LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global fresh baked products market is expected to reach USD 156 billion in revenue by 2020.
This research report titled ‘Global Fresh Baked Products Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including bread and rolls, cookies, cakes, and pastries, and morning goods.
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“Consumers are increasingly demanding healthy, gourmet, and custom-made cuisine at an affordable price. In 2014, around 7% of consumers in the UK avoided gluten or lactose in a bid to follow a healthy lifestyle. Also, 65% of consumers eat gluten-free as they perceive it to be healthy,” said Vijay Sarathi, one of Technavio’s lead analysts for food and beverages research.
“These healthy food trends are still catching up in developing countries such as India and China. Therefore, vendors are aiming to specialize in healthy baked goods by using high-quality ingredients in products likely to be introduced in this market. During the forecast period, the market is anticipated to witness innovation in the form of “free-from” and “on-the-go” food, especially among the young working population of the region,” added Vijay.
Global fresh baked products market 2015
- Bread and rolls
- Cookies, cakes, and pastries
- Morning goods
Source: Technavio research
Global breads and rolls market: largest segment
The global breads and rolls market was valued at USD 97.35 billion in 2015. In-store bakeries offer fresh baked products with the benefits of one-stop shopping in a supermarket setting. It is lucrative for supermarkets, as these products target a large consumer base, and it helps the store expand the portfolio of freshly baked goods at the same time. Sales of in-store bakery products in the US, which is a key market, reached a little over USD 13 billion in 2013, from USD 12.8 billion the previous year. This trend is likely to continue and drive the overall revenue of the market over the next four years.
Cookies, cakes, and pastries
The global cookies, cakes, and pastries market was valued at USD 13.54 billion in 2015. The category of pastries has grown tremendously, accounting for almost 80% of absolute volume growth in baked goods over 2008-2013. Increased penetration and product innovations in fast-growing regions such as Asia-Pacific and Latin America are the main drivers of this increase.
Health and wellness considerations influence the breads segment with more customers opting for multigrain and wholegrain varieties. Within pastries, artisanal varieties tend to outperform other types, as a result of innovation and culinary experimentation. Technavio researchers has observed a notable boom, particularly in the hybrid pastries segment over the past few years. In accordance with this trend, the cronut, a hybrid of croissant and doughnut has become a popular snack in South Korea, Brazil, Taiwan, the UK, and France within a short span of time. Many similar product innovations will likely buoy the growth of this market until 2020.
Morning baked goods
The global morning goods market was valued at USD 25.63 billion in 2015. This category includes muffins, doughnuts, teacakes, crumpets, croissants, breakfast cakes, and scones.
In countries like the UK and France, croissants have experienced a robust growth rate of over 5%, and smaller product formats such as brioche and pain au chocolate have gained considerable market share. Therefore, new flavors and variants are continually introduced in this segment to tap the market opportunity. In the UK, Tesco launched raspberry duffins — a doughnut-muffin hybrid — in 2015. In the same year, Tokyo-based Yamazaki Bakeries launched the Wonut Chocolate Waffle Doughnut, which is both crispy and moist, in Japan.
Browse related reports:
- Bakery Market in Japan: Forecast, and Market Analysis 2015-2019
- Global Bakery Market 2015-2019
- Global Bread and Rolls Market 2016-2020
- Global Gluten-Free Packaged Food Market 2015-2019
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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