The global muffins market, valued at USD 10.93 billion in 2023, is projected to grow from USD 11.40 billion in 2024 to USD 16.29 billion by 2032, with a compound annual growth rate (CAGR) of 4.56% during the forecast period, according to the Fortune Business Insights™ report titled "Muffins Market, 2024-2032."
Muffins, available in a variety of flavors such as banana, chocolate chip, and blueberry, remain a popular choice among consumers. This increasing demand is expected to drive significant growth in the industry in the coming years.
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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.)
Segmentation:
Packaged Segment Leads Due to Widespread Availability
The muffins market is divided into packaged and fresh muffins, with the packaged segment holding the largest share. This dominance is driven by the diverse range of flavors available and the widespread presence of packaged muffins in retail channels.
Sweet Segment Captures Major Share Due to Growing Health Awareness
The market is also segmented into sweet and savory muffins, with sweet muffins commanding a significant share. This is primarily due to the increasing consumer awareness of the health benefits of sweet muffins, which often contain whole grains and fruit-based ingredients. As consumers seek indulgent yet healthier snack options, sweet muffins are gaining popularity, strengthening their dominant position in the market.
Supermarkets/Hypermarkets Lead Market Share, Driven by Expansion in Emerging Markets
The muffins market is further segmented by distribution channel, including online retail, grocery and convenience stores, specialty stores, and supermarkets/hypermarkets. The supermarkets and hypermarkets segment holds the largest share, benefiting from competitive pricing, a wide selection of products, and the rapid expansion of retail outlets in emerging markets.
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Regional Market Growth
The muffins market is spread across North America, South America, Asia Pacific, Europe, and the Middle East & Africa. These regions are expected to be pivotal in driving the market's growth, fueled by shifting consumer preferences and the expansion of retail networks.
Report Coverage:
The report offers valuable insights into key trends shaping the muffins market, highlighting the critical factors expected to impact the global business landscape. It provides a thorough analysis of the industry across various segments, including product type, muffin type, distribution channel, and geography. This detailed breakdown enables stakeholders to better understand market dynamics and identify potential growth opportunities in the evolving muffins market.
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 expected to fuel significant growth in the muffins market. To meet the demand for convenience, variety, nutrition, and freshness, many industry players are adopting innovative technologies. Companies are also investing in research and development to explore new baking techniques that enhance product quality.
However, the availability of alternative bakery products could present a challenge to market growth, as consumers may choose these alternatives due to evolving tastes and preferences. For muffin manufacturers, staying competitive and adapting to these shifts in consumer behavior will be key to maintaining and expanding their market share.
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 growing consumer demand for bakery items.
In North America, the muffins market is the second largest, supported by the increasing availability of easy-to-prepare foods, the rising popularity of convenience products, and a growing consumer preference for muffins. This trend mirrors a broader shift towards on-the-go snacks that cater to busy lifestyles, further fueling market growth in the region.
Competitive Landscape:
Leading Market Players Launch New Products to Increase their Customer Base
Industry players are implementing new strategies, including innovative packaging and the introduction of novel products, to expand their customer base and strengthen their market presence. Key participants in the muffins market include ARYZTA, Hostess Brands, Inc., Food Solutions Switzerland AG, and McKee Foods Corporation. These companies are focused on leveraging creativity and quality to address evolving consumer preferences while maintaining a competitive edge in the industry.
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Key Industry Development:
February 2024 – Oreo has introduced its new Oreo Muffins, designed to expand the brand's product range. Each muffin is individually wrapped and features vanilla-flavored pieces, enhancing its appeal. This new product aims to attract loyal Oreo fans by offering a convenient, delicious snack that combines the iconic Oreo flavors with the soft, fluffy texture of muffins.
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