Global Specialty Bakery Market - Emergence Of Hybrid Bakery Products To Boost Growth
by Technavio
Posted: 2018-02-20 15:36:29 EST

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.

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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.

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Source: Technavio