Pune, India, Oct. 05, 2023 (GLOBE NEWSWIRE) -- According to our latest study on “Bread Market Size Report, Forecast to 2030 – COVID-19 Impact and Global Analysis – by Type, Category, Distribution Channel, and Geography,” the bread market is expected to grow from $266.33 billion in 2022 to $ 350.17 billion by 2030; it is estimated to grow at a CAGR of 3.4% from 2022 to 2030.
Three Bakers Gluten-Free Bakery, Dr Schar AG, FGF Brands Inc, Dimpflmeier Bakery Ltd, Vibrant Health Products Inc, Wonder Brands Inc, Bakers Delight Holdings Ltd, Grey Matlock Bakery Inc, Grupo Bimbo SAB de CV, and Campbell Soup Co.are among the players operating in the bread market. These players are focusing on new product launches and geographic expansions to meet the growing consumer demand worldwide. The widespread presence of these companies across the globe helps them serve a large range of customers, subsequently allowing them to increase their market share. These market players are highly focused on launching new products and expanding their product range in specialty portfolios, further surging the bread market growth. For instance, in January 2023, Baking manufacturer FGF Brands purchased 151 acres of land in Pickering, Ontario, and built high-tech food manufacturing campus called Wonderbrands Innovation Business Park.
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Bread is a staple food crafted from a dough of flour, sugar, yeast, and water, often by baking. It has been a well-known nutrition in broader parts worldwide. It is one of the most aged, manufactured convenience food products, having been of considerable significance since the advent of agriculture. It plays a crucial part in spiritual ceremonies and culture. It is a regular and standard food item in the home and restaurants, used to make different recipes and food products such as sandwiches, rolls, and other products. The demand for bread is expected to grow due to increasing urbanization and an upsurge in the disposable income of consumers in the coming years. The rising importance of in-store bakeries in supermarkets notably drives the bread market growth; however, factors such as unstable raw material prices impede the bread market growth.
Product Innovations to Provide Lucrative Growth Opportunities to Bread Market Players
Growing consumer awareness regarding health and wellness has significantly increased the demand for healthier bread varieties. The consumers strictly follow their specific ingredient requirements, such as gluten-free, low-carb, high-fiber, or whole-grain bread. Growing consumer priorities and their increasing preference for healthier food consumption have also increased the demand for organic bakery products such as bread, baguettes, bagels, and buns and rolls. Therefore, to cater to the increasing number of healthy products demands, bread manufacturers are extensively innovating the products, including artisanal bread, functional bread, and fortified bread, by incorporating bread with functional ingredients such as seeds, nuts, ancient grains, vegetables, and different vitamins and minerals. Bakers continuously introduce new and innovative products to remain competitive in the market and attract customers.
For instance, bakers create traditional bread and loaves using an unusual combination of ingredients such as carrots, beetroot, spinach, and other vegetables. They also incorporate cumin, turmeric, and cinnamon as special ingredients to experiment with the flavors. For instance, in January 2023, Sara Lee, a brand of Grupo Bimbo SAB de CV bread makers, announced the latest addition to its product portfolio, which is “White Bread Made with Veggies.” It is enriched with vitamins A, D, and E and baked with the equivalent of one cup of vegetables per loaf, making it a practical option for adding some extra nutrients to any meal. Another product innovation took place by Nature's Harvest (a brand of Grupo Bimbo SAB de CV) bread in June 2022, announcing the relaunch of its full line of bread products across California, the US. The relaunch of Nature's Harvest introduced two new varieties to the portfolio—Butter and White made with Whole Grain—and updated packaging with a refreshed look and feel and an emphasis on the brand's commitment to baking each loaf locally in California. The reintroduction includes consumer insight-driven improvements to their varieties, taste, and packaging.
The abovementioned product innovations by the manufacturers helped gain consumers' traction as they appealed to their demand for food with greater health benefits. Thus, bread producers are continuously investing in R&D with respect to ingredients to develop light, natural, low-carb, high-protein, and additive-free bread for consumers. Therefore, evolving change in consumers' need for taste and preference has resulted in a high demand for specialty and functional bread, which is expected to provide lucrative opportunities for bread producers during the forecast period.
Bread Market: Segmental Overview
Based on type, the bread market is categorized into loaves, sandwich bread, baguettes, burger buns, and others. The loaves segment held the largest share of the market in 2022. Loaves typically refer to a type of bread shaped and baked as a single, large unit. It is a common form of bread that can be made from different types of grains, such as wheat, rye, or barley. It is prepared in different sizes and textures, depending on specific recipes and preferences. The uses of loaves are quite versatile.
Based on category, the bread market is bifurcated into organic and conventional. The conventional segment is a larger segment of the bread market in terms of revenue. Various preservatives, such as GMOs, are used in conventional bread. GMOs are non-natural organisms that can affect the ecosystem. Other preservatives used are hydrogenated acid and artificial colors. These preservatives are generally added to extend the shelf-life of the bread. Approximately only 12% of whole food ingredients are found in conventional bread.
Based on distribution channel, the bread market is categorized into supermarkets and hypermarkets, convenience stores, online retail, and others. The supermarkets and hypermarkets segment held the largest share of the market in 2022. Supermarkets and hypermarkets offer a one-stop shopping experience where consumers can find a wide range of products, including bread. It is convenient for people to purchase bread and other groceries in a single location.
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Impact of COVID-19 Pandemic on Bread Market
The COVID-19 pandemic affected all the global economies and industries with lockdowns, travel restrictions, and business shutdowns. These shutdowns disturbed global supply chains, bread manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in sales of their products in 2020. Further, the bans imposed by the various economies’ governments on international travel forced several food and beverage companies to discontinue their collaboration and partnership plans. All these factors hampered the global food & beverages industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the global bread market.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Organic Bread Market Size and Forecasts (2020 - 2030)
Retail Packaged Bread Market Size and Forecasts (2020 - 2030)
Gluten Free Bread Market Size and Forecasts (2020 - 2030)
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