Bakery & Confectionary Global Market Report 2024

The bakery & confectionary market size has grown strongly in recent years. It will grow from $907.39 billion in 2023 to $960.09 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed during the historic period can be attributed to health-conscious offerings, artisanal and crafted treats, the fusion of global flavors, functional ingredients, and interactive and experiential products.

The bakery & confectionary market size is expected to see strong growth in the next few years. It will grow to $1174.03 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth in the forecast period can be attributed to changing consumer lifestyles, influences from various cultures and ethnicities, celebrations and festivities, retailing and merchandising strategies, and the impact of globalization with cross-cultural flavors. Major trends expected in the forecast period encompass digitalization and online ordering, innovations in packaging, the fusion of global flavors, customization and personalization trends, as well as innovations in baking techniques.

The global population is on the rise and is projected to reach 10 billion by 2050. This population growth generates increased demand for food, necessitating an expansion in the supply of materials used in bakery and confectionery, as well as heightened trade volumes. Consequently, companies operating in this market are expected to profit from the growing demand for bakery and confectionery products due to the expanding population throughout the forecast period.

The increasing popularity of in-store bakeries within supermarkets is anticipated to be a driving force behind the growth of the bakery and confectionery market. In-store bakeries, dedicated sections or departments within grocery stores, produce and sell bakery products on-site, including bread, pastries, cakes, and other baked goods. The convenience, variety, and quality offered by in-store bakeries are valued by consumers, making them integral to the overall supermarket shopping experience. This trend is expected to fuel sales and innovation within the bakery and confectionery sector. For example, a December 2022 report by the Food Marketing Institute revealed that 95% of occasional shoppers indulge in in-store bakery items, with 63% enjoying bakery products on a weekly basis. The combined annual sales of in-store bakery products reached $17.6 billion. Consequently, the rising popularity of in-store bakeries in supermarkets is a key driver for the growth of the bakery and confectionery market.

The outbreak of the COVID-19 disease had a significant negative impact on the bakery and confectionery market in 2020. Supply chains were disrupted due to trade restrictions, and consumption declined amid global lockdowns. Governments imposed restrictions to curb the spread of the infectious disease, leading to disruptions in the supply of raw materials and manufacturing processes. While the pandemic created challenges for businesses in 2020 and 2021, it is expected that the bakery and confectionery market will recover over the forecast period as the impact of COVID-19 is considered a black swan event, unrelated to ongoing or fundamental weaknesses in the market or the global economy.

Confectionery manufacturers are increasingly incorporating natural flavors into their products to drive innovation in the confectionery market. As defined by the United States Food and Drug Administration, natural flavor or natural flavoring includes constituents derived from spices, fruits, fruit juices, vegetables, or vegetable juices. Manufacturers leverage natural flavors to introduce new and unique taste profiles into their confectionery products. For instance, companies such as Zaabar, Rococo Chocolates, and Rozsavologyi Csokolade produce chocolate bars with cardamom flavoring.

Leading companies in the grain products market are concentrating on developing gluten-free products with enhanced health benefits to gain a competitive advantage. Gluten-free products offer advantages such as safe dietary options for individuals with gluten-related conditions, symptom relief, prevention of long-term health issues, and catering to diverse dietary preferences and needs. An example is Feel Good Foods, a US-based consumer goods company, which launched the first gluten-free Detroit-style Square Pan Pizza in July 2021. This pizza comes in flavors such as Margherita, Truffle Mushroom, and Four Cheese, offering a thick, crispy crust with caramelized cheeses while catering to individuals with gluten-related dietary restrictions.

Major companies operating in the bakery & confectionary market report are Nestle S.A., PepsiCo Inc., Mars Inc., Mondelez International, Roshen Confectionery Corp., The Kraft Heinz Company, Wm Morrison Supermarkets PLC, Valeo Foods Group, Grupo Bimbo S.A.B. de C.V., General Mills Inc., Ferrero Group, Kellanova, Lotte Corp., The Hershey Company, Yamazaki Baking Co. Ltd., The Clorox Company, Barry Callebaut AG, The Campbell Soup Company, Campbell Soup Company, The J.M. Smucker Company, Flowers Foods Inc., Bimbo Bakeries USA, The Hain Celestial Group Inc., Morinaga & Co., Orion Corp., Hostess Brands Inc., Bourbon Corp., Lindt & Sprüngli AG, PIM Brands Inc., Crown Confectionery Co.

Asia-Pacific was the largest region in the bakery and confectionary market in 2023. Western Europe was the second-largest region in the bakery and confectionary market. The regions covered in the bakery & confectionary market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bakery & confectionary market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary categories within the bakery and confectionery sector comprise breakfast cereal, sugar and confectionery products, bread and bakery items, cookies, crackers, pasta, and tortillas. Breakfast cereal, a traditional morning meal made from processed cereal grains, falls under this classification. The primary distribution channels for these products include supermarkets or hypermarkets, convenience stores, e-commerce, and other distribution channels.

The bakery and confectionery research report is one of a series of new reports that provides bakery and confectionery statistics, including bakery and confectionery industry global market size, regional shares, competitors with bakery and confectionery shares, detailed bakery and confectionery segments, market trends and opportunities, and any further data you may need to thrive in the bakery and confectionery industry. This bakery and confectionery research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The bakery and confectionery market consists of sales of oats breakfast cereal, grains breakfast cereal, sugar, chocolate confectionery, sugar confectionery, gum confectionery, bread, cake, pastries, cookie and cracker, dry pasta, dough, flour mixes, tortilla, and other bakery and confectionery. 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. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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