Although overall retail volume sales in baked goods are only expected to demonstrate a small growth, changing buying habits are expected to have a more drastic effect on the shape of baked goods in 2020. Whereas frozen baked goods were demonstrating the fastest growth at the end of the review period, the closure of foodservice outlets and an increase in home cooking means that dessert mixes is expected to lead retail volume growth in 2020.
E-commerce is expected to see its value share increase in 2020 as consumers have relied on online shopping to help them to avoid going to crowded shops during the COVID-19 pandemic. This not only helps to protect them from infection in case of contact with other customers, but also helps them to avoid queuing and crowding during periods of stockpiling.
Modern grocery retailers expects to see its dominance in baked goods grow as it represents the most widely available channel in Saudi Arabia. As consumers are stockpiling, therefore, they are more likely to choose channels that have a larger variety of products.
Since the outbreak of COVID-19 there have been relatively few promotional activities or discounts available to consumers in Saudi Arabia. This, combined with a steep increase in VAT, is expected to put a greater strain on consumer finances in the coming years.
Private label is expected to perform well in the forecast period following its growth during the COVID-19 pandemic. Private label has proven appealing to consumers who stockpiled products during the lockdown period, and is likely to continue to attract customers with the promise of cheaper products following the increase in VAT.
As the health and wellness awareness trend booms in Saudi Arabia and consumers are more aware of their daily food consumption, many are shifting their diet from white flour to whole wheat products. Players are responding to this increasing demand by offering whole grain and whole wheat options to consumers.
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This report originates from Passport, our Baked Goods research and analysis database.
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