Bakery Products: A Global Strategic Business Report
San Jose, California (PRWEB) March 17, 2008
World Bakery Products market is projected to reach about US$407 billion by 2010, registering a CAGR of 3.93% over the 2001-2010 period. Fastest growth is expected to stem from Asia-Pacific region with a forecasted CAGR of approximately 6.93% over the aforementioned period. In terms of market share, however, Europe dominates the global Bakery Products market, with an estimated 2007 share of 43.85%.
With an estimated 2007 share of 48.15%, Bread/Rolls segment forms the largest product category in the global Bakery Products market. Morning Goods Market, comprising of Breakfast Cereals (Family breakfast cereals, Children's breakfast cereals and Hot Cereals), is forecasted to witness the fastest growth of 5.0% over the period 2001 to 2010.
The baking industry was marked by sensational events in the recent past, besides restructuring. Large bakeries acquired numerous unproductive bakeries in addition to heavily investing in automation, cost control and brand development. On the other hand, productive bakeries developed niche markets, thereby exploiting the consolidation of bigger companies.
The baked goods industry is experiencing mixed responses. With increasing emphasis on breakfast foods, the industry has been witnessing a rise in single serve products being developed. This has enabled baked goods including bread and rolls, pastry & doughnuts to witness a moderate growth of about 3-4% annually.
Over the review period in developed markets, major multiple grocers used bakery products as loss leaders to increase the volume of their overall sales. This trend prompted bakery products manufacturers to adopt the strategies of deep price discounting in key baked goods categories (such as bread), and as a result profit margins per unit diminished. In order to tackle this situation, manufacturers in North America and Western Europe developed new varieties of value-added products that attract premium prices, which included organic baked goods, breads and biscuits enriched with calcium and vitamins, and breakfast cereals. Such products were offered in single-serve and portable packaging in all the sectors to provide convenience to customers.
The trend towards increased demand for functional food guided manufacturers towards developing value-added products in developed regions. In North America, demand for bakery products that contain soluble dietary fiber increased sales in the sector. Such products include muffins, wholegrain bread, and oatmeal cookies. Soluble dietary fiber is believed to have the ability to reduce the risk of certain types of cancer and coronary heart disease. The development of such products brought about changes in marketing strategies.
During the last five years, there has been a shift in consumer spending on food items. Consumers are spending more on deli and in-store bakery items, with little being spent on meat and packaged bakery products.
Product appearance significantly influences impulse purchases of bakery items, and therefore constitutes an important consideration in the purchase of bakery products. Next to appearance is the aroma and price. Attractive displays play a vital role in making a purchase decision. By garnishing products with simple extras such as streusel or coconut toppings, products can be dressed up, thereby enhancing their perceived value. Product dressing greatly helps in capturing consumer attention, thereby inspiring them to buy bakery items.
Major companies covered in "Bakery Products: A Global Strategic Business Report" include Bahlsen GmbH & Co. KG, BAB Inc., Britannia Industries Ltd, Bruegger's Enterprises Inc., Chipita International S.A., Elite Industries Inc., George Weston Foods Ltd., Einstein Noah Restaurant Group, Inc, Groupe Danone, Grupo Bimbo S.A.B. de C.V., Interstate Bakeries Corporation, Kellogg Company, McDonald's Corporation, Riviana Foods Inc., Sara Lee Corporation, The Great Canadian Bagel Ltd, United Biscuits, Parle Products Pvt. Ltd, and Yamazaki Baking Co. Ltd., among others.
For more details about this research report, please visit http://www.strategyr.com/Bakery_Products_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Email press @ StrategyR.com
Web Site http://www.StrategyR.com