Fortified Bakery Products Market Insights:
Bakery products have been highly popular for many years, and with changing consumer patterns, bakery products have evolved to yield exceptional market growth. Moreover, in a global environment where chronic diseases and lifestyle-related diseases are in high prevalence, consumers are increasingly displaying a preference for healthier options which are conveniently available, thus resulting in increased demand for fortified bakery products. Market Research Future (MRFR) has published its report on the global fortified bakery products market which discloses several key observations about market growth during the forecast period of 2023 to 2032.
Fortified Bakery Products Market Size is projected to grow with a significant growth rate of 4.78% from 2023 to 2032 and reach a market value of USD 7,711.01 Million by the end of 2032.
The awareness about health has grown considerably along with the rise in lifestyle-related diseases. Widespread urbanization has resulted in the high demand for convenient food products such as bakery products. Meanwhile, urbanization has led to increased disposable income and a more sedentary lifestyle which has led to the proliferation of diseases. Fortified bakery products offer health benefits along with the convenience that bakery items provide which is in high demand by consumers, particularly in developing countries.
Enriched and fortified bakery products include bakery products that have added minerals and other nutrients, gluten-free, low calorie, sugar-free and others. The ever-evolving and expanding food industry is consistently developing new formulas, and recipes to cater to changing consumer patterns. Ongoing product innovation and product launches are expected to create market expansion opportunities.
Market Segmentation:
MRFR's segmental analysis divides the Fortified Bakery Products Market Overview on the basis of type, form, claim, nutrients, distribution channel, and region. By type, the market is segmented into cake & cheesecake, doughnuts & muffins, bread & rolls, biscuits & cookies, pancakes & waffles, cupcakes & brownies, pies & tarts, sandwiches & wraps, and others. Among these, the cake & cheesecake segment accounts for the majority share and is closely followed by biscuits & cookies. These segments and their market positions are primarily owing to the high consumption patterns these bakery item types possess.
Based on form, the market is segmented into fresh and frozen. A higher preference for fresh bakery items over frozen bakery items and the demand for ready to consumer bakery items has driven the fresh segment to lead position.
By nutrients, the market is segmented into vitamins, minerals, and others. The vitamins segment accounts for the largest share due to the high demand for such items. Vitamin deficiency is highly common due to sedentary lifestyles and poor food habits and has driven consumers to place increased demand for bakery items fortified with vitamins.
Based on the claim, the market is segmented into gluten-free, sugar-free, low calorie, and others. The gluten-free segment dominates the market due to the increase in diagnoses of gluten intolerance and allergies. Meanwhile, the sugar-free segment is growing rapidly in an effort to meet the demand for sugar-free bakery items among diabetics and other consumers looking to avoid sugar.
By distribution channel, the market is segmented into store-based, and non-store based. Due to the nature of bakery products, the preference for fresh items and the increased availability of fortified bakery items in store-based locations, the store-based segment leads the market with the majority share.
Globally, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Regional Analysis:
The Asia-Pacific has been observed to have the largest share of the global market and is closely followed by North America. The sheer size of the consumer population in the Asia-Pacific, combined with the increased working female population and the demand for healthier, convenient food products has led to an impetus for the sales of fortified bakery products. In addition to possessing the largest share of the market, the Asia Pacific is set to witness the fastest growth at the highest CAGR during the forecast period. The growing industrialization, commercialization, and urbanization in the region are expected to attract investments that lead to the growth of the market.
Key Players:
Competitive analysis of the market in MRFRs report reveals various market strategies employed by leading market players. Prominent market players included in the report are Sara Lee Bakery Group, Flowers Foods, Britannia Industries, Lewis Brothers, Grupo Bimbo, Nestle, and Puratos.
Latest Industry News:
G-Nutrition, a fortified bread developed by Cerelab & Nutrisens, which contains various vitamins and minerals among other nutrients is set to be available for purchase in medical stores in France later in 2018. These food items were developed for elderly people with increased nutrient needs and/or malnourished individuals.
Warburtons, UK's leading bakery company, has launched a gluten-free beetroot wrap in an effort to cater to the growing vegan population and the increasing demand for gluten-free products in the mainstream.
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