North America and Europe continue to be the mainstay for Global ready-to-fill pastry manufacturers, as focus shifts towards specialty flavors and shape variants to keep consumers interested.
Rampant westernization and opening up of regional markets in Asia Pacific and Middle East is leading to flooding of the market with novel products, especially in the food and beverages domain. Fact.MR analysis of the market suggests that over 10 million consumers in these high potential markets are trying out ready-to-fill pastry for the first time, creating new avenues for organic growth for market players.
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The global trend of savory over sweet and increasing health consciousness among the populace is steering focus of market players towards launching products in line with this new consumer sentiment. These new factor are projected to drive the market forward at a CAGR of 6% between 2019 and 2029.
Key Takeaways of the Ready-to-fill Pastry Market Study:
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- The Americas and Europe together, are projected to garner an absolute dollar opportunity of over US$ 1.5 Bn, while South Asia and Middle-East and Africa are headed towards an incremental opportunity of over US$ 300 Mn between 2019 and 2029
- MR reveals that Dessert and Canape applications together accounted for over half of the ready-to-fill pastry demand in 2018, which is projected to remain mostly unchanged by the end of 2029
- Though ready-to-fill pastry with neutral taste was the most sought after category, demand for sweet and flavored variants are expected to increase at a comparatively faster pace
- Ready-to-fill pastry market revenue through Hotels, Restaurants and Catering (HoReCa) are expected to grow 1.8x between 2019 and 2029
- Most of the HoReCa businesses procure ready-to-fill pastry directly from their providers, making direct sales the largest revenue generating sales channel
- With high per capita bakery consumption, U.S. accounts for over a quarter of the global ready to-fill-pastry market revenues
“Three quarters of the ready to fill pastry market revenue is generated by players having limited presence. This points towards a large blue space for multinational players through collaboration with the local franchise partners.” says the Fact.MR analyst.
Unorganized Sector Thriving on High Profit Margins in the Ready to Fill Pastry Market
Characterized by high competition owing to a profit margin of over 10%, a pool of new organized and unorganized players are entering the ready to fill market every quarter. Amid a moderate demand-supply gap, the pressure on final price of ready to fill pastry has still not been observed and price increases are largely following the path of raw material price growth.
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