Growing consumption trends for baked goods – think pastries, muffins, quiche, biscuits and muffins – show immense untapped growth potential for global distribution as consumer demand for these product skyrockets.
Market insights indicate packaged baked good demand is a direct result of U.S. influence regarding culture and convenience foods. According to growth trends forecast, the total market for bakery products is expected to reach 530 billion USD by 2023.
From innovative new products, formerly inaccessible health-conscious choices and eclectic flavor combinations to workplace lifestyle changes that enhance the need for consumers to eat on-the-go – as well as low-fat, multi-grain, organic and eco-sourced ingredient choices – baked goods are predicted to provide exponential growth for the entire industry
Bread currently provides the lion’s share of the baked goods market, with approximately 45 percent of sales attributed to bread, rolls and biscuits. Rapidly rising are sales of ‘morning goods,’ like donuts and pastries – these products, along with breakfast cereals are project to experience the fastest growth in the next 24 months.
Bakers face unique challenges with the shelf life of their ingredients. Their products are more difficult to distribute globally because of the freshness factor and shelf-life issues – yet according to many industry forecasts, this fact has little impact on the trends toward growth in the next decade.
The U.S. is home to more than 2800 commercial bakeries with annual revenue of nearly 30 billion – and an additional 6700 retail bakeries with sales in the 3 billion range – making the cake, pie, doughnut and muffin business extremely competitive.
The European region currently represents around 40 percent of the worldwide market for baked goods. Although the U.S. baked goods market is highly fragmented as many of the survey respondents are small independent bakeries, reports suggest that consumption has increased around five to seven percent in the past five years.
Emerging economies are driving increases in the baking industry. Developing regions, like China, India, Brazil and South Africa, supported by large population and high demand for ready-made convenience foods are positively booming, and predicted to continue growth trends for the next four years.
Traceability and transparency
With billions of dollars on the line, manufacturers simply cannot afford a misstep. Empowering engineers and research and development teams with product lifecycle management process solutions provides the best possible opportunity for rapid product launch. Fresh, seasonal ingredients, recipe trials, replenishment, inventory optimization and the ability to move quickly and take advantage of volatility in raw materials and ingredients markets can increase revenue and drastically expand global market share.
PLM supports recipe formulations, specifications management, innovative process solutions – and most importantly, transparency and traceability.
Innovative new product development
Customers are a notoriously fickle lot – the baking industry has been changing by degrees for the past decade. The only way to stay competitive is by meeting the demand for organic, locally sourced ingredients and getting products to market faster than the next guy. Balance in the baking industry is crucial – and nearly impossible to achieve without the proper tools.
The key for producers and manufacturers lies within their data – finding a way to accurately analyze, integrate and provide cross-functional support for the most complex aspects of recipe-based production development.
SpecPDM exclusively delivers specialized functionality so that manufacturers can leverage their data and increase value-added production. This process solution empowers food engineers, research and development teams and food and beverage manufacturers to create, capture and share product data – with a central storage and specifications system that enables accurate, compliant, comprehensive real-time data access and provides opportunities for crucial first-to-market product status. For more information, email us at firstname.lastname@example.org or click here to visit our website: https://www.specpage.com/