In 2020, baked goods is expected to see slightly higher current value and retail volume growth than in the previous year. The most beneficial impact of COVID-19 was the shifting of eating occasions to the home in 2020.
In 2020, the importance of social media rises as many branded baked goods players begin using it to reach even the most isolated consumers. Leading brand Pepin, from Horneados Pepin SA, used its social media to help consumers with anxiety in 2020, as some consumers have been increasingly feeling mentally exhausted due to the COVID-19 pandemic.
Artisanal offerings continue to account for nearly half of retail value sales of baked goods in 2020. This is due to their wide presence across several categories, including unpackaged leavened bread, which accounts for the largest share of baked goods sales in the Dominican Republic, as well as cakes and pastries.
Although baked goods is not expected to see a significant increase in the growth rate overall in 2020, a slower rate of current value growth and possibly negative retail volume growth is expected in 2021, as consumers return to their busy lifestyles. However, some of the downturn in retail volume growth may be explained by the recovery of foodservice outlets in 2021, which were forced to cease operations for much of 2020 due to national lockdown requirements.
The use of other alternatives to regular flour to make baked goods, such as almond or coconut flour, will become increasingly important to wellness seekers, and to those following the keto trend diet, in the forecast period. Increasingly, consumers have been seeking out healthier items in baked goods, including offerings that feature higher protein content.
Further expansion of private label in modern retailing is expected over the forecast period in baked goods. Indeed, a number of modern retailers have been expanding their offerings towards the end of the review period, especially in bread.
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This report originates from Passport, our Baked Goods research and analysis database.
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