Major companies in the bakery and confectionery market include Grupo Bimbo; Finsbury Food Group; McKee Foods; Yamazaki Baking and BreadTalk Group. The global bakery & confectionary market is expected to grow from $887.
New York, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bakery & Confectionary Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018946/?utm_source=GNW
82 billion in 2020 to $938.97 billion in 2021 at a compound annual growth rate (CAGR) of 5.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1221.28 billion in 2025 at a CAGR of 7%.
The bakery and confectionery market consists of sales of bakery and confectionery by entities (organizations, sole traders and partnerships) that produce bakery and confectionery products. The companies in the bakery and confectionery industry process raw materials into bakery and confectionery, package and distribute them through various distribution channels to both individual customers and commercial establishments. Some of the examples of bakery and confectionery products include breakfast cereals, breads, cookies, chocolates, gums, sugar confectionery and others. The bakery and confectionery market is segmented into breakfast cereal; sugar and confectionery products; bread and bakery products and cookie, cracker, pasta, and tortilla.
Asia Pacific was the largest region in the global bakery & confectionary market, accounting for 43% of the market in 2020. Western Europe was the second largest region accounting for 22% of the global bakery & confectionary market. Africa was the smallest region in the global bakery & confectionary market.
Confectionery manufactures are increasingly using natural flavors in confectionery products. Innovation has been key to the development of the confectionery market. According to the United States, Food and Drug Administration the term natural flavor or natural flavoring means the essential oil, oleoresin, essence or extractive, protein hydrolysate, distillate, or any product of roasting, heating or enzymolysis, which contains the flavoring constituents derived from a spice, fruit or fruit juice, vegetable or vegetable juice, etc. Using natural flavors manufacturers are imparting new and unique taste profiles in to their products. For instance, Zaabar, Rococo Chocolates and Rozsavologyi Csokolade are manufacturing chocolate bars with cardamom flavoring.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the bakery & confectionary market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the bakery & confectionary market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
World population is growing and is expected to reach 10 billion by 2050. Increase in population creates more demand for food. Supply for material used in bakery & confectionary and trade volumes will have to increase in order to meet increased population. Therefore, companies in this market are expected to benefit from rising demand for bakery & confectionary products due to rising population, during the forecast period.
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