UK bakery market is mature and highly concentrated. To gain higher bakery market share, the market players are developing launching new products with a high focus on organic and gluten-free variants. The market is expected to see moderate growth during the forecast period of 2019-2023.
- Definition / Scope
- Market Overview
- Market Risks
- Top Market Opportunities
- Market Trends
- Industry Challenges
- Technology Trends
- Pricing Trends
- Regulatory Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Distribution Chain Analysis
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
A bakery is defined as “an establishment that produces and sells flour-based food baked in an oven such as bread, cookies, cakes, pastries, and pies.” This bakery industry includes companies that produce bakery products such as traditional bread, rolls, baps, cereals, doughnuts, muffins, pizzas, cakes, pastries, pies, sweet biscuits, cookies, etc.
- The United Kingdom (UK) is the tenth largest bakery product market in the world while it ranks in fourth place with a 12.8% market share within Europe.
- The UK bakery industry is valued to be a $17.8 Billion market in 2018 and is estimated to grow with a CAGR of 2.9% during the forecast period of 2019-2023.
Increasing demand for healthy, nutritional and convenient breakfast products primarily supported market growth. The UK bakery market is well-established in terms of product innovations and better supply chain for bakery products like bread and rolls, cakes, biscuits, morning goods, doughnuts, pastries, and others.
The growing demand for organic and gluten-free products is one of the major bakery market trends expected to further stimulate market growth. Health-conscious consumers are increasingly preferring organic baking products and ingredients like Aluminium-free baking powder, gluten-free flour, and organic baking flour.
However few factors are hindering the growth of the market like challenges of lower average prices paid and discount competitors. In addition, hurdles associated with volatile ingredient and energy prices, rising payroll, limited growth opportunities and healthcare costs also restraint the growth of the market. The bakery product market is classified into baked goods, breakfast cereals, and sweet biscuits.
The largest segment of baked products is baked goods, representing 57.7% of overall sales value in 2018. Breakfast cereals made up 17.6% and sweet biscuits, 24.7%. By distribution channel type, the UK bakery products market can be segmented into a hypermarket, supermarket, convenience stores, departmental stores, specialty stores, and online purchase.
The UK bakery product industry is highly competitive, with several international as well as domestic players present in the market which include Kellogg Company, Pladis Ltd and Associated British Foods Plc along with other British companies.
These companies focus on the expansion of facilities and product portfolio, due to the growing demand for bakery products in the food industry. Companies are actively involved in developing innovative products which are encouraging food manufacturers to launch quality.
A few factors that will affect the bakeries industry through 2023 include volatile ingredient and energy prices, rising payroll and healthcare costs, and the improving quality of packaged baked goods .
- Lower average prices paid, thwart market growth: Along with the free-falling bread consumption that some markets face, this has created serious issues for industrial bakers. Prices have dropped from around US$ 1.98 to US$ 0.57 for an 800g loaf over the past 12 months alone. The downturn in UK value sales of bread and other baked goods is expected to continue, with a 5.2% decline to 2020.
- Price fluctuations: Price fluctuations exist for any good that is seasonal. Natural gas, to bake the products, can see price fluctuations of by as much as 25 percent. The same goes for vegetable oil that bakeries use. These price fluctuations can have serious consequences for the bottom line of a bakery business, as profit margins become slim, and sometimes the bakeries to pass some of those costs on to the consumer, to avoid going out of business.
- The discount competitors: Bread prices have come under huge pressure in the markets where discount supermarket chains have revolutionized the retail grocery landscape in recent times. Modern retail channels, driven by hard-discounters, are crowding the market strongly. The big two supermarkets of Aldi and Lidl have put other well-established supermarkets under pressure with their small and competitively-priced bakery product range.
- Healthcare costs: The growth of the UK baked products market is driven by the increased demand for healthy, instant and nutritious baked products. Consumers select products perceived to be lower in sugar. Breakfast cereals have been criticized in the past for their high sugar content. Volume sales for top cereal brands are up by 1.6% in 2018 but the value is down 3.4 %, meaning the products have only retained their sales by cutting prices or offering promotions
Top Market Opportunities
Some of the key growth opportunities include:
- Opportunities for high-fiber products: Health professionals have long warned that the Western diet is seriously deficient in fiber. In Western Europe, the average daily intake is just 60-70% of the recommended 25g set by the European Food Safety Authority (EFSA). Consumers know fiber is good, but not always how to get more of it in their diet. New fiber bread solutions could be the answer. According to Euromonitor, sales of high-fiber bread currently grow around 3% a year accounting for 12% of bread volume sales .
