1) New Chinese pastry is developing strongly

It is expected that the retail market of baked goods in China will reach 611.07 billion yuan in 2024, an increase of 8.8%. With the growth of per capita consumption level and the adjustment of catering consumption structure, China's baked goods retail market will continue to expand. At the same time, China's baked goods industry segment market potential is huge, with the continuous development of the media, all kinds of network red shop, KOL recommendation and so on to promote Chinese pastry, new Chinese pastry become a new hot spot, the development momentum is strong, especially the use of health and healthy raw materials of new Chinese pastry. At the Shanghai Food Expo, these trends and market dynamics will be further demonstrated and explored.

2) Consumers prefer high quality bakery products

According to the data, women are the main buyers of baked goods, accounting for 56.9%. In terms of income, middle and high income groups account for more, and consumers with a monthly income of 5001-15000 yuan account for 55.8%. The proportion of consumers who buy baked goods at least once a week is as high as 90.6%, including 2.0% who buy baked goods every day.

In terms of price, the highest proportion of consumers' single consumption is 21-40 yuan, up to 40.1%; The second is 41-60 yuan, accounting for 23.3%. It can be seen that consumers have formed the habit of buying baked goods, and some consumers have a certain willingness to pay for high-quality baked goods in terms of price.

3）Products tend to be healthier

With the improvement of residents' living standards and the enhancement of health pursuit, consumers have more diversified demands for baked goods, and healthy and interesting baked goods are more favored by consumers. According to the data, the top three factors that consumers are mainly concerned about when buying baked goods are taste, freshness and nutrition, accounting for 44.3%, 43.2 and 39.6% respectively. In the fast-paced modern life, quality taste and healthy ingredients are the key factors to attract and retain customers. Baking enterprises should balance delicious and healthy, and launch healthy baking products such as low sugar, low fat and high fiber to meet consumers' pursuit of healthy baked goods.

4）Diversified consumption scenario

58.0% of consumers use baked goods as snacks; The second is hunger, ritual and alternative meal demand, accounting for more than 40.0%. The current baked goods consumption scene shows the characteristics of diversification, baked goods are no longer limited to a single festival scene, its consumption scene in life is increasingly rich, small packaging, interesting, delicious taste, can be used as daily snacks to carry around baked goods will become a new product development direction.

If you would like to learn more about the food industry, please visit the SIAL Shanghai website for more information.

Source: Huakang Stock

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