The morning goods market is projected to grow at a CAGR of 4.2% during the forecast period.
· Convenience, the influence of western culture, and increased preference for packaged bakery products accelerating the demand for morning goods.
· The innovative flavor and varied product offerings are the key factors driving the donut sale, globally. Moreover, the trend of on-the-go food habits has increased the number of consumers consuming morning goods, especially the millennial population.
· Europe and North America dominated the market owing to the inclusion of morning goods in their conventional food habits.
Key Market Trends
Donuts Dominates the Market
The donuts market is witnessing an upsurge in the market. Consumer inclination toward donuts is driven by continuous flavor innovation of the product, especially because of the sugar content, which provides an instant burst of energy. However, traditional donuts still dominate the market. Players, such as Dawn Foods, cater to a wide range of donuts with distinct types and flavors, thereby, driving the market studied. Companies, which had previously shifted away from bakers to healthy snack products, have now invested back to the donut business with the addition of additive-free range and flavors. Donuts are no longer considered as a breakfast option, but it has paved the way into a treat business.
Europe Continues to Dominate the Global Market
Europe is the leading consumer of morning goods as it is part of their conventional food habits. The United Kingdom is one of the significant bakery product markets, worldwide, owing to the developed distribution network, product innovation, and growing consumption of artisan baked food in the country. Top claims, in the past seven years, for bakery products in the United Kingdom were vegetarian, eco-friendly package, and no additives/preservatives. The rising trend of clean labeling has also encouraged the key market players to produce bakery products with minimal ingredients, which are recognized and perceived as natural and healthy by consumers.
The market studied is dominated by key players in the organized retail sector. Whereas, the unorganized retail sector is highly fragmented, due to the presence of numerous local vendors. International players are investing heavily in product innovation and expansion to capture the major market share in the region. Free-from products have been gaining traction in the industry, with the introduction of a wide range of products in the region.
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