Dublin, Sept. 29, 2021 (GLOBE NEWSWIRE) -- The "Pastries Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global pastries market is projected to grow at a CAGR of 3.44% during the forecast period, 2021-2026.
As an impact of COVID-19, the sales of pastries witnessed greater sales including frozen as well as fresh products owing to the surge in the demand for convenience food. However, the artisanal pastries observed a decline in sales due to limited consumer expenditure on non-essential food products together with a limited production of artisanal pastries, attributed to the social distancing and lockdown measures imposed by the government of various countries around the globe.
The growing popularity of customizable pastries and the increasing innovation in the products is expected to drive the market's growth during the forecast period.
The use of speciality ingredients, like whole-grain bread, concentrates, and sweet goods mixes in pastries, have seen major developments, as a part of overall demand for healthy ingredients, indulgence without calories, and high demand for on-the-go food products. 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.
Key Market Trends
Rising Demand for Freshly Baked Pastries
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 and use of flour, such as rice flour and chia flour, other than wheat flour. Also, consumers are looking for food products that deliver them instant nutrition, and are willing to pay more for such products, thereby, allowing a substantial amount of innovation in the respective product category. Hence, the rising demand for freshly baked pastries can be considered as an opportunity in this market, along with an increase in online sales and new product launches.
Increasing Consumption of Pastries in Middle-East
The consumption of pastries in the developing market such as Asia-Pacific is based on certain factors, like an increase in the consumption of snack and convenience food. Moreover, there is a growing demand in the decorated pastry cake segment. This consumer shift is due to the rise in 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 are supporting the growth in sales of baked goods and pastries in particular. China is set to become one of the largest baked goods market globally by 2022, with pastries being one of the most popular segment. Owing to this factor, the Asia-Pacific pastry market is expected to witness a potential increase in sales growth during the forecast period.
The market for pastries is highly competitive, due to the presence of a large number of regional and international suppliers. New healthier varieties, with less fat, are being introduced by vendors to attract the health-conscious population. Some of the major players in this market include Flowers Foods, Grupo Bimbo, Hostess Brands, McKee Foods, and The Essential Baking Company, among others.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Flavor
5.2 By Product Type
5.2.1 Packaged Pastries
5.2.2 Unpackaged/Artisanal Pastries
5.3 By Distribution Channel
5.3.1 Online Retail Stores
5.3.2 Supermarkets/ Hypermarkets
5.3.3 Convenience Stores
5.3.4 Other Distribution Channel
5.4.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.4.3 Asia Pacific
220.127.116.11 Rest of Asia-Pacific
5.4.4 South America
18.104.22.168 Rest of South America
5.4.5 Middle East and Africa
22.214.171.124 South Africa
126.96.36.199 Saudi Arabia
188.8.131.52 Rest of Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Strategies Adopted by Leading Players
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 American Baking Company
6.3.2 Aryzta AG
6.3.3 Britannia Industries
6.3.4 Flowers Foods
6.3.5 George Weston Limited
6.3.6 Groupo Bimbo
6.3.7 Hillshire Brands Company
6.3.8 Hostess Brands, LLC
6.3.9 McKee Foods Co.
6.3.10 Finsbury Food Group Plc
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/ryq1ws
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