India Bakery Products Market: Growing at the CAGR of 8.3% in the Forecast Period
Published | 06 September 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India bakery products market was worth USD 7.5 billion in 2020. It is estimated to grow at a CAGR of 8.3%, earning around USD 13.0 billion by the end of 2027. Various factors are driving the market growth, such as the availability of products made from multiple grains, innovations in bakery products, rising per capita household income, and much more. Additionally, increased innovation in bakery products, a rise in household incomes, and increased consumption of food products are expected to drive the market over the forecast period. In addition, a growing movement toward healthy eating habits is another major factor influencing the India bakery products market today.
The Emergence of Online Stores Is Expected to Boost The India Bakery Products Market
Retail and specialty stores are the first preference of Indian customers for buying bakery products. However, with the emergence of online stores and increasing internet penetration and online payment applications, the demand for bakery products is projected to surge in the forecast period. Online stores are gaining immense popularity, especially among young demographics, as this medium offers conveniences like secured transactions, cash on delivery options, convenient return policies, integrated and centralized customer service. The growth opportunity for the sales of cakes through online channels has forced online retailers to improve their purchase processes in terms of security and reliability, which, in turn, has propelled the demand for these products. Many retail cake brands in India are entering the online sales portal or partnering with companies to make their products available online.
Availability of Wide Range of Bakery Products Is Projected to Drive the Market Growth
The India bakery products market holds high growth opportunities because of its potential in innovation, demand, and job generation. Baking product manufacturers offer a wide range of products, including buns, cakes, biscuits, and pastries that fall into different categories, such as eggless products, whole wheat products, multigrain products, gluten-free products, etc. Additionally, the brands offer new flavors and experiences to appeal to millennials and young adults, putting flavor innovation at the forefront of millennial and young adult trends. The availability of a wide range of products is expected to drive the growth of the Indian bakery products market during the forecast period.
India Bakery Products Market - By Distribution Channel
The Indian bakery products market is categorized into retail stores, specialty retailers, and online distributors based on distribution channels. Among these, the retail store segment accounts for the largest market share. However, specialty retailers also cover a substantial share in the market because of their unique and creative concepts to attract customers. Specialty retailers, especially in metropolitan cities like Mumbai, Delhi, Kolkata, etc., have greatly benefited from the trend of having cakes and pastries for every occasion in line with western culture. Bakeries provide a wide range of specialty baked products to cater to the tastes of different customers. Moreover, special cakes are produced for weddings or birthdays, or for people who have allergies or food sensitivities. Specialty bakeries cater to both health-conscious and traditional consumers alike. These factors are expected to drive specialty retailers' segment growth during the forecast period.
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India Bakery Products Market - Regional Insights
Geographically, the India bakery products market is segmented into North India, South India, East India, and West India. Among these regions, South India held the maximum market share in the India bakery products market in 2020. The region is projected to dominate the market over the forecast period as well. Additionally, the arrival of bakery product manufacturing multinationals, rising popularity of quick-service restaurants, modern retail trade, tourism, and changing urban lifestyles are also fuelling the growth of packaged bakery food industry in South India.
The Eastern part of India, on the other hand, is the fastest-growing region due to changing consumer taste preferences about various desserts and the diversification of food consumption patterns backed by increasing economic growth. These factors are driving the growth of the bakery products market in the Eastern region of India.
Impact of COVID-19 on India Bakery Products Market
The India bakery product market has grown tremendously during the COVID-19 pandemic. Processed and packaged foods were in high demand among consumers during the lockdown imposed by the Indian government to curb the spread of the virus. While different bakery products, such as biscuits, vanished from store shelves due to panic buying and hoarding, some products could meet the high demand for processed foods in India, thanks to a robust supply chain. During the initial period of the lockdown, certain brands experienced increased sales, including Parle-G.
The key players in the India bakery product industry are companies such as Parle Products Private Limited, Britannia Industries Limited, Surya Food, and Agro Limited, ITC Limited, Monginis Foods Private Limited, Bonn Nutrients Private Limited, Elite Foods Private Limited, Anmol Industries Limited, Saj Food Products Private Limited, and Dream Bake Private Limited.
Although this market is fragmented with dozens of industry players, few prominent players like Parle and Britannia dominate the market. The companies are focused on providing a diverse range of products to cater to the ever-changing taste of consumers and health requirements. Furthermore, the adoption of competitive strategies like mergers, acquisitions, partnerships, etc., is also very prominent.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India bakery products market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the India bakery products market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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