- Increasing out of the home and on-the-go foods trends: Breakfast on the go is booming, up 13% over 2017 with revenue of US$ 50 million and innovation aimed at developing on-the-go foods is expected to be key. The bakery manufacturers are always looking for the latest development that will give them the edge in a crowded marketplace. The on-the-go foods trend will continue to grow, and more innovations will be made in products such as pies and pasties.
- The aging population, the key bakery consumers: Aging population and focus on health are driving UK consumers to look for healthier alternatives such as fresh, organic, and ethnic baked goods. There is accelerating growth in the importance of the over 55 age group as the key bakery consumers. One in 6 people in the UK is over 65, A 26 fold increase in the past century. Most population growth will come from the over 65’s as many as 3,000,000 more in the next decade.
- Focus on One Person Occasions: 65% of UK Households now contain 1 or 2 people compared with 35% that are 3 or more people. The bakery sector is quite competitive. It’s dynamic in terms of innovation and quick response to consumer demands.
The baking industry has been growing steadily in the past several years with trends suggesting that there will be more growth in the coming years, estimated through 2019-2023 .
- Increasing demand for organic and gluten-free bakery food products: In the UK, one person in 100 are living with celiac disease, and 13% of the UK population need to avoid gluten altogether. Gluten-free bread, cakes, and pasta have become a staple of supermarkets which showed a 27% rise in sales in 2018. An increasing number of individuals who are being diagnosed with celiac disease is the key factor to boost the industry. 15% of British households prefer not to put foods with gluten and wheat in their shopping basket, more than half of them on health grounds. Estimated at US$ 962 million in 2018, the UK free-from market has grown by 133% over 2013-18. Besides allergies/intolerances and health-oriented reasons, there are other reasons, such as those relating to the environment and animal ethics for the growth of organic and gluten-free bakery food products .
- Changing Lifestyles: The hectic combination of professional and family commitments will drive consumption of on-the-go products. Changing consumer lifestyles for a healthy living drives the growth of bakery products such as cakes, biscuits, bread, pastries and morning goods. Consumers at their busiest life stages such as early career development or parenthood will seek out easy and quick-to-consume products. Marketers should offer convenient packs that enable on-the-go consumption. A craft baking trend is reshaping the baked goods category in the UK. British consumers are seeking more exotic and artisanal products. Bakery & Cereals, especially those that do not require refrigeration, preparation, forethought, and cutlery fit well with busy consumers’ lifestyles and their feeling of time scarcity.
- Innovations in bakery products: Younger consumers, especially kids and babies, are more concerned with the format, packaging, and the colors and taste of the product rather than with nutrition content. While there is an inevitable change in this attitude, particularly as consumers grow older, they will still look for elements of fun and enjoyment. Given the improving financial conditions of some consumers, who will look to treat themselves more often, Bakery products marketed towards enjoyable experiences will prove popular. British consumers are increasingly enjoying baking at home, but at the same time, they want their cakes to look good and to bake quickly. Dessert mixes saw strong value and modest volume growth in 2018.
- Changing Palates: Consumers’ palates are changing, and they are looking for bolder, more intense flavors. Consumers are willing to pay more for an original, high-quality product. To keep consumers engaged, manufacturers need to offer more experiences; they can launch more limited and seasonal editions of products with unusual ingredients, flavors, and textures in order to gauge consumer interest in more novel products. A craft baking trend is reshaping the baked goods category in the UK. British consumers are seeking more exotic and artisanal products.
Some of the challenges faced by the organic sector today are:
- Traditional items still the biggest but suffering: Traditional bakery products are thought to be the tastier. This is why tradition and authenticity are a very strong position in the bakery industry, and this is an important trend in the choice of baking technology by bakers. However, the traditional morning goods are witnessing the rise of gluten-free, whole grain, ancient grain and additive-free products. These products have high sales potential during the forecast period of 2019-2023 as consumers don’t want to lose taste with healthy ingredients.
- Limited Growth Opportunities: There are already a lot of bakeries in the U.K., leading to a market saturated with bakeries of all sizes and specialization which makes competition in the bakery business high. A specific characteristic of the industry is that a lot of bakeries specialize in specialty bread, which are more expensive than regular bread. The bakery industry also limited by population growth. a growth in population there will naturally be more people to buy baked goods. Unfortunately, it is a slow process and the bakery industry is still growing by 2.2% CAGR.
