DUBAI, UNITED ARAB EMIRATES — The global packaged bread market is forecast to reach $66.5 billion by 2032, spurred by availability of raw materials, better packaging and improved quality and taste, according to Future Market Insights, a market research firm based in Dubai.

The current value of the global packaged bread market is $42.4 billion, according to Future Market Insights. Over the next decade, the market research firm said it expects the category to grow at a compound annual growth rate of 4.6%.

“Extended shelf life of packaged bread by means of intelligent packaging solutions over passive packaging is helping to protect the bread quality with no spoilage by oxygen and molds, using biodegradable and edible polymer films with low gas permeability while including a provisional safety evaluation, which perfectly maintain the taste and flavor of the product for as long as 60 days, boosting demand and ramping up in sales worldwide,” Future Market Insights said.

The market research firm said research shows millennials prefer small portions of packaged bread, wrapped for immediate consumption. As a result, more baking companies are incorporating new machines to allow inexpensive product packaging without compromising the quality of packaged bread, Future Market Insights said. In addition, more packaging solutions are being launched that help extend a product’s shelf life.

“A new concept has developed recently, named intelligent packaging or active packaging, in which the packaging is done with functional materials, which can interact with bread deliberately for monitoring and extending its shelf life,” Future Market Insights said. “Nano-packaging is also being researched on by the front runners by using edible and biodegradable films to accomplish environmental requirements which can increase packaged bread shelf life up to 60 days.