Although inflation is expected to decelerate in the coming years, forecasts still point to higher inflation when compared with the review period, especially when it comes to food prices. There remains uncertainty regarding the war in Ukraine, as well as lockdowns in China.
The pandemic years saw a strong shift towards e-commerce, as consumers were forced to adhere to movement restrictions. Although bricks-and-mortar outlets are now back in business, consumers have found comfort in purchasing various products, including groceries, online, which saves them time and effort.
Following a long period of closure, foodservice sprang back to business in 2021 and 2022, and is set to continue to expand, but at a slowing pace, in the face of growing consumer demand. Consumers are increasingly enjoying going back to dining out, a trend that is expected to continue in the forecast period.
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Baked Goods
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 DefinitionsThis report originates from Passport, our Baked Goods research and analysis database.
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