Pastries Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Pastries Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Pastries Market size is expected to grow from USD 64.07 billion in 2023 to USD 71.86 billion by 2028, at a CAGR of 2.32% during the forecast period (2023-2028).

Key Highlights

• The growing popularity of customizable pastries and increasing product innovation are expected to drive the market's growth during the forecast period. The use of specialty ingredients, such as whole-grain bread, concentrates, and sweet goods mixes in pastries, has seen significant developments as a part of the overall demand for healthy ingredients, indulgence without calories, and high demand for on-the-go food products. However, sweet indulgences, like cupcakes and slice cakes, are purchased based on appearance, texture, mouthfeel, and other subjective attributes, and the focus on healthy ingredients is given second priority.
• Among the most popular products in the bakery segment are cakes and pastries. Ingredients, including sugar, flour, eggs, margarine, baking soda, and baking powder, are used to make cakes. It is often consumed for ceremonial events like birthdays, weddings, and anniversaries. Cakes come in a variety of sizes and shapes, and they can be made to the customer's specifications. A pastry is a flour, water, and oil dough that can be both sweet and savory. Pie and tart crusts are frequently made from baked or fried pastries. Pastries like puff, shortcrust, and choux are among the most popular varieties sold in stores.
• The two main reasons propelling the market's expansion are the increased demand for indulgent food products and growing urbanization. The consumption of ready-to-eat food items like cakes, pies, and pastries has increased due to the growing working population and rising disposable incomes, which has increased sales.
• Also, a broad and diverse consumer base is being served by ongoing experimentation to develop unique flavors of fillings and toppings, coupled with the rising desire for customized pastries and cakes. Moreover, a rise in consumer health concerns has prompted the use of healthier ingredient substitutes, such as whole wheat flour, in place of white flour.

Pastries Market Trends

Preference for Healthy and Free-from Bakery Products

• The market for free-from food is also flourishing as a result 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.
• With the increasing emergence of chronic diseases such as diabetes, the preference for nutrient-rich pastries has increased drastically. Additionally, consumers are looking for food products that deliver instant nutrition. Therefore, they are willing to pay more for such products, allowing substantial innovation in the respective product category. 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.
• 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 organism (GMO) certified components used to make the keto mixes. Each mix contains no added sugar and 2 g of net carbohydrates or fewer per serving.
• Usually, pastries are high-calorie food products. 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.

Pastries Industry Overview

The market for pastries is highly competitive due to the presence of many regional and international suppliers. In addition, new healthier varieties with less fat are being introduced by vendors to attract the health-conscious population. In addition to offering unique and customized products, companies are focused on enhancing and expanding their distribution network. Many players are focused on product offerings via various online platforms to increase their consumer reach. Some major players in this market include Flowers Foods, Grupo Bimbo, Hostess Brands, McKee Foods, and The Essential Baking Company.

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• The market estimate (ME) sheet in Excel format
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