Muffins market Size, Share, Trends, Growth Analysis to 2032
The global muffins market was valued at USD 10.93 billion in 2023 and is projected to grow from USD 11.40 billion in 2024 to USD 16.29 billion by 2032, reflecting a compound annual growth rate (CAGR) of 4.56% during the forecast period. This information is detailed in the research report by Fortune Business Insights™, titled “Muffins Market, 2024–2032.”
Muffins are baked goods available in a variety of flavors, including banana, chocolate chip, blueberry, and more. The increasing demand for these products is expected to drive industry expansion in the coming years.
Information Source: https://www.fortunebusinessinsights.com/muffins-market-103834
Segmentation:
Packaged Segment Holds Dominant Share Due to Huge Penetration
The market is categorized by product type into packaged and fresh muffins, with the packaged muffins segment holding the largest market share. This dominance is driven by the availability of a wide range of flavors and tastes, as well as extensive product penetration in retail channels.
Sweet Segment Registered Major Share Driven by Surging Awareness Regarding Health Benefits
The market is divided by type into sweet and savory muffins, with the sweet muffin segment capturing a significant share. This leadership can be attributed to the growing awareness of the health benefits associated with sweet muffins.
Supermarkets/Hypermarkets Segment Accounts for Major Share Due to Rising Establishment in Developing Countries
The market is segmented by distribution channel into online retail, grocery and convenience stores, specialty stores, and supermarkets/hypermarkets. The supermarkets/hypermarkets segment holds a dominant market share, thanks to advantages such as better price selection and the growing establishment of new retail stores in developing countries.
Geographically, the muffins market has been analyzed across North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
Report Coverage:
The report offers insights into key trends within the muffins market, highlighting significant factors expected to drive the global business landscape. It includes a detailed analysis of the industry scenario across various segments, which are categorized based on product type, type, distribution channel, and geography.
Drivers and Restraints:
Industry Value to Rise Owing to Surging Popularity of Convenience Foods
The growing consumer preference for convenience foods and bakery products is anticipated to propel the growth of the muffins market. Additionally, many industry players are adopting technologies to cater to consumer demands for convenience, variety, nutrition, and freshness. Companies are also focusing on research and development of innovative baking techniques to enhance product quality.
However, the presence of alternative bakery products may pose a challenge to industry expansion to some extent.
Regional Insights:
Europe Accounts for Dominant Share Impelled by Rising Bakery Product Demand
The Europe muffins market holds a dominant position, driven by the convenience these products offer and the increasing demand for bakery items.
In North America, the market ranks as the second largest, attributed to the growing availability of easy-to-prepare foods, the popularity of convenience foods, and rising consumer demand for muffins.
Competitive Landscape:
Leading Market Players Launch New Products to Increase their Customer Base
Industry players are implementing new strategies, including innovative packaging and the launch of novel products, to expand their customer base. Key players in the market include ARYZTA, Hostess Brands, Inc., Food Solutions Switzerland AG, and McKee Foods Corporation.
Key Industry Development:
February 2024 — Oreo has announced the launch of its new Oreo Muffins, aimed at expanding the company’s product line. Each muffin is individually wrapped and features vanilla-flavored pieces, enhancing the product’s appeal to consumers.
List of Key Players Mentioned in the Report:
- 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.)