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According to the latest report from global research company Technavio, the global bakery market is expected to grow row at a CAGR of more than 6% from 2016 to 2020.
“The numerous health benefits of gluten-free bakery products have increased their popularity in the Americas and Europe. Vendors have gradually begun to split their focus on health and indulgence cakes and pastries in Western Europe and North America. High-fiber bakery products are witnessing robust retail sales in Latin America and Asia-Pacific (APAC),” says Manjunath Reddy, a lead analyst at Technavio for food research.
The following three factors are contributing to the growth of the global bakery market:
- Rising consumption of cakes and pastries – Indulgent consumption has increased, and on-the-go snacks are also contributing to demand for cakes and pastries
- Increasing popularity of functional ingredients in bakery market - Specific dietary needs of consumers, such as gluten-free, have driven the demand for functional ingredients. Organic bakery products have become incredibly popular in the past few years.
- Rise in in-store supermarket bakeries
