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Bakery Products: meeting ever-changing needs of diverse cultures worldwide

Comprising bread, breakfast cereals, biscuits, cakes and pastries, among others, bakery products represent an integral part of the lifestyle of a large number of people in various countries across the world.
According to the latest report by Research and Markets agency, growth in the market is attributed to various factors including availability of broad range of products at reasonable price points, convenience of ready-to-eat products, rapid urbanization, hectic lifestyles, vast product offerings with different tastes and textures, and growing health benefits of baked goods over other food options Developing markets offer opportunities in the form of greater potential for higher market penetration and growth in per capita consumption, while in the developed markets, innovation in new flavors and healthy ingredients will help spruce up consumption frequency.  
Future growth in the market will be driven by surging popularity of Trans-fat free, multi-grain and whole grain based baked goods that are low-fat, low calorie, organic, and enriched with vitamins and minerals; rising sophistication in flavor preferences; growing consumption of bread supported by robust demand for western styled bread products in majority of the populous Asian markets; and the gradual shift towards brown bread, whole wheat bread, multi grain bread and other healthy varieties. Other important growth drivers benefiting market expansion in the near term include growing preference for fortified, functional, sugar-free, and gluten-free bakery products; and steady demand for doughnuts purely driven by the indulgence factor. While bread continues to remain the most consumed bakery product worldwide, future demand is expected to be supported by cakes and pastries, which represent the fastest expanding category in the market. Demand for cakes and pastries is fueled by indulgence, introduction of innovative flavors, and increasing penetration in some of the fastest growing regions such as Latin America and Asia-Pacific.  
As stated by the new market research report on Bakery Products, Europe represents the largest market worldwide. The constantly changing taste palettes coupled with increasing demand for healthier options and the steady launch of innovative products that use new ingredients are sustaining growth in the developed markets. Asia-Pacific represents the fastest growing market with a CAGR of 6.7% over the analysis period. Exponential increase in population along with low per person consumption of baked goods, extensive advertising and promotional activities of multinationals, increasingly westernized lifestyles and reduced time for making elaborate home cooked meals/breakfast represent key growth drivers in the region. Improved transportation and logistics and expanding retailing network and infrastructure is helping bakery products, particularly bread, achieve greater market penetration and visibility in these markets thereby benefiting market prospects.  
Key players covered in the report include Allied Bakeries, Bahlsen GmbH & Co. KG, BAB, Inc., Bakers Delight, Barilla Holding Societa per Azioni, Britannia Industries Ltd., Bruegger’s Enterprises, Inc., Dunkin’ Donuts, Finsbury Food Group, Flowers Foods, Inc., Frank Roberts & Sons Ltd., George Weston Foods Ltd., Grupo Bimbo, S.A.B. de C.V., Bimbo Bakeries USA, Hostess Brands, LLC, Kellogg Company, La Brea Bakery, Lantmännen Unibake, Lieken AG, McKee Foods Corporation, McDonald’s Corporation, Nestlé SA, Pepperidge Farm, Inc., The Great Canadian Bagel Ltd., Warburtons, Ltd., and Yamazaki Baking Co., Ltd., among others.

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