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According to the market intelligence, the Asia-Pacific bakery products market is projected to record a CAGR of 8.46% during the forecast period (2022-2027).
The COVID-19 pandemic disrupted the production, labor, and supply of raw materials. But the demand from the consumer side gradually increased from online and offline platforms. Online platforms experienced a heavy surge in consumer orders. There was an instance when consumers purchased above-average purchases compared to before lockdown scenarios. This crisis made consumers shift toward a healthy lifestyle and diets, turning into an opportunity for manufacturers. Many players come up with fortified, enriched bread with visible packaging methods tapping many customers as an opportunity cost.
As per the recent survey on COVID-19, consumers are spending more time preparing meals and snacks at home, which is also raising demand for baking goods such as soda, flour, yeast, and other household products. Contactless delivery and contactless payments have made markets reaching to home.
Some of the experts and fast-growing bakers in India and Singapore share their predictions on the bakery industry in 2023.
David Tan Lye Hock, Managing Director, Par International Holdings Pte Ltd
I think the trend is that the recession is very much visible. Recessions are caused by inflation and I anticipate a critical situation in the supply chain. As import-export issues are slowly increasing, I also notice that users are likely to face a price-hike in all the products. On the other side, the market is very complex and competitive. The bakery industry is very resilient as people have to consume bakery items regardless of the recession. For example, bread as a material is a staple food, and compared to other foods, bread is affordable to consume. In Singapore, there are a lot of bakery chains had increased, thanks to the consolidation and the aging of the earlier generations who are renting out to others. This concept is coming up and is expected to increase. A lot of new bakeries originally from Japan, and Hong Kong are increasing. For a consumer, the choices are increasing. The large bakery companies increasing their prices in fact will help the smaller guys. I am positive about the growth coming up in the year 2022.
Forest Lim, President, Singapore Bakery & Confectionery Trade Association
I personally feel that the increasing awareness of the concept of sustainability and the more plant-based food market is likely to increase. For 2023, definitely, with the push of the government towards sustainability plant-based food is likely to increase. In the bakery and pastry, some companies do pure vegan cakes, and eggless cakes are also likely to increase. With the increase in the number of vegetarians in all the neighborhoods, I am sure that concept will be given more prominence in Singapore.
Trisha Gupta, Home-Baker, The Sisters Oven
The bakery industry in India is one of the largest segments in the food industry with ever-evolving changes in the consumption pattern of people. A difference in the preference of consumers is very much evident with them being conscious of what they are eating and how healthy it is. People are making adverse changes to their diets with the consumption of only plant-based meals (vegan), the exclusion of products that contain gluten, and being aware of calorie intake in each portion. Bakeries are also adopting these changes and are customizing their menus, incorporating such customer demands.
We have had customers asking questions about the calories of products or for “healthy” substitutes for products. Hence, there is a growing trend in the production of low-fat, vegan, and gluten-free desserts and snacks. Many bakers are replacing white flour with various grains such as oats, wholewheat flour, millet flour, and multigrain flour. Cow milk is being replaced by almond milk, coconut milk or oat milk. We are also working towards making an all-inclusive menu and are experimenting with our recipes to fulfil customer needs with no compromise in taste or quality.
Another trend that can be observed is sugar-free desserts as sugar is being replaced by healthier alternatives such as jaggery and honey. This bakery trend will continue to grow in 2023 as it has opened a huge market for all bakery owners to explore. The use of natural sweeteners or no-sweetener is making a huge trend in social media as well.
The popularity of fusion desserts is also increasing. Bakers are trying various recipes which are a blend of traditional Indian desserts and baked goods. Some examples of the same are gulab jamun cake, rasmalai cake, and kesar-pista teacake. Not only desserts this trend can also be seen in savoury snacks with products like Methi lavash and Masala crackers.
Chef Ananya Banerjee , Celebrity Chef
The bakery industry is constantly evolving, and it is likely that there will be new trends and innovations in the coming years. Some factors that may influence trends in the bakery industry include changes in consumer preferences, advances in technology, and shifts in dietary habits. The focus would be more on using less sugar, using sustainable ingredients, creating seasonal products, and of course visually appealing. It is important for bakers to stay up-to-date on industry developments and be willing to adapt to meet the changing needs and desires of their customers.