The ‘healthy indulgence’ of the baking world!Baking has been the oldest food-processing technology known to man. From being subsistence-based foods, bakery products have witnessed a phenomenal transformation, to being delicacy-based and choice-arousing food that can continue to contribute a vital share to the rapidly emerging food processing sector. The development is much more dynamic in emerging economies, whereas, the matured markets of North America and Western Europe are increasingly seeking advanced and sophisticated level, of value addition, without compromising on the indulgence factor, for which, bakery products are primarily consumed. The global bakery product market is majorly driven by factors, such as rising demand for convenience, safe, health, and affordable food products, along with the enhanced focus on indulgence and diversification of flavors, especially from artisanal bakers. The aforementioned trends prevailing in the market are estimated to drive the growth of the global bakery product market at a CAGR of around 2.6%, during the forecast period of 2018-2023.
Indulgence is an opportunity for bakery, and the bakery market has time and again witnessed a variety of flavors making a mark. Red velvet, salted caramel, and s’mores from Pillsbury™ are gaining popularity among Americans. Hostess recently launched Apple and Cherry mini-pies that capture the best of both worlds, as apple and cherry can both be indulgent flavors and healthy at the same time.
In the recent years, it has been observed that consumers are more focused on ingredients, and are opting for healthier labels involving reduced calories and reduced fat. There are other sets of consumers who are price conscious. Both ingredient-focused and nutrition-focused consumers are willing to pay more for products with a blend of ingredients
Consumers are demanding additive-free, non-GMO, clean-label, and health promoting baked goods. Thus, health and convenience, along with indulgence, are expected to trend in the developed markets of bakery products.
The global market for bakery products is expected to be significantly boosted by the rapid growth of the processed food sector, particularly in the emerging economies. The rapid pace of urbanization observed in the countries of Asia, as a by-product of overall improvement in the economic situation, is setting the stage for this region to be one of the fastest growing in the global bakery product market.
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The global bakery product market has been segmented based on product type, distribution channel, and geography. Morning baked goods are primarily leading the worldwide growth of bakery products, followed by indulgent baked goods, such as cakes, pastries, and biscuits. In terms of distribution channels, the robust growth of the food service retail channel has been the underlying factor for the enhanced sales of bakery products, in the recent years. Geographically, consumers in Asia-Pacific and the Middle East have an increasing appetite for indulgence. Asia-Pacific boasts of the highest pastry sales in the world, and accounts for the majority of global growth within pastries.
The major strategies adopted by the companies in the global bakery product market are - new product launches, agreements/partnerships, expansions, and acquisitions. The global companies have designed strategies to expand into emerging economies, in an attempt to increase their consumer base. The global bakery product market is highly fragmented, with the significant presence of numerous global and regional players.
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