Unpackaged baked goods are expected to see an uptick in retail volume sales heading into 2023 and stabilise over the forecast period. With promising vaccination rates and a notable drop in new virus cases, there is likely to be a further easing of restrictions in the city.
Unpackaged baked goods have always been treated as a grab-and-go meal option for many consumers in Hong Kong, while offering quality, affordable prices and convenience. With mature demand for unpackaged baked goods, players will need to expand their portfolios and offer products with higher specific value to gain share.
In light of growing health awareness, product innovation is expected to be driven by plant-based options In fact, prior to the pandemic, the trend of health and wellness was already gaining traction among local consumers. According to the Euromonitor International Voice of Consumer Survey, fielded in 2020, nearly half of respondents in Hong Kong reported that they looked for healthy ingredients in food and beverages.
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This is the aggregation of bread, pastries, dessert mixes, frozen baked goods and cakes. Note: Baked goods from in-store bakeries are classified under unpackaged/artisanal, not packaged/industrial. While they may be finished on-site, they are often prepared, then frozen or par-baked, at other locations. Such production models are very important for supermarket in-store bakeries, which have in the past been used to drive traffic and fill stores with appetising aromas, but for which the labour resources required to run a full-service scratch bakery are not always available.See All of Our Definitions
This report originates from Passport, our Baked Goods research and analysis database.
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