The Southeast Asia bakery products market was valued at USD 13,470. 18 million in 2020 and is projected to grow at a CAGR of 7. 67% during the forecast period (2021 - 2026). The COVID-19 pandemic resulted in the generation of opportunities for many bakery industry private players to emerge in the markets to cater to the inflated demand.
New York, Nov. 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Southeast Asia Bakery Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06074773/?utm_source=GNW
The demand for innovative biscuit products is consistently high in developed countries because bakery products are a quick and convenient source of nutrition and energy. However, The government worldwide has proactively responded to the situation to control the spread of the disease through proper awareness, and efforts have been made to provide staple food to all sections of society in these disturbing times. This factor has sustained the demand for snack food, including bakery products, in the global market during the COVID-19 pandemic. The online grocery sector is seeing a surge in activity since many shoppers are staying home, which presented huge opportunities for grocery retailers to better engage with consumers through measures that bring added value and convenience. For instance, the e-commerce company Bliblireported that sales of its grocery-shopping platform, Blibli Mart, jumped fivefold during the COVID-19 pandemic compared to normal days. Blibli reported that sales of groceries, cleaning and sanitizing products, surgical masks, and vitamins experienced an increase over the recent weeks.
Over the medium term, South East Asian consumers are looking for value addition in the bakery products market in terms of health, specific certifications like halal and kosher, freshness, and new products with innovative flavors.?In response to consumer demand with the prevalence of obesity, the bakery 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 flat breads. Many breads, cakes, and pastry products have also been launched with added benefits, or highlighting health-related properties, such as multi-grain or whole-grain, as well as claims, such as low/no/reduced fat and no additives/preservatives.?Additionally, Southeast Asian consumers are continuously on the lookout for new flavors, and artisan bakers are rolling out flavorful specialty bread creations, contributing to the upgradation of bread baskets. Some flavors have become quite common, like pandan, black sesame, salted egg yolk, and lychee. ? For instance: Mighty White Bakery in Malaysia in 2019 launched its latest spicy packaged bread, Flossy Bun Original Chicken Floss with Sambal Nasi Lemak, which contains spicy sambal as a filling.?
Key Market Trends
Increased Demand For Artisanal and Healthy Products
Southeast Asian consumers are increasingly adopting Western-style diets containing wheat and high protein content. Thai consumers, particularly, are seeking healthier diets. This has pushed companies to produce gluten-free baked goods 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 witnessed increased demand in Malaysia and Singapore, and this concept has been evolving across other markets as well. The increased consumer demand for nutritious products and the rising clean-label claims on products have accelerated market growth in this region. Product launches with various label claims, such as no artificial additives, no preservatives, non-GMO, and reduced 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 into their offerings, such as chia seeds, rich in proteins and calcium. Japanese artisanal bread is popular among Southeast Asians. Many key players are taking advantage of this trend. These multi-portion buns are a part of the offerings from Yamazaki Baking, which began selling Japanese-style bread in Indonesia in 2018 through a joint venture with Mitsubishi Corp. and the operator of the local convenience store chain, Alfamart.The bakery industry has recently witnessed the establishment of a combination of bakeries, restaurants, cafes, and catering services. These bakery cafes or cake-houses offer various products in different flavors.
Indonesia Accounted For the Largest Market Share
The demand for bakery products in Indonesia is continuously increasing because people recognize it as a meal rather than a snack. This increased consumption is also augmented by the consumers’ changing lifestyles, income improvement, urbanization, and westernization. In 2019, the per capita consumption of bread and cakes reached 9.5kg/year, surging by around 60% between 2016 and 2018. Rice is a staple food in the country, but some people get bored with eating rice and other local dishes all the time. So, they shifted to bakery products, which is another factor driving the market’s growth. Consumers in the country have different preferences for bakery products as per their income. For instance, 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. As per the data published in German-Indonesian Chamber of Industry and Commerce reports, more than 640 registered bakery product companies are in the country. In addition, only a few prominent market players are operating 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 leading companies lack variety in the products offered, as they all have a similar kind of product portfolio. Product innovation and the addition of exotic flavors are some of the key factors that provide the player’s a competitive edge over the others.A few supermarket/hypermarket chains are very popular in the urban parts of the country, including PT Hero Supermarket, PT Trans Retail Indonesia, and Kem Chicks.
The leading key players in the market include 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 leading bakeries and companies operating in the bakery products market. Innovation in terms of flavors and attractive cake and artisanal product design and lucrative packaging of the bakery products are focused by the companies in order to increase the brand sale by attracting the target consumers.?
The market estimate (ME) sheet in Excel format
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