Market Trends of Pastries Industry
Preference for Healthy and Free-from Bakery Products
The market for free-from food is flourishing because of medical developments that have examined and provided a firm understanding of the various immune system responses, allowing customers to make conscious choices about the food products they choose to eat. Globally, consumers are turning to bakery products that offer functional benefits and suit the specific dietary needs of consumers, such as gluten-free, kosher, organic, and natural ingredients. Hence, the increasing demand for freshly baked free-from pastries can be considered an opportunity in this market and an increase in online sales and new product launches. For instance, in March 2021 Singapore bakery chain Joe & Dough and 'free-from' food specialist Oh My Goodness teamed up to offer varieties of gluten-free pastries across the country.
A rising interest in nutritional pastries has been observed among consumers, as they demand products with clean-label ingredients, making them suitable for diabetic consumers. Consumers consider a product 'clean' only if it contains wholesome, natural, and organic ingredients. Consumers' purchasing habits seek to limit the differentiability of the nutritional ingredients used in the product. Therefore, companies are focussing on launching nutritious and free-from bakery products globally to accommodate every consumer need. For instance, in June 2022, gluten-free pizza dough flour and a new line of keto-friendly baking mixes were launched by King Arthur Baking Co. Yellow cake mix, chocolate cake mix, all-purpose muffin mix, and pizza crust mix are among the non-genetically modified organisms (GMO) certified components used to make the keto mixes. Therefore, people are getting more attracted to products that are low in calories, have health benefits, and consist of clean-label ingredients.
Asia-Pacific Holds Significant Market Share
The consumption of pastries in developing markets, such as Asia-Pacific, is based on certain factors, like an increase in the consumption of snacks and convenience foods. Moreover, there is a growing demand for the decorated pastry cake segment. This consumer shift is due to the rising disposable income and preference for innovative products. Asia-Pacific is becoming a key market as rising disposable income, urbanization, and the demand for Western-style diets support the growth in sales of baked goods and pastries. China became one of the largest baked goods markets globally in 2022, with pastries being one of the most popular segments. Owing to this factor, the Asia-Pacific pastry market is expected to witness a potential increase in sales growth during the forecast period.
Furthermore, personal gifting is a popular trend among friends and family in the country, and people prefer to gift food items. Some gifted food items also include bakery products, thus aiding the growth of the market studied. Bakery products are often consumed daily for breakfast, along with coffee or juice across the region. Consumers prefer using bakery products like pastries that provide convenience and simplicity for on-the-go consumption. Together these factors are driving the growth of the bakery products market in the country.
