The global pastries market size is projected to expand at a CAGR of 3.44% during the forecast period, 2021–2028. Growth of the market is attributed to the growing demand for innovative food products, rapid urbanization, and increase in income of the consumers.
The baked product prepared from ingredients including sugar, milk, flour, baking powder, shortening, eggs, and butter are known as pastries. There are different types of pastries such as short crust pastry, choux pastry, flaky pastry, phyllo, puff pastry, and hot water crust pastry. Various specialty ingredients such as concentrates, whole grain breads, indulgence without calories, and sweet goods mixes in pastries are used to fulfill the demand for healthy ingredients in the pastry.
Covid-19 has impacted the global pastries market has witnessed high sales due to rise in demand for the convince food. On the other hand, unpacked pastries observed decline in sales owing to limited production attributed to social distancing and lockdown imposed by government around the world.
Market Trends, Drivers, Restraints, and Opportunities
- Rising product innovation is anticipated to fuel the market in the coming years.
- Growing demand from millennial for pastries is expected to propel the market during the forecast period.
- Increasing popularity of customizable pastries is main factor spurring the market in the coming years.
- Rapid growth of the bakery & confectionery industry is key factor boosting the market.
- Rising concern about obesity and health related issues act as major challenge that can hinder the market during the forecast period.
- Innovation in the pastries market is projected to offer lucrative opportunities for the market players.
Scope of the Report
The report on the global pastries market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global Pastries Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Flavors (Savory and Sweet), Product Types (Unpackaged Pastries and Packaged Pastries), Distribution Channels (Convenience Stores, Supermarkets, Online Retail Stores, Specialty Stores, and Other Distribution Channel)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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George Weston Ltd., Hostess Brands, LLC, Grupo Bimbo, Finsbury Food Group Plc, McKee Foods Corporation, Flowers Foods, Yamazaki Baking Co. Ltd., and Pepperidge Farm Incorporated
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Market Segment Insights:
The sweet segment is projected to account for a large market share
In terms of flavors, the global pastries market is divided into savory and sweet. The sweet segment is expected to represent a key share of the market in the coming years due to availability of sweet pastries in various flavors in the market. On the other hand, the savory segment is anticipated to expand at a rapid pace during the forecast period owing to its spicy and rich taste.
The unpacked pastries segment is projected to hold a key market share
On the basis of product types, the global pastries market is segmented into unpackaged pastries and packaged pastries. The unpacked pastries segment is expected to constitute a key share of the market during the forecast period owing to rising demand for fresh, premiumized, and customized baked products. Consumers demand for the products which suit their specific needs such as natural ingredients, kosher, gluten free, and organic. They look for the products which deliver instant nutrient.
The specialty stores segment is projected to constitute a major market share
Based on distribution channels, the global pastries market is segregated into convenience stores, supermarkets, online retail stores, specialty stores, and other distribution channel. The specialty store segment is expected to account for a key share of the market during the forecast period due to it offers variety of freshly baked pastries at different price range. However, the supermarkets segment is anticipated to expand at a rapid pace during the forecast period owing to availability of variety of packaged pastries at discounted offers on purchasing in bulk and freshly baked pastries offered by in-store bakeries.
The market in Middle East is anticipated to hold a major market share
On the basis of regions, the global pastries market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Middle East is anticipated to expand the market at a high CAGR during the forecast period. The regional market growth can be attributed to increasing consumer preference towards innovative indulgence food products. Manufacturers are experimenting with various flavors, toppings, and fillings owing to consumers evolving taste preference. However, the market of Asia Pacific is expected to exhibit a rapid growth rate in the coming years owing to rapid urbanization and adapting western culture is witnessing consumer shifting preference for convenience food products.
Segments
Segments Covered in the Report
The global pastries market has been segmented on the basis of
Flavors
Product Types
- Unpackaged Pastries
- Packaged Pastries
Distribution Channels
- Convenience Stores
- Supermarkets
- Online Retail Stores
- Specialty Stores
- Other Distribution Channel
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- George Weston Ltd.
- Hostess Brands, LLC
- Grupo Bimbo
- Finsbury Food Group Plc
- McKee Foods Corporation
- Flowers Foods
- Yamazaki Baking Co. Ltd.
- Pepperidge Farm Incorporated
Competitive Landscape
Key players competing in the global pastries market include George Weston Ltd., Hostess Brands, LLC, Grupo Bimbo, Finsbury Food Group Plc, McKee Foods Corporation, Flowers Foods, Yamazaki Baking Co. Ltd., and Pepperidge Farm Incorporated. Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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