- Baking Operations Systems: Breakfast and lunch are key to bakery yet breakfast is changing with health trend evident. As a consequence, health concerns in consumers drive the creation of more new types of product, which in terms of baking operations require more and smaller batches production. Bakers are looking for well-made and reliable equipment for efficient operations and to reduce the labor input needs. They are in need of optimized systems that could provide the best for purpose unit operations.
UK bakeries are continuously looking for innovations to expand their product portfolio, launching new products and adopt packing-level modifications.
Taking the time to implement an online ordering and reporting system can create many opportunities for innovation. With built-in tools to decrease costs without sacrificing quality or service, bakeries can drive toward growth and help add to the grocer’s bottom line .
- Digital Ordering Systems: Web-based and accessible from any connected device, digital ordering systems allow consumers to order bakery products anytime, anywhere, and they promote the purchase of higher margin customized products. Grocers like Mackenthun’s Fine Foods use a system so consumers can order from home or at the store after bakery hours, so it reduces missed sales. It has also improved turnaround time.
- Operational Reporting And Analytics: A digital ordering and reporting system tracks order details and also provides visibility into long-term sales volumes, product trends and timing. Through analytical reports, bakeries can determine which products are popular (and at what times of the year) and which ones could be eliminated. By tapping into insights from the reporting system, bakeries can create timely promotional plans and share customized offers with consumers to drive new or repeat sales.
- Social Media Engagement: One trend that customers are heavily relying on is social media marketing. Not only do they want to know the story behind the bakery and production processes, but since most consumers are interested in convenience and price, mobile coupon use is at an all-time high. To make it easier, bakeries can look to their reporting software provider for content that is easily re-shared. This also helps bakeries promote new decoration themes, such as licensed characters that become popular because of movie releases or sporting events. Many retail bakeries are now using coupon sites, and by 2023, more than 600 million consumers worldwide will use mobile coupons.
The UK Bakery market’s industry value added (IVA) is expected to rise at a compound annual rate of 2.2% over the forecast period of 2019-2023. Meanwhile, GDP is forecast to grow at a compound annual rate of 1.7% over the same period, indicating that the industry’s contribution to the overall economy is increasing.
Ordinarily, this would indicate an industry in the growth stage of its life cycle. However, IVA is strongly tied to profitability, and the Bakery market has faced significant fluctuations in world wheat prices; an inherently volatile commodity.
The average price of wheat has continued to fall from US$ 350 to US$117 over 2012-2017. It is expected that low-cost bakery product consumption sustains even in economic recovery. This influences the need for bakers to produce at a lower cost, which can be achieved by the economy of scale.
The prices have dropped from around US$ 1.9 to US$ 0.57 for an 800g loaf over 2017 alone. The downturn in UK value sales of bread and other baked goods is expected to continue, with a 5.2% decline during the forecast period of 2019- 2023.
The Key Success Factors for the Bakery Production Industry are ensuring pricing policy is appropriate and effective quality control. 2020 is already shaping up to be interesting for the bakery industry; Public Health England’s 2020 target to reduce sugar contents by 20% is drawing closer, and the consistent rise in vegan diners continues to reshape the industry. Government regulations will continue to weigh heavily on the industry.
The Environmental Protection Agency and the Food and Drug Administration are constantly overseeing the operations of bakeries and issuing new regulations that increase the costs of production.
The main consumption trends within Bakery continue to be focussed around concerns over healthy eating, the need for convenience and the desire for variety. More recently, evidence has shown a strong uptake of free school lunches for 4 to 7 years old as a result of the “Free School Lunches” programme launched in 2013.
In total 1,640,530 children, equivalent to 85% of all infants, are now enjoying a school meal at lunchtime which has driven the decline in Bakery at the lunchbox occasion. New data shows 1.3 million more infants eating free school lunches.
Other Key Market Trends
- Demand from supermarkets & Increasing number of product launches: Over 80% of all the products consumed in the UK are based on bread. Pre-packed breads represent one of the most significant and focused segments in the Eastern part of Europe, primarily driven by surging demand within supermarkets. The supermarket trend is also developing prospects for sales of bake-off breads, as a number of supermarket owners are investing in their individual baking facilities. Consumers have found a substitute for their diet and are now preferring ready meals, pizzas, frozen baked goods, and other instant foods over bread.
