Future Market Insights, Dubai:Bakery products including bread witnessed an unprecedented spike in the first quarter of 2020 as consumers indulged in panic buying and stockpiling in response to lockdowns and stay-at-home orders. The onset of COVID-19 pandemic positioned baked products as a lasting and versatile snack or meal solution available at retail stores, suddenly fostering the prospects of bread improvers.
Global bread improvers market surpassed revenues worth US$ 3 Bn in 2019, according to a recent study published by Future Market Insights (FMI). While the market is foreseen to expand 1.7X through 2030, manufacturers will encounter significant challenges in 2020 in terms of sourcing of raw materials, supply, distribution, and retail sales. The domino effect of lockdowns and supply chain disruptions will weigh heavy on the bread improvers marker in near term, says the FMI report.
Inorganic Bread Improvers Remain Top-selling Category
Inorganic bread improvers account for 55% of the total sales which continue to influence growth strategies of manufacturers. Prior to pandemic, food industry experts and business analysts predicted momentum for organic food consumption, and the trend is expected to continue post COVID-19 era. Therefore, manufacturers capitalizing on organic variants of bread improvers are likely to be rewarded in the long run.
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“Mass closures of schools, offices, and restaurants are driving more at-home food preparation and consumption trends, with baking as a popular choice, which fueled significant jumps in sales of bread improvers. However, a headwind from losing a large part of demand from the foodservice industry in line with social distancing requirements will become deterrent to the market growth,” says the FMI analyst.
Europe (35%) and North America (27%) in the Vanguard
North America and Europe continue to offer lucrative opportunities for companies active in the bread improvers market. Strong development of bakery industry in these regions during pre-COVID-19 period has been creating tailwinds for the market growth. Collectively, Europe and North America account for over 3/5th of the global market value.
Bread and bakery aisles in supermarkets are emptying. The trend if prominent across worst-hit countries such as the U.S. and EU5, and many retailers are limiting in-store bakery offerings as well as products lacking ‘essential’ status. This, in turn, will have a negative impact on the bread improvers market growth during the COVID-19 pandemic.
The FMI study offers near- and long-term growth outlook of the bread improvers market. Gain access to FMI’s exclusive COVID-19 tracker here.
Source: Future Market Insights
