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Muffins Market Size, Share, & Industry Analysis By Product Type (Fresh and Packaged), By Type (Savory and Sweet), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Grocery & Convenience Stores, and Online Retail), and Regional Forecast, 2024-2032
Report Format: PDF | Latest Update: Sep, 2024 | Published Date: Aug, 2024 | Report ID: FBI103834 | Status : PublishedThe global muffins market size was valued at USD 10.93 billion in 2023. The market is projected to grow from USD 11.40 billion in 2024 to USD 16.29 billion by 2032, exhibiting a CAGR of 4.56% during the forecast period. Europe dominated the muffins market with a market share of 35.68% in 2023.
A muffin is a batter-based, single-serve, baked product that is made using dough, with or without eggs, sugar, and other ingredients. It is a smaller version of quick-breads and is often moister, richer, and sweeter than biscuits. Muffins are available in different types, such as sweet and savory, and in different flavors, such as blueberry, chocolate chip, banana, and others. The popularity of muffins in recent years has increased manifold since individuals are looking for convenient, single-serving snacks. Consumers are gradually willing to experiment with new tastes and flavors while still paying attention to the nutritional value of the foods they consume. Therefore, the demand for organic products has increased in the market.
The COVID-19 pandemic changed several aspects of everyday life globally in early 2020. The period recorded a considerable impact on consumers' purchasing behavior and resulted in the lower consumption. This was due to the lockdown restrictions, a ban on socializing, and the closure of all bakery shops during the pandemic in 2020-2021.
Muffins Market Trends
Popularity of New Flavors Attracts More Customers
The rising trend of fusion flavors in bakery products among consumers is attracting more customers to try bakery products. Muffin companies and artisanal bakeries are emphasizing the launch of products with new flavors to expand their competitiveness in the market and capture more market share. The companies provide various flavors such as blueberry, chocolate chip, mini cheery, strawberry, peanut butter, sweet corn, and others. Bakery product manufacturers are mainly concentrating on capturing the taste and preferences of the millennial population to take advantage of this new trend.
Millennial consumers are key spenders in the bakery products category. Hence, marketing strategies showcasing innovative fusion flavors in the muffin category are being adopted in the industry.
Muffins Market Growth Factors
Consumer Inclination toward Convenience Foods to Propel the Market Growth
The demand dynamics for muffins are changing due to rapid population growth, which is resulting in increased consumer inclination toward bakery products. Consumers prefer convenience food products that can be consumed anywhere with ease. Furthermore, with the availability of packaged products in supermarkets, consumers want to try a variety of delicious foods, propelling muffin sales through supermarkets & hypermarkets.
Manufacturers also focus on the research and development of baking techniques to increase product quality. Many companies are using new technologies to improve product performance and meet consumer demands for freshness, nutrition, quality, variety, and convenience. These factors collectively propel the global muffins market growth.
Rise in the Demand for Low-Calorie Products is driving the Market Expansion
Demand for low-calorie, low-fat, gluten-free, and artificially flavored and preservative-free dairy products is increasing among the working population. Low-calorie products are an excellent source of fiber, which offers health and weight loss benefits and helps people feel fuller for longer. As the demand for healthy foods increases, significant changes are occurring in consumer eating patterns. Consumers are inclined toward healthy baked goods to help them stay healthy while enjoying the taste and convenience of baked goods. The manufacturers are launching gluten-free versions with a focus on offering healthy products to consumers. For example, In June 2021, Dawn Foods launched a line of gluten-free products and a range of gluten-free baked goods.
RESTRAINING FACTORS
Rising Consumer Inclination towards Alternative Bakery Products May Hamper the Market Growth
The presence of popular bakery products in the market, such as cakes, pastries, and sweet goods, acts as a major barrier to the growth of the market. In today's busy lifestyle, bakery products are replacing conventional snacking options for daily meals and special occasions. According to the European Commission, they consume around 39 million tons of bread, cakes, and pastries in 27 E.U. countries. With manufacturers launching various attractive bakery products, consumer inclination toward alternative products is increasing. For example, in 2021, Mondelez launched gluten-free Oreo chocolate sandwich cookies. Both the Oreo and Dobre variants have gluten-free options.
Muffins Market Segmentation Analysis
By Product Type Analysis
Packaged Segment Dominates the Market Due to its Easy Availability
By product type, the market is subdivided into fresh and packaged.
The packaged segment dominates the market. The muffins market share of the packaged type segment is rising due to the large-scale penetration of packaged products and the availability in various tastes and flavors. Advancements in the utilization of raw materials, fillings, tastes, and preparation techniques have optimized the processing time. With new technologies and novel ingredients, packaged products are being prepared with minimal processes, making them a healthy and durable product. Processed bakery items can be stored for a longer time, allowing them to remain fresh and safe for a longer time, increasing their demand from consumers. The ability of packaged bakery foods to withhold their quality for a longer duration is expected to help the dominance of the segment in the global market. Fresh products are usually sold through artisanal bakeries and small specialty stores, and their popularity among developing countries is high.
By Type Analysis
Sweet Segment Held the Largest Market Share Due to Popularity in the Global Market
Based on type, the market is bifurcated into sweet and savory.
The sweet muffin segment captured the largest market share in 2023 considering their availability in a variety of flavors. The demand for fruit and vegetable-flavored products has increased dramatically due to the growing global population, changing eating habits, and consumer awareness of the health benefits these foods provide. Various types of fruit are used to increase the nutritional quality of fruit-flavored muffins.
The savory segment is expected to grow with the highest CAGR in the future as consumer food experimentation has increased in recent years. In addition, changes in consumer preferences and tastes have led them to try new flavors and types.