- Mergers and acquisitions: Large commercial bakeries will continue to dominate the competition in the market, because the other firms are small and the market is highly fragmented. For most bakeries, growth opportunities come in the form of opportunities to buy out competitors or stealing their market share for a specific product. The major commercial bakeries, such as Grupo Bimbo, will continue to grow by acquiring other brands and bakeries.
Market Size and Forecast
Germany is the market leader in the European baked products markets with a growth of 3.0% per year, followed by the UK with a growth of 2.9% per year. The UK bakery market generated revenues of US$ 17.8 billion in 2018, representative of a CAGR of 2.9 %, during the forecast period, 2019-2023.
The growth of baked products market is driven by the increased demand for healthy, instant and nutritious bakery products. Moreover, this trend is expected to hold for the years 2019 to 2023. Changing lifestyle and shift in consumption pattern of the consumers has influenced the growth of artisan bakery market. .
UK BAKERY PRODUCT MARKET KEY SEGMENTS
The bakery product market is classified into baked goods, breakfast cereals, and sweet biscuits. The largest segment of baked products is baked goods, representing 57.7% of overall sales value. Breakfast cereals made up 17.6% and sweet biscuits, 24.7%.
The bakery market offers different types of products. The product segmentation usually uses the following categories:
- Baked goods: Baked goods is the central category of all three bakery products, leading with more than half of the retail sales market share. Baked goods in the UK recorded a flat performance in 2018 with marginally positive retail value growth to reach US$ 8.67 billion however it is predicted to grow over the forecast period with a weak 1% retail value CAGR to reach US$ 9.11 billion by 2023. Artisanal baked goods are growing in demand due to increasing awareness of product quality, capitalizing 28.2% of retail sales market shares. British consumers are looking for authentic, high-quality and unknown flavors.
- Breakfast cereals: The popularisation of the on-the-go lifestyle has been negatively affecting this category’s demand, as consumers no longer depend on cereal for breakfast, making it the smallest sector in terms of sales value. In fact, in 2012, retail sales hit US$ 2.5 billion whereas, in 2018, they reached US$ 2.67 billion, scoring a 2012-2016 retail sales CAGR of 0.97%. It is estimated to reach US$ 2.8 billion by 2023. The higher demand for on-the-go bakery food products is affecting the market for breakfast cereals.
- Biscuits And Snack: The biscuits and snack category is the second-largest and the most rapidly growing category. The market accounted for US$ 4.24 billion in 2018 and is expected to reach US$ 4.9 billion by 2023, growing at a CAGR of 2.97% over the forecast period of 2019-2023. Energy bars and fruit and nut bars saw the largest increase in volume sales, as the products successfully aligned themselves as legitimate HW and on-the-run goods. Sweet biscuits haven’t performed as well as expected, partly due to critical flooding that affected the main biscuit supplier, United Biscuits. The traditional morning goods are witnessing the rise of gluten-free, whole grain, ancient grain and additive-free products.
UK’s Bakery market is forecast to register marginally higher growth in value terms during 2019–2023 compared to 2015–2019. Value consumption is forecast to grow at a slightly higher CAGR of 2.9% over 2019–2023, compared to 2015–2019. The key trends in bakery products consumption are convenience, healthy, tasty, authenticity and value for money.
The baked good segment will dominate the bakery market share during the forecast period. The traditional morning goods in the UK are witnessing the rise of gluten-free, whole grain, ancient grain and additive-free products. These products have high sale potential for the bakery market growth during the 2019-2023 period .
This rising artisan movement is well known in the UK, where the popularity of micro-breweries has inspired the emergence of small, artisanal bakeries. The demand for artisan bakery products is found to be increasing based on the high demands from consumers side for quality bakery products. UK Artisan Bakery Market is estimated to reach US$ 2.08 billion by 2019 growing at CAGR of 5% during 2019-2023 .
The media coverage of the perceived benefits of a gluten-free lifestyle has kept consumer attention on gluten-free bakery products. As consumers increasingly shift toward healthier lifestyles, almost 30% purchase foods labeled as gluten-free. The free-from bakery market is expected to grow at an average annual rate of about 15.0% per year through 2023 reaching US$ 370.5 million from US$ 179.5 million as of 2018 .
In 2018, the number of vegan dishes appearing on menus increased by 237% with the trend set to rise further. Companies that offer locally sourced organic products from sustainable farm programs will be most successful. Retail bakeries can set themselves apart by offering a variety of organic products.
