New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bakery Contract Manufacturing Global Market Report 2023" - https://www.reportlinker.com/p06466516/?utm_source=GNW
, Bake Works Inc., Stephano Group Ltd., Tradition Fine Foods Ltd., and General Mills Inc.
The global bakery contract manufacturing market is expected to grow from $19.92 billion in 2022 to $22.30 billion in 2023 at a compound annual growth rate (CAGR) of 11.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bakery contract manufacturing market is expected to reach $33.41 billion in 2027 at a CAGR of 10.6%.
The bakery contract manufacturing market consists of revenues earned by entities by providing services such as label manufacturing, contract packaging (plastic, flow wrap, cartons), lab testing, and other related services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The bakery contract manufacturing market also includes sales of cookie dough, muffins, flatbreads and more baked goods.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.
Bakery contract manufacturing refers to a business approach where a bakery business enters into a production or service-related agreement with another business. Bakery contract manufacturers assist baking businesses by producing ingredients, packaging, or entire products according to the company’s requirements.
Europe was the largest region in the bakery contract manufacturing market in 2022. The regions covered in bakery contract manufacturing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main products of bakery contract manufacturing are specialty and nutritional bakery products and traditional bakery products.A specialized and nutritional bakery refers to a company that only produces one or a few types of baked goods.
Specialty and nutritional bakeries benefit from the safe production and packaging provided by bakery contract manufacturers. The services offered include manufacturing, packaging, custom formulation, and R&D for various applications in small and medium enterprises (SMEs) and large enterprises.
The rising consumption of bakery products is expected to boost the growth of the bakery contract manufacturing market going forward.Bakery products refer to a wide range of items that use wheat flour to produce various final bakery-related products.
Since most bakeries cannot operate at full capacity to meet the increasing demand for bakery goods, they frequently turn to outside (contract manufacturing) companies to fill in the gaps on those lines; thus, rising bakery product consumption is expected to drive the bakery contract manufacturing market. For instance, according to a report published by the American Bakers Association, a US-based bakery-specific national and state trade association, in 2021, sales of baking ingredients and supplies increased by 18.7% and 16.3%, respectively, in 2020. Further, in October 2022, according to stats sourced from Euromonitor International, 2022 published on the Government of Canada’s official website, retail sales of baked goods in the US reached $67.9 billion in 2021 and are expected to reach US$75.8 billion in 2026. Therefore, the rising consumption of bakery products is driving the growth of the bakery contract manufacturing market.
Technological advancement is the key trend gaining popularity in the bakery contract manufacturing market.Major companies operating in the bakery contract manufacturing market are focusing on developing new products.
For instance, in September 2021, KPM Analytics, a US-based company operating in vision systems and automation inspection solutions to food manufacturers, launched the new Sightline TheiaVu Compact Vision Inspection Series with breadcrumb analysis capability.The Sightline TheiaVu Series Vision Inspection System is a fully competent benchtop analyzer for bakeries, snack food, and meat producers that measures size, shape, color, and toppings quickly, accurately, and consistently, ensuring final product quality.
The crumb analysis capabilities further produce high-quality photos and data of bread items’ internal crumb structure.The all-in-one tool delivers a wide range of data for testing, research, quality assurance, and final product inspection while reducing time for quality engineers.
It is a valuable tool for increasing production, quality, and profits.
In June 2021, Crown Bakeries, a US-based manufacturer of fresh and frozen bread, baked goods, and dough products, acquired Michel’s Bakery Inc. for an undisclosed amount. The acquisition of Michel’s associates and their range of sweet baked products reinforces Crown’s ambition to be recognized as the greatest custom baked goods supplier and employer in the industry. Michel’s Bakery Inc. is a US-based provider of contract-manufacturing services.
The countries covered in the bakery contract manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The bakery contract manufacturing market research report is one of a series of new reports that provides bakery contract manufacturing market statistics, including the bakery contract manufacturing industry’s global market size, regional shares, competitors with a bakery contract manufacturing market share, detailed bakery contract manufacturing market segments, market trends, and opportunities, and any further data you may need to thrive in the bakery contract manufacturing industry. This bakery contract manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466516/?utm_source=GNW
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