2024 Bakery Industry - Key Trends and Insights

Exploring Current Trends Shaping the Bakery Business Landscape

  • 22 January 2024
2024 Bakery Industry - Key Trends and Insights

United States - As we move through 2024, the bakery industry continues to evolve with new trends and challenges.

The dream of running a bakery remains strong. However, staying ahead of current market trends and industry shifts is crucial for success.

The bakery industry faced significant trials during the COVID-19 pandemic. While some bakeries thrived by offering to-go and delivery services, others struggled with the decreased demand for special occasion baked goods.

As we entered 2022, the industry began to stabilize, albeit with ongoing staffing shortages and supply chain disruptions.

The global bakery market, valued at $331.37 billion in 2020, is expected to reach $436.91 billion by 2026. The U.S. market is dominated by a few key players, and worldwide, brands like Bimbo Bakeries USA and Nestle SA lead the industry.

The specialty bakery sector, focusing on health trends like organic and gluten-free options, grew by 2.45% in 2022.

One significant trend is the rise in online ordering and delivery services, which continue to offer convenience and revenue opportunities. Additionally, the industry faces a labor shortage, prompting bakeries to increase wages and offer better benefits, subsequently leading to higher product prices.

Supply chain disruptions have also impacted the cost and availability of bakery ingredients, forcing many businesses to adapt their menus and pricing strategies. Amidst these challenges, consumer demand for healthier, alternative baked goods is growing.

Plant-based and gluten-free products are increasingly popular, reflecting a broader societal shift towards health-conscious eating.

Innovation is not just limited to products; technology plays a crucial role in modern bakeries. Online order systems, email marketing, and QR code-based ordering are becoming commonplace, enhancing operational efficiency and customer experience.

Despite the challenges, the love for baking and community connection continues to drive bakery owners and staff. Staying informed about economic and consumer trends is essential for any bakery business, ensuring adaptation and growth in this ever-changing industry.

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