COVID-19 and the subsequent lockdown in quarter two of 2020 resulted in more Greek households spending time at home leading to many consumers kneading and baking their own bread; consequently, it was difficult to find yeast at grocery retailers during this period. Therefore, it is expected that the baked goods category will see a decline in retail value growth in 2020.
The health and wellness trend as well as environmental concern is continuing to become increasingly prevalent in Greece in 2020 with many Greeks starting to become vegans. As a result, many companies in the packaged food category are focusing on the production of products that meet this need.
Artisanal products continue to account for the majority of value share within baked goods in 2020. The share of such products is set to remain very high, as bakeries increasingly use a premium positioning in terms of ambience and product mix, helping to add value.
Despite the decrease in retail value sales of baked goods, particularly unpackaged baked goods, as a result of the pandemic and Greeks increasingly baking these products from scratch in 2020, unpackaged leavened bread and unpackaged pastries are expected to recover and see growth in constant retail value from 2021. However, growth in baked goods is being hindered by the high level of maturity, given the already very high penetration of bread, cakes, and pastries in the country and it is expected that the category will see decreased growth in retail volumes terms and low growth in constant retail value over the forecast period.
The rising healthy eating trend is one factor posing an obstacle to growth in baked goods in Greece. Not only is this trend resulting in falling consumption of cakes, but it is also expected to be responsible for the volume decline in bread over the forecast period.
According to recent research, one in three Greek households purchase bread on a daily basis while at least one in two households can be considered to consume bread regularly, with rural and whole-wheat bread being the top choices. Furthermore, it was found that people over 55 years of age consume larger amounts of bread but choose whole-wheat bread as part of a healthier diet.
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This report originates from Passport, our Baked Goods research and analysis database.
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