Baked products: Key market research findings
- Innovation in product offerings
- Demand for gluten-free and healthy products
Technavio has released a new market research report on the global fresh baked products market, which is expected to grow at a CAGR of 3% between 2016 and 2020. Breads and biscuits are the most consumed bakery products, however, this market is expected to witness increasing sales of other bakery items such as cakes, pastries, muffins, and cookies. Of late, the consumers are opting for healthier varieties of baked goods like wholegrain and multigrain bread. Europe leads the global market for fresh baked products, accounting for 45%of the total market revenue. This region is home to many established bakers and bakery chains that follow traditional artisanal practices and yet align with modern day tastes and preferences.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Bakers are using haute cuisine ingredients, which are fresh and have good quality. Chefs are comping up with bakery products that complement consumer demand and their healthy diets. This has led to growing use of specialty grain bread, and whole wheat in bakery goods. Several manufacturers are also improving the nutritional profile of bakery products. For instance, Eureka Baking has introduced three nutritious bread. Moreover, Panera Bread has introduced fresh bagels made from sprouted grains including sprouted wheat, rye, spelt, and oats,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research
There is a rise in demand for innovation in “free-from” and for food “on-the-go” especially among young working population. Consumers are increasingly demanding healthy, gourmet, and custom-made cuisine at an affordable price. This has pushed vendors to specialize in healthy baked goods by using high-quality ingredients. Technavio’s market research analysts say that around 7% of consumers in the UK avoided gluten or lactose as part of a healthy lifestyle. Also, 65% of consumers eat gluten-free as they perceive it to be healthy.
The leading vendors in the global fresh baked products market are BreadTalk, Panera Bread, SPC, Greggs, Krispy Crème, Dunkin Donuts, Einstein Bros. Bagels and Time Hortons. This market is highly fragmented with the presence of international and regional players, who compete on the basis of product differentiation, portfolio, brand recognition, technology and pricing. Competition in the market is expected to intensify during the forecast period because of the increase in the number of vendors offering gourmet and new flavors, the demand for healthy snacks by consumers, and price wars among vendors.
A more detailed analysis is available in the Technavio report, Global Fresh Baked Products Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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