Fortified Bakery Market Size, Share, Growth, and Industry Analysis, By Type (Cake, Biscuits, Bread, Pastries, and Others), By Application (Specialist Retailer, Retail Channel, and Foodservice), Regional Insights, and Forecast To 2032

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Fortified Bakery Market REPORT OVERVIEW

global fortified bakery market size was USD 37.91 billion in 2023 & market is projected to touch USD 56.3 billion by 2032 at CAGR 4.49% during the forecast period. 

The global fortified bakery market is predicted to rise with a significant growth rate during this forecast period due to several key driving factors such as rising consumer awareness regarding healthy food and lifestyle, growing demand for nutritious food, and rising prevalence of nutritional deficiency among general population around the world. These are the prominent factors expected to raise the market demand as consumers are seeking out foods with added health benefits and fortified bakery products that are catering to this demand efficiently by offering options that provide essential nutrients.

Additionally, the demand for fortified bakery products has boosted over the last few years due to satisfying the unique dietary needs of particular consumer groups. For instance, children, products focus on essential nutrients for growth and development, presented in fun and appealing ways. Senior-targeted products emphasize bone health with added calcium and vitamin D, while those designed for individuals with specific health concerns address heart health, diabetes management, or other targeted needs. Thereby, to fulfil this demand, manufacturers not only address specific nutritional requirements but also contribute to the overall growth of the fortified bakery sector which is likely to foster market expansion.

COVID-19 Impact:  Health-Conscious Shift Boosted Demand for Fortified Bakery Products Amidst the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The market for fortified bakery products experienced a rise in demand during this outbreak. There was a heightened focus on health and well-being and consumers became more conscious of their diet and nutrition which raised the demand for bakery products especially, for that consist of wholegrain or multigrain with nuts. This rising demand potentially drove the market growth. Consequently, the market experienced a spike in demand and revenue during the pandemic. While the industry may eventually recover as the situation improves, the immediate impact of COVID-19 was predominantly negative for the global market.

LATEST TRENDS

"Variety of Specialty Flours in Modern Bakery to Lift Market Potential"

The rising popularity of specialty flours, including ancient grains, nut flours, and gluten-free options, reflects a significant shift in consumer preferences within the bakery industry. These flours have gained traction not only for their ability to accommodate various dietary preferences and restrictions but also for the distinct and appealing flavours and textures they bring to baked goods. Besides, the consumer trend towards seeking products with clean labels highlights a growing emphasis on simplicity, transparency, and a desire for minimally processed, natural ingredients in food products. Clean labels convey to consumers that a product is made with a straightforward and easily understandable list of ingredients, free from artificial additives, preservatives, or unnecessary chemical components. Therefore, these growing trends and changing consumer demand are anticipated to expand the market opportunities in the coming years. 

Fortified Bakery Market SEGMENTATION

• By Type

Based on type the global market can be categorized into cake, biscuits, bread, pastries, and others.

These categorized segments within the fortified bakery market serve diverse consumer preferences and health-conscious trends. Biscuits constitute a popular category of baked goods with a diverse range of flavours and textures. The cake segment includes a wide range of sweet baked goods characterized by a soft and fluffy texture. While, bread, common in many diets globally, is a fundamental component of the fortified bakery market.

• By Application

Based on application the global market can be categorized into specialist retailer, retail channel, and food service.

These application categories reflect the diverse ways in which fortified bakery products are distributed and consumed. The choice of distribution channel often depends on consumer preferences, convenience, and the specific market positioning of the fortified bakery items. Whether consumers are seeking specialized and unique products from niche retailers, everyday convenience from retail channels, or the experience of fortified bakery items in food service settings. 

DRIVING FACTORS

"Rising Consumer Awareness about Healthy Diet to Spur Product Demand"

The primary driving factor of the fortified bakery market growth is the increased awareness and heightened focus on health and wellness among consumers, which have significantly influenced dietary preferences that surge in demand for foods that provide not only sustenance but also additional nutritional benefits. In response to this trend, the fortified bakery market has gained prominence and offering products that are enriched with essential vitamins, minerals, and other functional ingredients. As a result, fortified bakery products have become a popular choice among consumers which is anticipated to fuel the market demand over this projection timeframe.

"Growing Proliferation of Supermarkets to Propel Bakery Product Sales"

Another considerable factor that driving market growth is the proliferation of supermarkets and convenience stores globally. This factor plays a pivotal role in the increased accessibility of fortified bakery products. These retail outlets provide a convenient and widespread distribution network, making it easier for consumers to access a variety of fortified bakery items. The convenience factor is particularly crucial in busy urban lifestyles where quick and nutritious food options are highly valued.

RESTRAINING FACTOR

"Regulatory Challenges to Hinder Market Progress"

However, the market growth can be hampered due to regulation challenges. Compliance with regulations and standards can pose a significant barrier for manufacturers in the fortified bakery market. Varying frameworks across countries dictate permissible levels of nutrients, labelling requirements, and fortification methods which may create complexities for companies which are aiming to introduce fortified bakery items globally.

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Fortified Bakery Market REGIONAL INSIGHTS

"North America Dominates the Market due to Region's Robust Health Awareness"

North America is likely to dominate the market with the highest fortified bakery market share over this forecast majorly due to the region's robust health awareness, innovative food industry, and consumer preferences for functional foods. With a strong culture of health and wellness, consumers in the region actively seek foods that offer both taste and enhanced nutritional value which make fortified bakery products a popular choice. Furthermore, Companies actively market the health benefits of these products and leveraging the well-established retail infrastructure to make them easily accessible to consumers.

KEY INDUSTRY PLAYERS

"Key Players Emphasis on Brand Promotion Strategies to Gain Highest Profit"

To attain the highest profit leading companies in the bakery and food industry have been focusing on robust brand building through effective marketing, cost management for operational efficiency, and strategic partnerships to access new markets or technologies. Key players also emphasize on market expansion, diversification, and optimizing their supply chain to reduce costs. Investment in research and development, staying attuned to consumer trends, and maintaining high-quality standards further contribute to their profitability. 

LIST OF TOP FORTIFIED BAKERY COMPANIES

• Britannia Industries (India)
• Sandwiches & Wraps (U.S.)
• Super Bakery (U.S.)
• Associated British Foods (U.K.)
• Irish Pride Fine Foods (Ireland)
• Allied Bakeries (U.K.)
• Modern Foods Enterprises (India)
• Dawn Food Products (U.S.)
• H&S Bakery (U.S.)
• CRUST (U.S.)

INDUSTRIAL DEVELOPMENT

November 2023: Hometown Food Co., which owns the exclusive rights to Pillsbury’s shelf-stable baking products in the U.S., announced a collaboration with the Lumistella Co. to unveil limited-edition holiday-themed cookie mixes that combine Pillsbury’s Funfetti brand and Lumistella’s Elf on the Shelf brand. 

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.