The global muffins market size stood at USD 10.93 billion in 2023. The market is estimated 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. Fortune Business Insights™ provides this information in its research report, titled “Muffins Market, 2024-2032”.
Muffins are baked products that are available in various flavors such as banana, chocolate chip, blueberry, and others. The growing product demand is expected to fuel industry expansion over the coming years.
Information Source: https://www.fortunebusinessinsights.com/muffins-market-103834
Segmentation:
Packaged Segment Holds Dominant Share Due to Huge Penetration
Based on product type, the market is segregated into packaged and fresh. The packaged muffins segment records the largest market share. The product availability in a range of flavors and tastes and the large-scale product penetration are the key factors driving the dominance of the segment.
Sweet Segment Registered Major Share Driven by Surging Awareness Regarding Health Benefits
By type, the market is bifurcated into sweet and savory. The sweet muffin segment accounted for a leading share in the market due to the increasing awareness regarding the health benefits offered by these muffins.
Supermarkets/Hypermarkets Segment Accounts for Major Share Due to Rising Establishment in Developing Countries
On the basis of distribution channel, the market is categorized into online retail, grocery & convenience stores, specialty stores, and supermarkets/hypermarkets. The supermarkets/hypermarkets segment holds a dominating market share which can be attributed to the benefit of better price selection and the increasing establishment of new retail stores in developing countries.
Based on geography, the market for muffins has been analyzed across North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
Report Coverage:
The report provides an insight into the key trends in the market. The prominent factors slated to propel the global business landscape have also been provided in the report. It further gives an analysis of the industry scenario based on various segments. The market has been segmented on the basis of product type, type, distribution channel, and geography.
Drivers and Restraints:
Industry Value to Rise Owing to Surging Popularity of Convenience Foods
The soaring consumer inclination toward convenience foods and bakery products is expected to drive muffins market growth. Besides, many industry players deploy technologies that help meet the consumer demand for convenience, variety, nutrition, and freshness. Companies are also emphasizing on the research and development of baking techniques for enhancing product quality.
However, the availability of alternative bakery products could hamper industry expansion to some extent.
Regional Insights:
Europe Accounts for Dominant Share Impelled by Rising Bakery Product Demand
The Europe muffins market share records a dominating position due to the convenience offered by these products and the escalating bakery products demand.
The North America market holds the second largest market share attributed to the soaring availability of easy-to-prepare foods, popularity of convenience foods, and the rising consumer demand for muffins.
Competitive Landscape:
Leading Market Players Launch New Products to Increase their Customer Base
Industry players are introducing new strategies such as packaging and the launch of innovative products for increasing their customer base. Some of the key players in the market comprise ARYZTA, Hostess Brands, Inc., Food Solutions Switzerland AG, and McKee Foods Corporation.
Key Industry Development:
February 2024 – Oreo announced the launch of its new Oreo Muffins. The move would help the expansion of the company’s product line. According to the company, each muffin is individually wrapped and would be available with vanilla-flavored pieces.
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.)