Processed fruit saw an increase in sales volume of 14.33%, where fruit and nut bars grew 18.92%. Both products grew in a substantial way due to their strong appeal to health-conscious consumers. Doughnuts could be the next big thing given the versatile nature of the sweet treat. Increasing tourism will also drive the growing demand for instant, ready to eat products such as doughnuts and muffins during the forecast period of 2019-2023 .
Intelligent use of new technologies can make the bakery safer and more productive. Computers have revolutionized bakeries as much as any other business. On the production floor, a computer can alter a recipe on the fly to make it larger or smaller, as orders change.
Bakery-management software can track sales and reconcile them with inventory, making it easier to maintain appropriate quantities of ingredients. Customers can place special orders by computer, minimizing the risk of miscommunication between themselves and the production staff. Just as important, tech-savvy bakers can use social media or a high-quality website to generate new customers .
The diagnostic technology allows bakers and their equipment suppliers to enhance performance or discover issues on production lines prior to when the problems occur to minimize downtime and maintenance issues.
With bakery product popularity comes new demands from consumers for healthier, low-calorie products that taste the same as their higher calorie counterparts. Progress is being made in producing reduced-sugar baking products that are more acceptable to consumers .
Distribution Chain Analysis
The channel of distribution for bakery products is modern retailing (supermarkets), artisanal bakeries, restaurant/catering and bakery chains such as the other retailing channels, which include gas stations. The following figure shows the different variants of production and distribution value chains of the bakery industry .
Private label accounts for the highest share of total baked good value sales. The increase in value and volume sales of private label is mostly driven by the premiumization of baked goods. Premier Foods, owner of the Hovis and Mr. Kipling brands, amongst others, was the leading branded player in baked goods in 2018.
The Hovis brand increased its value share, helped by innovation, craft baking, premiumization and keeping prices constant. Inspired by artisanal bakeries, Warburtons, and Kingsmill (Allied Bakeries) are tapping into the craft baking trend. Both the Warburtons and Kingsmill brands lost a little value share in 2018 due to increased competition from private label.
This market appears to be highly fragmented, owing to the presence of numerous players. The consumer favor segments of the industry that are better at productivity and versatility. Brands such as Paul, Le Pain Quotidien, and Gail’s Artisan Bakery continue to lead in the artisan category, although the market continues to attract new entrants.
Danish brand Ole & Steen, which runs more than 50 bakeries in Denmark under the Lagkagehuset bakery brand, entered the UK in 2016. Japanese fast food chain Wasabi also, its first Asian bakery, which opened in Cambridge in 2018. The market is dominated by high street giant, Greggs, which has 1,600 more cafes than its nearest competitor.
Most bakery enterprises are SMEs. As a consequence, there is no large company producing bakery products with a broad international presence and high market share. Still, some industrial bakery products manufacturers have large production units and operate on a national or international market.
They usually sell branded products or supply other brands, especially supermarket private labels. With retailing, the situation is different. With the exception of the artisanal bakers’ shops, most retailers are chains with multiple points of sales across a large territory, including several countries for some supermarket chains.
The UK bakery market is highly concentrated and is in the growth phase. To gain higher bakery market share, the companies are developing launching new products with a high focus on organic and gluten-free variants to diversify and strengthen their product portfolios.
The companies are increasingly following strategical alliances such as acquisitions and product expansions in new locations to improve their market positions. Additionally, the major players are also focusing on strengthening their product portfolio by acquiring small and local brands.
Artisanal baked goods are growing in demand due to increasing awareness of product quality, capitalizing 28.2% of retail sales market shares. British consumers are looking for authentic, high-quality and unknown flavors. Among the top five companies, only Mondelez International and Pladis are multinationals, which shows the British value locality over the label.
There is growing competition between multinationals and artisanal sellers, in addition to private labels, as both of the artisanal and private label sectors are gaining a significant amount of market shares. The main strategy used by multinationals in 2018 was strong marketing campaigns revolved around health and wellness, as well as introducing creative flavors.
For example, Warburton’s leveraged its ranking through high-profile advertising campaigns, while Premier Foods exploited the snacking trend and released snack-sized versions of their packaged cakes.
Over the past five years, the leading type of launch was “New Variety”, accumulating 3,918 products and representing 45.6% of the total 5-year sample. An explanation for this may be processors’ desire to keep up with consumer trends by modifying products that are familiar in ways that align with current health and wellness concerns, such as reducing sugar or fat consumption.
