Global Morning Goods Market - Segmented by Product Type, Distribution Channel and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global Morning Goods market was at USD 31,892 million in 2017 and is expected to witness a moderate CAGR during the forecast period. The global Morning Goods market includes muffins, pancake, waffles, Madeleines, Pain Au Chocolate, Pain Au Raisan, Frozen Morning Goods, and other morning goods. Convenience, influence of western culture, and increased preference for packaged bakery products accelerated the morning good demand.
The global morning goods sale crossed 4800 million Kg in 2015 with Donuts accounting for 687.5 million Kg. Pain Au Chocolate is projected to witness a CAGR of 3.2%, during the forecast period owing to rising consumer preference for European puff pastry in developing markets. Europe dominates the market holding a market share of 50.62% by volume, which is followed by North America. Asia-pacific and the Middle East have recorded a high growth rate during the forecast period driven by developing economy and indulgence.
Donuts Leading the Sale
Donuts is the most significant category holding a share of 22% in the morning goods. Innovative flavor and varied product offerings are the key factors driving the donut sale globally. Baked goods are a convenient option for breakfast. Fresh bakery products are considered as healthier and thus, attracting the sale. Companies, which have shifted away from bakers to healthy snack products, have invested back to the donut business with additive-free range and flavors. Donuts are no longer considered as a breakfast option and paved its way more into a treat business. Retail donut market has observed a stiff competition from food service brands, affecting the market growth.
Frozen morning goods, muffins, Croissants, and pancakes are other significant categories in the morning goods. Growing appetite for breakfast snacks in Asia has given rise to multigrain and wholegrain muffins. Smaller product formats, such as brioche and pain au chocolate are gaining popularity than the traditional products owing to convenience. Shortage of butter supply in Europe and increased demand for Croissants has affected the market growth. There is growing demand for morning good from developing region mainly Asia-Pacific.
Modern Lifestyle and Rising Income Triggered Demand in Asia-Pacific
The Asia Pacific accounts for 11% of the global market with Japan and Australia accounting for dominant share. The consumption of morning goods is expected to reach 691.4 million Kg by 2023. China has recorded value growth of 13% in the bakery product market. The younger generation is increasingly adapting to a western culture driven by rising income level. The shift towards urbanization is rapidly growing in Asian countries, such as Vietnam, India, China, and Indonesia. Consumers are looking for convenient and on-the-go breakfast/snack option, owing to a busy lifestyle. Consumer tastes in Asia have become more sophisticated, which has reflected in the strong demand for baked morning goods. Asians prefer breakfast snacks that provide savory flavor, softer texture, and energy boosting. Sensory preference in Asia is dominant that offer companies to unlock the untapped opportunities. There is a constant demand for packaged baked goods in the region.