By Distribution Channel Analysis
Higher Convenience Associated with Supermarket / Hypermarket Channel to Fuel the Market Growth
Based on distribution channel, the market is divided into supermarkets/hypermarkets, specialty stores, grocery & convenience stores, and online retail.
Supermarkets/hypermarkets play an important role in the global sales and dominate the global market on the basis of distribution channels. The higher share of the supermarkets/hypermarkets category is due to better price selection for many brands. In these large retail spaces, there is ample space and strategic placement that enhance the visibility of products. The increase in the number of supermarket stores and the expansion of product manufacturers through specialty retailers are the main factors driving the market. The opening of new retail stores in developing countries and the strengthening of distribution channels due to the establishment of retail stores have fueled the growth of the global market.
The online retail segment is expected to grow at the highest CAGR during the market analysis period. Quick commerce start-ups are driving the sales of bakery products through e-commerce channels. Developing countries such as Mexico, India, Brazil, China, Indonesia, Thailand, and many others are observing rapid growth in e-commerce sales mainly because of the growing working-class population coupled with the penetration of smartphones and internet.
REGIONAL INSIGHTS
By region, the market has been studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The European region holds the largest share of the global market. The dominance is due to the growing demand for bakery products and the convenience offered by these food products. The U.K. is one of the largest markets in Europe, followed by Italy. Most muffin manufacturing companies have been established in the European market to offer a variety of muffin options in a range of flavors.
North America is the second-largest region due to consumer demand for muffins, popularity of convenience foods, and the availability of easy-to-prepare foods. Consumers in countries such as the U.S. often buy bakery snacks and use them as a substitute for snacks, breakfasts, and desserts. The availability of flavorings and fillers has further helped the growth of the North American market.
The rapid growth of developing markets such as China, India, Japan, and South Korea has led Asia Pacific to emerge as one of the fastest-growing regions. The region is rapidly growing in the international market in terms of economic growth, investment growth, and manpower in the labor market. Rapid urbanization, changing lifestyles, a growing youth population, and the growing demand will contribute to the market growth in the Asia Pacific region.
The Middle East & Africa region is also growing in terms of market revenue over the last few decades. Tourism is growing rapidly in the Middle East & Africa and tourists are eager to try new bakery products. The availability of various types of bakery snacks increases the demand for muffins in this region.
KEY INDUSTRY PLAYERS
Key Players Focus on Product Development in Different Flavors to Stay Competitive
The global market is fragmented, with many small market players in the global market. Industry players, such as ARYZTA, Hostess Brands, Inc., Food Solutions Switzerland AG, and McKee Foods Corporation, compete with each other to increase their market share and establish their dominance in the global market. The companies have been adopting strategies, such as innovative product launches, packaging, and seamless distribution of their products, to increase their customer base and emerge as leading players in the global market.
List of Top Muffins Companies:
- Mondelez International, Inc. (U.S.)
- Associated British Foods (U.K.)
- Grupo Bimbo (Mexico)
- General Mills (U.S.)
- Britania (India)
- Mckee Foods Corporation (U.S.)
- ARYZTA (Switzerland)
- Foodco Group Pty Ltd (Australia)
- Finsbury Food Group Plc (U.K.)
- Flowers Food (U.S.)
KEY INDUSTRY DEVELOPMENTS:
- January 2024: Little Debbie, a popular snack brand, expanded its lineup with the introduction of Little Debbie Big Pack Mini Muffins. The brand launched muffins in two varieties: chocolate chip and blueberry. This new line is expected to help the company expand and generate more revenue.
- November 2023: The Little Bites brand of Grupo Bimbo launched the cinnamon bun muffins. These muffins are baked, moist, and soft with the cozy flavor of ooey-gooey cinnamon buns, providing the perfect bite-sized snack option.
- November 2023: Delifrance announced its collaboration with global brand Biscoff to launch the Biscoff Muffin. The new partnership would bring together Délifrance's bakery expertise with the taste of the Biscoff spread.
- April 2022: Nestle SA's brand "KitKat" launched a KitKat blueberry muffin in the U.S. market. This new product launch helped the company to increase its product portfolio in the muffins market.
- November 2019: Muffin Break, a bakery franchise, launched a vegan muffin range in four flavors: apple blueberry, banana pecan, mixed berry, and date apple cinnamon. The products offer a balanced vegan diet made from plant protein fibers and minerals.
REPORT COVERAGE
The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies in the competitive landscape of muffins by product type, type, and distribution channel. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.
REPORT SCOPE & SEGMENTATATION
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 4.56% from 2024 to 2032 |
Unit | Value (USD Billion) |
Segmentation | By Product Type
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By Type
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By Distribution Channel
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By Region
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Frequently Asked Questions
How much is the muffins market worth?
A study by Fortune Business Insights shows that the market size stood at USD 10.93 billion in 2023.
At what CAGR is the muffins market projected to grow over the forecast period (2024-2032)?
The market is likely to grow at a CAGR of 4.56% over the forecast period.
Which is the leading product type segment in the market?
Based on product type, the packaged segment is the leading segment in the global market.
What are the key factors driving the market?
Growing consumer inclination toward convenience foods is driving the global market growth.
Who are the top players in the market?
Group Bimbo, McKee Foods Corporation, Associated British Foods, and others are the major players in the market.
Which region dominated the market in 2023?
Europe dominated the market in terms of sales in 2023.
Which factor is expected to restrain the deployment of the product?
Rising consumer inclination toward the consumption of other bakery products may hamper the market growth.
- Global
- 2023
- 2019-2022
- 180