Key Market Players
- Premier Foods plc: This leading bakery manufacturer has a strong presence in the European, and Asian markets. Premier Foods plc, together with its subsidiaries, manufactures and distributes branded and own label food products in the United Kingdom, other European countries, and internationally. It operates through Grocery and Sweet Treats segments. The group owns many well-known brands, including Loyd Grossman sauces, Oxo, Bisto, and Batchelors.
- Warburtons Ltd: It produces and sells bakery products for retail customers in the United Kingdom. From freshly wrapped bread, and breakfast products to wraps, thins, pittas, muffins, rolls, fruit loaves, teacakes, gluten-free, wheat-free products, crumpets, wax-wrapped loaves, crumpets, and pancakes, this company has covered all the major bakery products. It offers its products through its bakeries and depots. The company owns many well-known brands, including Loyd Grossman sauces, Oxo, Bisto, and Batchelors.
- Associated British Foods Plc: One of the world’s biggest bakery companies, Associated British Foods plc operates as a diversified food, ingredients, and retail company worldwide. Its large distribution network has further helped the group to expand its operations in Asian and European markets. It operates through five segments: Grocery, Sugar, Agriculture, Ingredients, and Retail. The Grocery segment manufactures and sells grocery products, including hot beverages, sugar and sweeteners, vegetable oils, balsamic vinegar, bread, and baked goods, cereals, ethnic foods, and meat products to retail, wholesale, and foodservice businesses. The Sugar segment is involved in growing, processing, and sale of sugar beet and sugar cane to industrial users.
- Mondelez International, Inc.: It manufactures and markets snack food and beverage products worldwide. It offers biscuits, including cookies, crackers, and salted snacks; chocolates; and gums and candies, as well as various cheese and grocery, and powdered beverage products. The company’s primary snack brand includes Cadbury, Milka, and Toblerone chocolates. It sells its products to supermarket chains, wholesalers, supercenters, club stores, mass merchandisers, distributors, convenience stores, gasoline stations, drug stores, value stores, and other retail food outlets.
- United Biscuits Limited: It produces baked snacks. It offers digestive products, cakes, sweet biscuits, savory snack products, crackers, fine biscuits, chocolates, sandwich cookies, and everyday biscuits. The company has production facilities and kitchens across Europe, North America, the Middle East, Africa, Asia, and Australia.
- Kellogg Company: It is one of the leading international specialty food companies in the world. The company specializes in ready-to-eat cereal and convenience foods. The company operates through U.S. Snacks, U.S. Morning Foods, U.S. Specialty Channels, North America Other, Europe, Latin America, and Asia Pacific segments. Its principal products include crackers, cookies, crisps, and other savory snacks, toaster pastries, cereal bars, granola bars and bites, fruit-flavored snacks, ready-to-eat cereals, frozen waffles, veggie foods, and noodles. The company owns many well-known brands, including Kellogg’s, Austin, Keebler, Cheez-It, Pringles, Murray, Famous Amos, and Parati.
- Bright Food (Group) Co., Ltd.: The company produces dairy, sugar, meat, grain, oil, vegetable, and branded food products. Its impressive range of capabilities includes agriculture, aquaculture, real estate, and finance activities. In addition, it engages in the state-owned asset operations and management; industrial investment; wholesale and retail of domestic commercial products; import and export of goods and technology, etc.
The bakery is among the most dynamic food sectors in Europe, strongly driven by frequent innovations and evolving consumer preferences. Baking industry in the UK is poised for continued growth, especially for those that capitalize on health, sales and marketing, and flavor trends. The companies can take advantages of growing opportunities in the baking industry.
While traditional bakery has been enjoying significant sales in the market, manufacturers are now focusing on rapid expansion, strategic acquisitions, innovation, new product development, introducing a contemporary range of baked products that are whole wheat, whole grain, gluten-free, sugar-free, high fiber, and low calorie. Thus, the UK’s bakery is heading towards a healthier future.
- Acrylamide: A substance formed when starchy foods (such as bread) are heated at high temperatures.
- Artisan Bread: Speciality bread manufactured by skilled bakers using traditional methods and recipes.
List of abbreviations
- CAGR: Compound Annual Growth
- IVA: Industry Value Added
- SME: Small and Medium Enterprises
- US$: United States Dollar