Bread is an important staple in the diet of consumers in Hong Kong and as such it has benefited from the home seclusion resulting from COVID-19. Concerns around social distancing and hygiene have resulted in a notable shift towards packaged bread in 2020, with packaged leavened bread expected to see the most dynamic growth.
While packaged baked goods have performed admirably in the face of COVID-19 the same cannot be said for unpackaged baked goods. Concerns around social distancing have resulted in consumers being less willing to visit bakeries (listed under food/drink/tobacco specialists in Euromonitor data), with many consumers instead looking to do a one-stop shop at a supermarket to limit their time outside the home.
The Garden Co Ltd retains a strong lead in baked goods with its nearest rival Maxim's Caterers Ltd continuing to struggle. Since 2019, sales of baked goods through the company’s Maxim’s Cakes Shops have significantly declined.
Baked goods is expected to return to growth from 2021, providing COVID-19 is contained. Sales of unpackaged cakes and pastries form a significant share of sales within baked goods and therefore it is important that bakeries resume normal operations and social distancing measures are lifted.
The increased consumption of bread prompted consumers to consider trying out healthier options in 2020, with this being expected to take hold over the forecast period. Looking to benefit from this, Garden increased the social media promotion of its “Smart & Healthy” line (with two products, namely high calcium and low-salt).
To reinforce consumer confidence in their baked goods, a considerable number of bakeries, both chained and individual, started using easy plastic packaging to cover their products in 2020. Hong Kong consumers are extremely concerned about food safety and hygiene, especially since COVID-19, and as such this saw the focus shift from sustainable packaging to food safety.
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This report originates from Passport, our Baked Goods research and analysis database.
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