USD 7.9037 billion
Report ID: SQSG30I2031 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 89 | Figures: 66
Global Muffin Market was valued at USD 7.9037 billion in 2021, and it is expected to reach a value of USD 9.4271 billion by 2028, at a CAGR of 2.55% over the forecast period (2022-2028)
Global muffin market is expected to grow exponentially during the forecast period as consumers are becoming interested in novel desserts and confectioneries. Incorporating natural ingredients and using healthier substitutes to produce muffins will further drive its growth in the coming years.
Consumer preference of healthy ingredients such as sugar and whole grains alternatives will bring lucrative opportunities for players. Consumers willingness to experiment with food will allow players to expand their product portfolio to cater to a large consumer base. New muffin kinds are being introduced by manufacturers all around the world that include fillings like cheese, parsley, and other unusual ingredients.
Global Market Size
USD 7.9037 billion
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The Global Muffin Market is segmented based on type, application, and region. Based on type, it is categorized into In-store Muffin, and Packaged Muffin. Based on the Taste, it is categorized into Sweet and Savory. Based on Distribution Channels, it is categorized into Supermarkets/Hypermarkets, Convenience Store, Specialty Store and Online Retail. Based on region, it is categorized into North America, South America, Europe, Asia Pacific, and Middle East & Africa.
Analysis by Type
On the basis of type, due to the increased consumer demand for freshly baked goods, handmade or in-store bakeries dominate the type segment. Additionally, the versatility of handmade bakery products in offering products that may be modified as per the requirements, has contributed to the growth of this segment.
Analysis by Distribution Channel
On the basis of application, the largest portion of the muffin market is held by supermarkets and hypermarkets. One of the main factors influencing its market is the abundance of in-store bakeries in supermarkets and hypermarkets. Along with other factors, the availability of a large range of domestic goods under one roof has helped muffin sales perform better.
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Based on region, North America currently dominates the global muffin market. Due to changing consumer preferences for cutting-edge indulgence food products, the demand for muffins is booming in North America. The rising popularity of between-meal snacks among consumers has increased muffin consumption. The regional expansion of muffins has also been aided by the availability of muffins in a variety of unique flavors and fillings.
The European muffin market is predicted to grow significantly in the next few years due to the rising customer demand for handmade bakery products. Additionally, the region's developed baking industry has contributed to the expansion of the regional market.
Additionally, the Asia Pacific muffins market is also expected to grow significantly in the coming years due to the rising population and customer preferences for baked goods, particularly among the younger generation. Due to the prospective markets in this area, including those in China and India, many muffin makers are setting up a shop in this region.
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The major muffin market players are using various techniques to support the growth of the muffin market such as new product launches and upgrades, mergers and acquisitions, and collaborations. To improve the consumption and boost the overall product demand, the manufacturers are launching new varieties across the globe that are incorporated with the non-conventional ingredients such as parsley, cheese and other fillings.
Top Players Company Profiles
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The market will witness expansion in supermarkets and hypermarkets as various in-store bakeries are opening up. Improved marketing strategies to place products in an inviting way will provide more scope for the market.
|Market size value in 2021||USD 7.9037 billion|
|Market size value in 2028||USD 9.4271 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Muffin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Muffin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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