This consolidation may have been spurred by some excess capacity in the industry. A greater share of the contraction in production facilities was accounted for by smaller operations. The market for frozen cakes, pies, and other pastry Foods has been characterized by significant product innovation, new product introductions, and an overall shift in the market to higher quality, premium products.
New product introductions from vendors have focused on higher quality Foods using better ingredients and improved production and freezing technology. This has led to increases in retail sales value, as consumers purchase higher-priced products, without as significant increases in retail sales volumes. Several factors have been suggested to explain recent changes in Baked Foods consumption. The three most important are increasing convenience/quick preparation time in the marketing of foods, the prevalence of fad diets that stress the avoidance of carbohydrate rich foods, and the detection of acrylamide, a potentially cancer causing substance in baked and fried foods.
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