The global pastries market is expected to grow at a CAGR of 3.0% during the forecast period, to reach a market value of USD 38 billion by 2023. Finsbury, Flower Foods, Grupo Bimbo and Hostess Brands are some of the key players in the global pastries market. Growing health consciousness among consumers propels the industry players to reduce the range of their products and opt for quality innovations, to cater to the calorie-conscious consumers. Dawn Foods offers a range of baked pastry products under the name Weight Watchers. Puraslim is a low-fat, cost-effective alternative for traditional pastries.
Increase in urbanization and innovation drive the growth of this market. The rise in demand from millennials, due to the availability of in-store bakeries, also contributes to the growth. In-store bakeries reduce the gap between private brands and leading brands. Health concerns pose a threat to this market, as the fat content in pastries may lead to obesity and heart problems. Hence, to attract the health conscious population, the vendors introduced healthier varieties with less fat content. Growth in home baking is also a restraint to this market, as it reduces the demand for packaged pastries. 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.
The global pastries market is segmented by taste into sweet and savory. The sweet pastries segment dominates the global market. By sales, industrial/packaged pastries, artisanal, and in-store bakeries have captured the market, with packaged pastries segment dominating the global market. However, the artisanal segment is the fastest-growing and is expected to reach a market value of USD 20 billion by 2021. The report also discusses the market revenue by distribution channels, such as online sales, super markets and hyper markets, convenience stores, and others.
In 2015, Europe dominated the pastries market, with 56% market share regarding revenue, as a result of the presence of many established artisanal baked goods makers. This region is followed by North America and Asia-Pacific. The U.S is a major market in North America, as Americans love their pastries and other sweet baked goods, resulting in a spending of USD 20 billion in 2014. The market in the Asia-Pacific region is expected to grow rapidly during the forecast period, led by India and China. In India, the pastry market is seeing an exponential growth, due to an increase in urbanization and rise in disposable incomes.
The market for pastries is highly fragmented, 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. The leading companies are increasingly facing competition from private labels and regional/local artisanal bakeries, mainly in developed countries.
Some of the major players in this market include -
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