The global bakery industry will hit $410 billion by 2015, claims a new report by market research firm Global Industry Analysts.

Its study, Bakery Products: A Global Strategic Business Report, observes that the fastest-growing segments include pre-baked and fresh products, while frozen dough and scratch mix products have shown slow growth. Researchers noted the swift rise of functional ingredients, as well as the popularity of single-serve and portable packaging.

The report also highlighted the changing consumer trends in the United States as customers spend their dollars on healthful, convenient and also indulgent products.

“Bakers were able to leverage these pockets of growth by capitalizing on the indulgence trend of consumers through suitable product innovations that focused on health and included functional variants,” the researchers wrote in the report.

In-store bakeries are increasingly gaining in significance, the analysts added, with the trend also noticeable in overseas markets including France and the United Kingdom.