The global pastries market size is projected to showcase robust growth owing to the increasing demand for innovative baked products. This information is published byFortune Business Insights™in an upcoming report, titled, “Pastries Market Size, Share and Industry Analysis, By Taste (Sweet, Savoury), By Sales (Packaged Pastries, Artisanal), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail) and Regional Forecast, 2021-2028.”Pastries have been around since the 5th Centuries as mentioned in the plays of Aristophanes. The pleasure of indulging in sweet buttery flavors is one of the key factors driving their popularity worldwide. Bakers and developers today have worked the element of surprise by experimenting the flavor, texture, size, and shapes of their baked goods. For instance, in February 2021, Nick Muncy, a celebrated pastry chef, introduced a pandemic pastry box in its new project, namely Drool.
The COVID-19 pandemic has had a drastic impact on the global economy. Nationwide lockdowns, traveling restrictions, and stringent restrictions have negatively impacted businesses across the globe. These factors have severely impacted fine dining restaurants as well as bakeries. Although online ordering has helped to some extent, the overall growth of pastries and other bakery and food items has observed a substantial decline amid the pandemic.
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We have categorized the market on the basis of taste, sales, distribution, and geography. In terms of taste, the market is bifurcated into sweet and savoury. Based on sales, it is fragmented into packaged pastries and artisanal. In terms of distribution, it is divided into supermarkets/hypermarkets, convenience stores, specialty stores, and online retail. Lastly, on the basis of region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East and Africa.
Highlights of the Report:
The report comprises insights into the revenue generated by key market players, which we have availed through secondary sources such as company websites, corporate filings, annual reports, and investor presentations. Our next step included tracking and analyzing competitive developments of these players such as partnerships, mergers and acquisitions, new product launches, and research and development activities. We have also conducted extensive interviews with key industry experts, such as CEOs, VPs, directors, and executives. Top-down and bottom-up procedures were used to arrive at the overall size of the market.
Drivers and Restraints-
Increasing Demand for Innovative Bakery Products to Drive Growth
The increasing demand for innovative bakery products from customers that constantly seek new flavors and taste is projected to drive the pastries market growth. Bakers and developers of the product are focusing on new methods of utilizing their resources to a maximum in order to satisfy their customers and gain profit at the same time. For instance, in March 2021, Puratos teamed up with leading industry players to implement an innovative project that prevents food wastage. The company has planned to create fibers and proteins from leftover fruit processing, cereal milling, and brewing. Such innovations are estimated to support the market growth.
However, overconsumption of bakery products could take a toll on health in general, mainly because these products are made from high amounts of sugar, white flour, flavors, and other dairy products containing saturated fats. Rising health consciousness among consumers may limit the consumption, which is predicted to limit the demand for pastries.
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Evolving preferences of consumers toward indulgence food to Boost Demand in North America
The pastries market in North America is anticipated to witness substantial growth owing to the evolving preferences of consumers toward indulgence food products in the region. Consistent experiments from manufacturers on fillings and toppings are estimated to boost the demand for pastries in the region. In addition, the increasing consumption of bakery products in the U.S. is predicted to strengthen the market growth.
Europe is projected to hold a significant market share during the forecast period. The region is home to various established local bakeries and bakery product manufacturers, which is anticipated to propel the market growth in the region.
Custom-made Product Launches to Aid Key Manufacturers Expand their Customer Base
Prominent manufacturers present in the pastries market are focusing on developing a new range of products. They are aiming at designing their baked goods keeping children’s taste in mind. For instance, in November 2019, Finsbury Food Group, a leading bakery manufacturer from the UK, introduced a new range of five licensed cakes in the country. One of the brands include Hey Duggee, which is highly popular among preschool kids.
In July 2019, Emmi Group announced the acquisition of Pasticceria Quadrifoglio srl, a leading deserts manufacturer based in Italy. The acquisition will enable the company to expand its Emmi Dessert Italia brand in the Italian food market.
A List of Key Manufacturers Operating In the Pastries Market Report:
- Finsbury Food Group Plc
- Flowers Foods
- Grupo Bimbo
- Mckee Foods Corporation
- Yamazaki Baking Co. Ltd.
- Hostess Brands, LLC
- Aryzta Food Solutions
- George Weston Ltd.
- Pepperidge Farm Incorporated
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