Unpackaged baked goods saw slower growth than packaged baked goods in 2018, despite having lower value added tax and thus more competitive prices (10% VAT for fresh bread and pastries, as opposed to 20% VAT for all other types). This is mostly because of the business policy of retailers, which fill their stores with products baked on-site (which are finalised from frozen semi-products) or packaged products.
Rising prices will be inevitable in the future within baked goods, supported by the growing cost of inputs, such as more expensive labour. Stronger competition and the strong negotiating position of retailers will, however, still significantly limit price growth in the forecast period.
Adding various herbs and spices and colourings to baked goods, along with other new ingredients, such as olives, became becoming increasingly popular in 2018. Consumers are becoming more willing to experiment, especially when also inspired by new recipes.
The assortment of products with healthy nutrition and nutritional claims on the packaging accelerated in 2018. This is expected to remain a major trend over the foreseeable future, with local companies further strengthening their product offer.
Due to the strong competition in baked goods in Slovakia, manufacturers are expected to increasingly open their own stores. Also, a stronger focus on newly emerging regional retail chains, such as farm shops, is likely to be seen, as smaller local manufacturers have better opportunities for business development in such outlets.
Price discounts will play a crucial role in baked goods marketing over the forecast period. Special deals will particularly be used to promote product innovations, as well as to attract consumers to stores.
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This industry report originates from Passport, our Packaged Food market research database.