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One research firm predicts that the global bread market will increase in value by $118.37 billion by 2027.
Technavio on Monday released a study on projected growth rates from 2022 to 2027. The projected compound annual growth rate (CAGR) is 7.27%.
The study looked at different types of bread, including homemade bread, gluten-free bread, and whole wheat bread. The researchers noted in a press release that bread “serves as a versatile snack and convenience food option.”
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“Specialty breads such as sourdough breads and fortified breads are also popular choices, reflecting consumer interest in a variety of flavors and additional nutritional benefits,” the report added.
A baker prepares organic bread at a stall at the Grüne Woche agricultural fair on January 18, 2008 in Berlin, Germany. (Photo by Sean Gallup/Getty Images/Getty Images)
Researchers believe that the presence of bakeries in supermarkets will drive market growth.
“The growing profile of in-store bakeries in supermarkets is a significant growth driver,” Technavio said in a research report. “In-store bakeries, typically located within supermarkets or hypermarkets, are gaining traction due to their convenience and affordability.”
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Damian Aguilar stocks pita bread on the shelf at Phenicia Specialty Foods in Houston on Monday, May 3, 2010. (Photo by James Nielsen/Houston Chronicle via Getty Images / Getty Images)
“We offer a variety of baked goods and specialize in specialty breads and rolls,” the press release added. “Par-bake, pre-bake and bake-off products are growing in popularity globally, offering consumers an easy-to-bake option that increases convenience, preserves the texture of the product when frozen, and ensures long-term shelf life. Masu.”
Technavio said “increased consumption of snacking and luxury goods” were also trends supporting growth. However, the press release stated that rising raw material prices could hinder growth.
“Growth in the artisan sector during the forecast period will be significant,” the report explains. “The sector is expected to grow due to steady consumer demand for diverse varieties available at competitive prices.”
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Bread is displayed and sold at a market in Manhattan. (Photo by Spencer Pratt/Getty Images/Getty Images)
“Offering ethnic varieties, these breads are often sold within two days of production and are becoming more readily available in supermarkets. This growth is in response to the needs of health-conscious consumers and Driven by purchasing, diverse choices, and inclusion of healthy ingredients such as soy.”
