Asia-Pacific Bakery Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Asia Pacific bakery products market is projected to grow at a CAGR of 3.5% during the forecast period (2020 - 2025).
Key HighlightsThe consumer demand for convenience foods is evolving, by dynamic demands from consumers. The rising popularity of ‘snacking-on-the-go’ and ‘pick-me-up’ products also makes the Asia Pacific a potential market for baked snacks. A growing number of Western restaurants offering baked goods in cities are also emerging rapidly, giving an overall boost to the demand for bakery products. Another major factor driving the segment is the widened distribution channels and the tendency of consumers to buy off-the-shelf especially in emerging markets of the Asia Pacific region. The rapid expansion of artisanal bakeries in the last few years made Chinese consumers generally prefer fresh baked goods, such as cakes and bread. Unpackaged/artisanal baked goods are mostly sold through bakeries.
China Continue to Dominate the Regional MarketChina's bakery products market is recorded to become the second-largest baked goods market, with pastries being the most popular segment. The robust economic growth that China witnessed in the last decade led to rising affluence, urbanization and the growing influence of Western culture, all of which, collectively contributed to the overall demand for baked goods. Chinese consumers are known to prefer cakes, pastries and sweet pies, their attraction for bread and bread rolls, are comparatively lower than western consumers. The rapid expansion of artisanal bakeries in the last few years made Chinese consumers opt for fresh baked goods, such as cakes and bread. Unpackaged/artisanal baked goods are mostly sold through bakeries.
Competitive LandscapeThe Asia Pacific market for bakery products is fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. The key players dominating the market include Britannia Industries, Goodman Fielder, Bakers Delight Holdings, Mondelēz International, Parle Products Pvt. Ltd., and ITC Limited, among others.
Additional Benefits:Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook