LONDON — The global specialty bakery market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global specialty bakery based on product which includes specialty breads, specialty cookies, specialty doughnuts, specialty cakes and pastries, specialty crackers and pretzels, and others. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
Market driver: growing demand for functional ingredients
Growing consumer concerns with respect to a healthy lifestyle have encouraged bakery manufacturers to include functional ingredients in their products. Functional ingredients are health-promoting and energy-boosting ingredients which are used to enhance the nutritional value of bakery products. Some examples of functional ingredients are oats, legumes, nuts, probiotics, cereals, and fortified margarine.
“Apart from wheat flour, other varieties such as chia flour, rice flour, and multigrain are being introduced in bakery products. Manufacturers are also experimenting with new healthy ingredients such as nut meals and nut flour mainly because they are gluten-free ingredients and can blend easily with other ingredients,” says a senior analyst at Technavio for food research.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report including the market size and forecast, drivers, challenges, trends, and more.
Market trend: emergence of hybrid bakery products
Innovation is an important tool to increase customer engagement even in the specialty bakery market. Experimentation has become an important driver that is helping the market attract new consumers and retain them. Consumers, especially millennials, look for variety. The specialty bakery food manufacturers have introduced the concept of hybrid baking, which involves the process of merging two styles and varieties of baked goods to create a new variant.
This trend first appeared in Japan, followed by Europe. The consumers in most of the developed markets have shown interest in hybrid products. For instance, there are hybrid products such as duffins that are made from doughnuts and muffins. Similarly, a Wonut is a combination of waffle and doughnut.
Market challenge: increase in in-home cooking
The rising popularity of cookery shows and online cooking channels have significantly promoted in-home preparation and consumption of various baked goods, which is hampering the growth of the specialty bakery food market. Various television shows, like The Great British Bake Off and MasterChef, inspire people to bake. In the UK, the in-home baking market has grown by around 59% between 2007 and 2012 because of the growing interest in baking at home.
Technavio helps businesses anticipate changes in their marketplace, make proactive adjustments, and develop effective strategies to optimize their market positions.
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
Source: Technavio
