Market Trends of Premium Bakery Products
This section covers the major market trends shaping the Premium Bakery Products Market according to our research experts:
Rising demand for premium healthy snacking options is driving the market
The worldwide Premium Bakery Products market is expanding steadily as a result of changing consumption patterns and a preference for healthier foods. Consumers nowadays are searching for quick, and delicious snacking options that can meet their daily nutritional demands. Some of the premium Biscuits, for example, include nutritional components such as carbs, lipids, and fibers that are vital to human health. Premium biscuits' nutritious qualities prove them to be a popular breakfast option across the world. As a result, premium biscuits with a rich taste and flavor are widely consumed. The shift in consumer preference for bakery products due to improved attractiveness, flavor, and convenience is a key driver of industry expansion. Not only in the developed economy but also in emerging economies the players are focussed on launching premium products, for an instance, in January 2022, Mondelez India added a new variant of Oreo biscuits to its portfolio for the premium biscuits segment named Oreo Double Stuf. Recent development in new innovative baking ingredients used in premium bakery products such as plant-based sweeteners, which are less harmful than normal sweeteners are also attracting health-conscious consumers, the use of stevia and inulin in baked goods doesn't spike the blood sugar levels as much as the normal sweeteners. This kind of product innovation is expected to push the market significantly in the forecasted period.
One of the main factors influencing the market for premium bakery products is the increasing disposable income of people around the world. For example, according to recent data from the Bureau of Economic Analysis, U.S. department of commerce, there is a 0.4% increase in disposable personal income in August 2022 compared to the previous month. This rise in disposable income is anticipated to greatly boost the premium bakery industry throughout the forecast period (2022-2027).
Europe holds the largest share
The demand for premium bakery products is growing especially for products that are fortified with grains, pulses, and oilseeds. The annual food expenditure by European consumers is growing, and they are ready to pay a high price for premium products including premium bakery products because of the growing health concerns such as obesity, diabetes, and heart disease in the region. As per the data from the IDF diabetes atlas, the estimated number of diabetic people in Europe in 2021 was 61.42 million, which will further push the premium bakery products containing natural-plant-based sweeteners. In Europe, the popular premium bakery products are those which contain less amount of unhealthy ingredients like sugar, fat, preservatives, and additives and are made from whole grain. Also, gluten-free and vegan premium bakery products contribute significantly to the premium bakery products market growth. Germany is leading the chart in organic and healthy premium bakery product consumption in Europe.
Startups are coming to the market with innovative products, for an instance, in May 2022, Prodigy, a natural confectionery business located in the United Kingdom, announced the debut of a new chocolate biscuit collection called 'Phenomenoms,' which comes in two low-sugar, wheat-free flavors: Prodigy Phenomenoms Chocolate Digestives and Prodigy Phenomenoms Chocolate Oaties. The higher expenditure on food products, growing health concerns, and innovation in products by old and new players are some major factors that make Europe a lucrative market for premium bakery product players.
