According to Future Market Insights, the global ready-to-finish bakery products market is anticipated to garner a valuation of US$ 239 billion in 2023, and eventually to US$ 370 billion by 2033, accelerating at a CAGR of 4.47%. The growth of this market may be attributed to the plethora of innovations being introduced in crafting and manufacturing various dairy products. This is being stimulated by an ever-increasing proportion of dairy product consumption shares.
The 21st century is dedicated to ready-to-eat food products. These foods are becoming a staple of modern lifestyle and adding immense convenience and ease. As of 2020, around 36% of Americans consumed ready-to-eat meals, while 2 in 5 UK adults eat ready meals every week. Most consumers belong to the young consumer category. All these facts are expected to provide traction to ready-to-finish bakery product sales.
With respect to bakery product consumption, key players are finding attractive growth opportunities in the Asia Pacific. For example, China’s bakery sector has been expanding rapidly in recent years. Statistics estimate the country’s sales of baked goods to have surpassed US$ 30 billion as of 2020, accounting for 9% of global sales. Per capita consumption of baked goods amounts to 7.2 kilograms per year. Breakfast, snacks, and celebrations are the main occasions for consuming baked goods across the nation.
Likewise, the United States is also likely to offer plenty of expansion opportunities. The country’s baking industry contributes 2.1% of its gross domestic product, comprising of 3,000 independent bakers. Bread constitutes the maximum produced bakery product, comprising 32% of all baked goods. Players such as Clyde’s Restaurant Group (Graham Holdings) and Dawn Foods have made it big in the domestic landscape.
Clyde’s ready-to-finish products help reduce bakery costs by eliminating in-store mixing and frying. The products come in 6-pack bags for easy handling and reduced waste and are perfect for quick, anytime showcase restocking. Additionally, these can be decorated for any season. The products are made in 100% palm oil, contain 0 grams of trans-fat per serving, and are OU kosher certified. The product which the company specializes in is donuts.
Similarly, Dawn Foods has an extensive list of ready-to-finish and ready-to-sell frozen bakery products, which include cookies, donuts, muffins, and pastries. The company offers its products to artisanal bakeries, supermarket bakeries, food service providers, and bakery product manufacturers. Irrespective of the business size, the company extends its services to all players across all major metropolitan areas.
On a similar plane, Rich’s Products Corporation offers a range of ready-to-finish cake icings & sweet starters. Some of its products include Rich’s New Star Whip, Rich’s Niagara Farms Gold, Rich’s BettercremeTM, and Rich’s Chocolate Crème among others. Besides, it also offers ready-to-finish products for culinary solutions, beverages & finishing touches, truffle solutions, and dessert toppings.
While conventional bakery products consumption will not wane anytime soon, interest is peaking in products aimed at boosting the overall health and well-being of consumers. It is true that during the height of the COVID-19 pandemic, indulgence in conventional bread or cakes spiked, but there was also a category of consumers who showed interest in foods promoting weight management, increase in energy levels, improving digestive health, and promoting good heart or cardiovascular function. According to the International Food Information Council (IFIC), one out of every five consumers actively seeks health benefits from food. Hence, demand for ready-to-finish bakery products in this category is increasing.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Ready-to-Finish Bakery Products in 2023 | US$ 239 billion |
| Projected Market Value of Ready-to-Finish Bakery Products in 2033 | US$ 370 billion |
| Growth Rate (2023 to 2033) | CAGR of 4.47% |
Many consumers around the world are experiencing significant changes in their way of life and eating habits, which have been triggered by a number of external factors, such as globalisation, among others. Hectic schedules fuelled the market. Ready-to-finish bakery products have flexible properties that meet the needs of most customers in terms of comfort, flavor, convenience and time.
Apart from saving cooking time, ready-to-finish bakery products are also one of the tastiest foodstuffs, taking prominence into account. Customers demand for ready-to-eat and convenient food is one of the major driving factors for ready-to-eat market, which is expected to boost demand for ready-to-finish bakery products market over the forecast period.
The guidelines on food safety are changing over time. Most manufacturing companies see these regulations as a strategic advantage, as consumers can not verify the safety and quality of the product by simply looking at it.
Certification thus acts as a symbol to warn customers of product health and quality. Such safety measures implemented by the producers are likely to have an effect on the growth of the ready-to-finish bakery products market over the forecast period.
In fact, product labelling is an important mechanism in the food regulatory situation. The purpose of food labelling is to achieve safe food, to reduce environmental hazards, to promote human health and to encourage good manufacturing practices.
The timely supply of raw materials is of the highest concern for the growth of the market for food ingredients. The different types of ingredients needed for the production of ready-to-finish bakery products have increased in abundance, making it simpler for producers to purchase.
It has been noted that in the past years, the suppliers of these products have had a significant increase in rapid expansion. In Asia Pacific, in particular, the number of suppliers of these raw materials has increased significantly.
Increasing numbers of health-conscious consumers around the globe are encouraging bakers on the market to make healthier choices in ready-to-finish baking products. Most of the customers are becoming wellness-oriented and have begun to adopt healthier lifestyles while preferring for convenience in their eating habits.
Consumers who are much more aware of their eating habits are influencing producers on the global ready-to-finish bakery products market to produce baked goods that are convenient and contain healthy ingredients.
These moves help to penetrate the customer base of health-conscious customers. Targeting these customers is now just another common trend in the global baking industry, generating promising opportunities for producers in the ready-to-finish bakery products market.
A significant part of the ready-to-finish baked products industry is unorganized, posing challenges for existing players in constructing their sales and distribution strategies. Large-scale enterprises that use ready-to-finish bakery products mostly originate from players in the organized sector.
Numerous products are available in groups of companies using ready-to-finish bakery products; furthermore, there are a range of major manufacturers that lack sufficient foresight to approach their customers.
It is also expected to increase in the global market, as a significant number of small ready-to-finish bakery products manufacturers are expected to appear in the near future.Some of the prominent players driving the ready-to-finish bakery products market includes
In 2016, Group Bimbo S.A.B. de C.V. Completed its acquisition of General Mills Argentina's bakery business.
There is a significant growth opportunity for ready-to-finish bakery products in the Asia-Pacific region, where developing countries, such as India and China, are located. Developing economies have wide potential consumers who are taking on ready-to-eat and more affordable food choices.
In particular, China is the largest economy to hold the largest market share for ready-to-finish bakery products due to rapid population growth and changes in consumer patterns in that country. The research report presents a comprehensive assessment of the ready-to-finish bakery products market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as product, end-use, sales channel & region
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Ready-to-Finish Bakery Products Market
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