Pastry Fillings Market Size and Growth:
The global pastry fillings market is valued at more than US$ 1 Bn in 2020 and is expected to grow at CAGR of 5% during the forecast period. While COVID-19 has been detrimental to multiple industries, the effects of the pandemic are expected to be minimal on the pastry fillings market.
The incidence of lockdowns is paving way for greater consumption of pastry fillings and toppings. Some disruptions in the supply chain are expected due to shut down of production facilities and effects on logistics. The supplier and distributor level inventories are expected to sustain the added demand during these lockdowns. Regulatory decisions supporting partial easing of industrial lockdowns is expected to benefit the pastry fillings market.
Pastry Fillings Product and Flavor Insights
The global pastry fillings market has shown positive growth in the recent past. Multiple new innovations are driving the growth of the market. Vegan creams are the most prominent innovations in the pastry fillings market. Preference for these creams is anticipated to show prominent growth in shifting consumer demands towards on-the-go health foods.
Dairy based pastry fillings and toppings are expected to augur well in emerging regions like Middle-East and Africa. Both savoury and sweet pastry fillings are garnering increasing consumer attention on back of their versatility and high flavor attributes. Similarly flavored pastry fillings with exotic flavor profiles are set to exhibit high demand growth.
Pastry Fillings Regional Insights:
While North America and Europe account for a larger share in the pastry fillings market, the growth in these regions has been significantly low during recent years. Companies have been expanding their reach in foreign markets to gain more leverage. Pastries such as choux pastries, puff pastries and filo pastries are soaring in popularity in developing regions which were previously untapped.
With Middle East and Africa and South Asia poised to be the new frontiers for industrial bakers, pastry fillings are expected to show significant growth in these regions. Dairy based pastry fillings are anticipated to experience augmented growth in these regions. The South Asia region accounts for nearly 15% share in the pastry fillings market and is projected to grow at CAGR of nearly 7% during the forecast period.
Pastry Fillings Market Players’ Strategies
The global pastry fillings market is consolidated, with the top players accounting for nearly 70% revenue share. While pastry fillings market have a higher concentration of small and medium scale businesses, the market is moving towards consolidation. In 2020, Rise Baking Co reached an agreement to acquire North American frozen manufacturing businesses of Dawn Foods.
The acquisition is expected to significantly affect the share of involved companies in the pastry fillings market. Similar trends have been noticed in other top players like Puratos Group. Owing to these changes in the pastry fillings market, the market is expected to be highly consolidated by the end of the forecast period.
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COVID-19 Market Insights:
The Covid-19 pandemic has adversely impacted the global food and beverage industry where national and regional lockdowns have disrupted both production and supply chains. It is possible that the effect on food and beverage firms will be complex, affecting both the equation's demand and supply sides.
And unlike other sectors, a change in consumer habits have led to increased demand for several categories of food and beverages as well as shifting brand preferences. At the same time, manufacturers are determining how best to tackle possible disruptions to the supply chain and capacity constraints that may prevent them from meeting evolving customer needs.
Pastry fillings market in particular has also faced the impact from the Covid-19 crisis as demand was observed to be stagnant in February and March compared to demand in 2019 during those months. The increasing demand of pastry fillings in 2020 can be understood under three scenarios: positive, pessimistic and probabilistic.
Under the optimistic scenario, the global pastry fillings market is expected to increase in the first and second quarter of 2020 under Covid-19's strong impact, and demand may decline from the third quarter. Under the probabilistic scenario, the market is expected to remain sluggish until the end of the second quarter, affecting the sales of pastry fillings. Although the impact of the crisis may marginally increase the demand for pastry fillings only in first two quarters, in the pessimistic scenario, the market will begin to show decline by the third quarter of 2020.
The global pastry fillings market is poised to grow positively during the forecast period. Residential consumption of pastry fillings is expected to show significant increase amidst COVID-19 lockdowns.
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Global Pastry fillings Market: Scope of the Report:
The recent global pastry fillings market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global pastry fillings market. A detailed segmental analysis, based on type, source, application, flavor and sales channel, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global pastry fillings market. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the pastry fillings market.
Pastry Fillings Market: Segmentation
FactMR’s study has done the segmentation of pastry fillings market on the basis of type, source, application, flavor and sales channel.
- Bakery and Confectionery
- Direct Sales
- Retail Sales
- Modern Retail
- Online Retail
- Specialty Stores
- North America
- Latin America
- East Asia
- South Asia and Oceania
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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