The bakery products market in Southeast Asia was valued at USD 13,470. 18 million in 2020 and is expected to grow at a CAGR of 7.67% during the forecast period (2021 – 2026). The COVID-19 pandemic has created opportunities for many private players in the bakery industry to emerge into markets to meet inflated demand.
New York, November 22, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Bakery Products Market in Southeast Asia – Growth, Trends, Impact of COVID-19 and Forecast (2021 – 2026)” – https: //www.reportlinker.com/p06074773/?utm_source=GNW
The demand for innovative biscuit products is consistently high in developed countries, as baked goods are a quick and convenient source of nutrition and energy. However, the government around the world has proactively responded to the situation to control the spread of the disease through appropriate awareness raising, and efforts have been made to provide staple foods to all segments of society in these times. disturbing. This factor has supported the demand for snack foods, including baked goods, in the global market during the COVID-19 pandemic. The online grocery industry is seeing an increase in activity as many shoppers stay at home, which has provided retailers with enormous opportunities to better interact with consumers through measures that add value and a convenience. For example, e-commerce company Bligli reported that sales of its grocery platform, Bligli Mart, quintupled during the COVID-19 pandemic compared to normal days. Blibli reported that sales of groceries, cleaning and disinfection products, surgical masks and vitamins have increased in recent weeks.
In the medium term, consumers in Southeast Asia are looking for added value in the bakery products market in terms of health, specific certifications such as halal and kosher, freshness and new products with innovative flavors. Obesity, the baking industry in Southeast Asia has increased the availability and variety of healthy baked goods, such as high-fiber breads, gluten-free ranges, and low-fat flatbreads. Many breads, cakes, and pastry products have also been released with additional benefits, or highlighting health-related properties, such as multi-grain or whole-grain, as well as claims, such as low / no / reduced in fat and without additives / preservatives. In addition, consumers in Southeast Asia are constantly on the lookout for new flavors, and artisan bakers are launching tasty specialty bread creations, helping to improve bread baskets. Some flavors have become quite common, like pandan, black sesame, salted egg yolk, and lychee. ? For example: Mighty White Bakery in Malaysia launched in 2019 its latest packaged spicy bread, Flossy Bun Original Chicken Floss with Sambal Nasi Lemak, which contains spicy sambal as a garnish.
Key market trends
Increased demand for artisanal and healthy products
Consumers in Southeast Asia are increasingly adopting Western-style diets that contain wheat and are high in protein. Thai consumers, in particular, are looking for healthier diets. This prompted companies to produce gluten-free bakery products and natural bakery products. In 2021, Mondelez launched its gluten-free Oreo chocolate sandwich cookies. The gluten-free option is available for its Traditional and Double Stuff Oreo variants. Snack products claiming to contain natural and organic ingredients have seen increased demand in Malaysia and Singapore, and this concept has evolved in other markets as well. The increased consumer demand for nutritious products and the increasing claims of clean labels on the products have accelerated the growth of the market in this region. Product launches with various label claims, such as no artificial additives, no preservatives, no GMOs, and reduced in sugar, are becoming increasingly popular. Consumers perceive their food as an opportunity to experience various tastes and textures. They are more inclined to products that position themselves as natural and healthy. Many market players are responding to this trend by incorporating “superfood” seeds, such as chia seeds, which are rich in protein and calcium into their offering. Japanese artisan bread is popular among Southeast Asians. Many key players are taking advantage of this trend. These multi-portion buns are part of the offerings of Yamazaki Baking, which began selling Japanese-style bread in Indonesia in 2018 as part of a joint venture with Mitsubishi Corp. and the operator of the local convenience store chain, Alfamart. The bakery industry has recently seen the creation of a combination of bakeries, restaurants, cafes and catering services. These café-bakeries or pastry shops offer a variety of products with different flavors.
Indonesia accounted for the largest market share
The demand for baked goods in Indonesia keeps increasing as people see them as a meal rather than a snack. This increased consumption is also being increased by changing consumer lifestyles, improving incomes, urbanization and westernization. In 2019, the per capita consumption of bread and cakes reached 9.5 kg / year, up about 60% between 2016 and 2018. Rice is a staple in the country, but some people are bored. by eating rice and other local dishes every day. time. So they turned to bakery products, which is another growth factor in the market. Consumers nationwide have different preferences for baked goods depending on their income. For example, high-end consumers prefer Western bread and pastries, the upper middle income group prefers Japanese and Asian bread, and the lower middle group prefers local sweetbreads and white bread. According to data published in reports from the Indonesian-German Chamber of Commerce and Industry, more than 640 registered bakery companies are located in the country. In addition, only a few significant market players operate in the Indonesian bakery products market including Pt. Nippon Indosari Corpindo Tbk, Khong Guan Biscuit Factory (S) Pte Ltd and Nissin Food Holdings Co. Ltd. The major companies lack variety in the products on offer, as they all have a similar product portfolio. Product innovation and the addition of exotic flavors are some of the key factors that give the player a competitive advantage over others. A few supermarket / hypermarket chains are very popular in the urban areas of the country, including PT Hero Supermarket, PT Trans Retail Indonesia and Kem Chicks.
The main key players in the market are QAF Limited (Gardenia Bakery KL SDN BHD), President Bakery Public Company Limited, PT Nippon Indosari Corpindo TBK, Mondelez International Inc and others. Product innovation is one of the key strategies adopted by the major bakeries and companies operating in the bakery products market. Innovation in flavor and attractive design of cakes and craft products and lucrative bakery product packaging is targeted by companies in order to increase brand sales by attracting target consumers.
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