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Bakery & Confectionary Global Market Report 2022
Major companies in the market include Mondelez International, PepsiCo, Inc. , Grupo Bimbo, S. A. B. de C. V. , Kellogg Co, Bimbo Bakeries USA, Yamazaki Baking Co. Ltd, Barry Callebaut AG, The Hershey Company, Nestle S.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bakery & Confectionary Global Market Report 2022" - https://www.reportlinker.com/p06284450/?utm_source=GNW
A., Wm Morrison Supermarkets plc.
The global bakery & confectionary market is expected to grow from $871.04 billion in 2021 to $950.72 billion in 2022 at a compound annual growth rate (CAGR) of 9.1%. The market is expected to grow to $1,293.64 billion in 2026 at a compound annual growth rate (CAGR) of 8%.
The bakery and confectionery market consists of sales of bakery and confectionery by entities (organizations, sole traders, and partnerships) that produce bakery and confectionery products.The companies in the bakery and confectionery industry process raw materials into bakery and confectionery, package and distribute them through various distribution channels to both individual customers and commercial establishments.
Some of the examples of bakery and confectionery products include breakfast cereals, bread, cookies, chocolates, gums, sugar confectionery, and Other Distribution Channels. The bakery and confectionery market is segmented into breakfast cereal, sugar and confectionery products, bread and bakery products, and cookie, cracker, pasta, and tortilla.
The main type of bakery and confectionery are breakfast cereal, sugar and confectionery products, bread and bakery products, cookie, cracker, pasta, and tortilla. the breakfast cereal is traditional breakfast food made from processed cereal grains. the main distribution channel is supermarkets/hypermarkets, convenience stores, e-commerce, Other Distribution Channels.
Asia Pacific was the largest region in the bakery & confectionary market in 2021.Western Europe was the second-largest region in the bakery & confectionary market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The world population is growing and is expected to reach 10 billion by 2050.An increase in population creates more demand for food.
Supply for material used in bakery & confectionary and trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for bakery & confectionery products due to the rising population, during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the bakery & confectionary 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 the 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 a lack of raw materials.Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.
The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the bakery & confectionary 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.
Confectionery manufacturers are increasingly using natural flavors in confectionery products.Innovation has been key to the development of the confectionery market.
According to the United States, Food and Drug Administration the term natural flavor or natural flavoring means the essential oil, oleoresin, essence or extractive, protein hydrolysate, distillate, or any product of roasting, heating, or enzymolysis, which contains the flavoring constituents derived from a spice, fruit or fruit juice, vegetable or vegetable juice, etc.Using natural flavors manufacturers are imparting new and unique taste profiles into their products.
For instance, Zaabar, Rococo Chocolates, and Rozsavologyi Csokolade are manufacturing chocolate bars with cardamom flavoring.
The countries covered in the bakery & confectionary market report are Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam.
Read the full report: https://www.reportlinker.com/p06284450/?utm_source=GNW
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