Sweet Bakery Market Projected to Witness a Double-Digit CAGR During 2028
The global sweet bakery market is swept over by a wave of innovation. From revival of old classics to the emergence of individual portions to new occasions of dining to relish such sweet bakery products.
The global sweet bakery market is driven by the following trends
growing inclination toward individual cakes like cupcakes, muffins
there is an emerging trend is toward bright and colourful sweet bakery products
a move toward the creation of sweet bakery products that are made from seasonal ingredients
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Leading chefs and new cuisine improvisations are increasingly taking bakery products into consideration, which is likely to drive the growth of the global sweet bakery market over the forecast period.
Health, convenience, and pastry comprise the basic trends in the bakery industry. Convenience mostly relates to changes that have taken place in various social habits, changes in structures of households, and longer working hours for women. Consumers do not have enough time to shop, cook, and prepare food.
The growing popularity of haute cuisine left an impact on the various services that are associated with the industry. Services like tourism, hospitality compelled sociologist include culinary services within the scope of culture and creative industries. This has left a lasting impact on the food and services related industries with innovative restoration.
The global sweet bakery market comprise four different segments, which are
Wholesale bakeries are considered the backbone of sweet bakery industry. A retail bakery comes with the facility of low volume of products. It is the platform from where a variety of sweet bakery products is sold to various customers.
Sweet bakery goods have been witnessing consistent indulgence across the globe, with consumers willing to pay for enticing flavors and varieties. Sweet goods spearhead bakery innovation as consumers are seeking beyond traditional indulgence. The latest trend pinpoints the rapid consumer transition toward healthier alternatives, which implies that consumers have started looking for sweet bakery goods with multipronged health benefits.
New launches in the sweet bakery landscape that are either rich in fibre or sugar-free are witnessing exponential growth in terms of demand and are overshadowing the unhealthy variants, as consumer sentiments vis-à-vis health & wellness alter the status quo. The preferences of sweet bakery goods across various regions differs on the basis of multiple aspects, including tradition, taste preferences, local interests, and cost.
Sweet Bakery Market- Notable Highlights
Britannia Industries Ltd., via Treat, its largest sandwich creams brand, has launched its exclusive mobile game ‘Treatanaut’ in 2018. Britannia developed the game in partnership with Juego Studio Pvt. Ltd. and the game offers a captivating interface with edge-of-the-seat experiences. Depending on scores of individual players, the best ones will be rewarded with monthly rewards and the top three players would receive a ‘Mega Reward’ every month from the team of Britannia Treat every month. This was a part of the company’s strategy for branding via customer engagement, wherein customers would be hooked to the brand. In the long run, this would also fuel customer retention and help in boosting the volume sales.
Mondelēz International completed the acquisition of Tate’s Bake Shop in 2018, a popular premium baked goods brand famed for its highly quality and authentic ingredients. This acquisition was a bolt-on transaction which portrays growth of Mondelēz, wherein the company will leverage Tate’s strengths and work together to offer high value to the customers.
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Some of the most prominent competitors operating in the competitive landscape of global sweet bakery market include –
The Great Canadian Bagel
Frank Roberts & Sons
Market Players Focus on Consumer Engagement to Drive Sales Growth
Sweet bakery brands have started focusing on high-scale consumer engagement for driving sales and brand recognition. Manufacturers are hosting events and collaborating with non-profit organizations to raise funds for enhancing their consumer reach. Some of the brands are also conducting bakery classes, wherein consumers are introduced to experts and are taught about the methodologies adopted by the company. This, in turn, helps the brands to showcase their expertise to the consumers and build long-lasting relationships.
Some of the key brands are launching games and quizzes, wherein the consumers stay in close proximity with the brand and its new launches. Moreover, social media channels are being extensively used for aggressive branding and marketing, which in turn helps in customer retention and repeat sales.
Brands Develop Signature Themes to Stand Out of the Competition
Sweet bakery brands are developing a signature idea that they are well-known for. Moreover, the brands are also vying to incorporate themes in their products that well align with their core values, to leave a lasting impression on the consumers’ mindset.
Moreover, the sweet bakery brands also include special deals and offerings associated with their names, so that consumers stay updated about the same and make regular purchases. Manufacturers are using such strategies to enhance their traffic, which in turn will be crucial in determining the sales growth.
Experimentation Remains the Key to High Indulgence in the Sweet Bakery Landscape
Though the new-age bakery enthusiasts look for healthy alternatives, health is unable to encroach on the sweet bakery space. This can be attributed to consumers’ fondness for sweet bakery as treats and not for health benefits. Brands are on the lookout for new ways to increase the indulgence of sweet baked goods, via use of new colors, flavors, premium ingredients, and innovative packaging. These incorporations and experimentation will result in high indulgence, which in turn will help the market players in terms of healthy sales.
Sweet Bakery Market Segmentation
Non-Frozen Cakes & Pastries
Frozen Cakes & Pastries
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