Major companies in the bread and bakery products market include Dan Cake; Barilla Group; Grupo Bimbo; S. A. B. De C. V and Associated British Foods Plc. The global bread and bakery products market is expected to grow from $212.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bread And Bakery Products Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018917/?utm_source=GNW
5 billion in 2020 to $222.55 billion in 2021 at a compound annual growth rate (CAGR) of 4.7%. 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 $279.54 billion in 2025 at a CAGR of 6%.
The bread and bakery products market consists of sales of bread and bakery products by entities (organizations, sole traders and partnerships) that produce bread and bakery products. The companies in the bread and bakery products industry process flour (but not dough) into bread and bakery products not for immediate consumption on the premises, and package and distribute them through various distribution channels to both individual customers and commercial establishments. The bread and bakery products market is segmented into bread; cake and pastries and other bread and bakery products.
Asia Pacific was the largest region in the global bread and bakery products market, accounting for 31% of the market in 2020. North America was the second largest region accounting for 28% of the global bread and bakery products market. Africa was the smallest region in the global bread and bakery products market.
Bread and bakery product manufacturers are increasingly depending on social media to market their products. As more consumers share their dining experiences on social media websites such as Instagram, Pinterest and Facebook, bread and bakery product manufacturers are creating innovative and artistic bakery products to gain popularity. According to a study by maru/matchbox, 69% of millennials take a photograph or video of their food before eating.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the bread and bakery product manufacturing 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 bread and bakery product manufacturing 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 bread and bakery product manufacturing 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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