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Southeast Asia Bakery Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Southeast Asia Bakery Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • May 2021
  • 110 pages
  • ID: 6074773
  • Format: PDF
  • Mordor Intelligence LLP
Up to $700 off Until Aug 10th 2021

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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. The demand for innovative biscuit products is consistently high in the 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.

SEA 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 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

There has been a significant increase in the demand for natural/organic food products. Consumers are becoming more aware of the adverse health effects associated with the consumption of various synthetic or artificial food ingredients, which are used in quantities that do not comply with governmental standards in food products.

Southeast Asian consumers are increasingly adopting western-style diets containing wheat, 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 both its traditional and its Double Stuff Oreo variants.

Snack products with claims of being natural and organic 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 accelerate market growth in the region. Product launches with various label claims, such as “no artificial additives”, “no preservatives” “non-GMO”, and “reduced sugar”, are becoming increasingly popular.

Indonesia Accounted For the Largest Market Share

By country, Indonesia accounted for the largest share of the market studied in 2020, However, Myanmar is expected to register the fastest growth, recording a CAGR of 10.13% during the forecast period.

This is majorly due to ramped-up product innovation across the region, The bakery products market is experiencing significant growth, as players operating in this market are continuously differentiating their offerings in terms of ingredients, flavors, composition, and packaging types. These players aim to sustain themselves in this competitive market.

There is an influence of western flavors and culture on some Southeast Asian countries, particularly in Indonesia. Here, consumers are increasingly seeking convenience foods, which presents opportunities for the bakery products industry.

With an aim to differentiate their product offerings and broaden their customer base, the leading players are attracting those consumer groups with specific interests. Products with organic/natural and vegan ingredients, and products with special ingredients are becoming prominent.

Competitive Landscape
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.?

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