Growth Factor
Halal Bakery Products
Malaysia has retained its number one spot in the Global Islamic Economy Indicator (GIEI) for the 10th consecutive year, with Saudi Arabia, Indonesia, and the United Arab Emirates (UAE) closely behind. According to ResearchAndMarket.com’s 2023 report, Muslims from the Asia-Pacific make up most of the global Muslim population and consume 90% of halal foods and beverages. The report also identifies halal confectionery, bakery, and related products as the fastest-growing segment, with a forecasted growth of 9%CAGR.
Growth Factor
Frozen Bakery Products
Mordor Intelligence reported that the Asia-Pacific frozen bakery market is projected to record a CAGR of 8.6% during the forecast period (2022-2027). According to Renub Research, the frozen paratha market is expected to grow at a CAGR of 19.33% from 2022 to 2030, driven by changing lifestyles and busier schedules. Frozen parathas are gaining popularity due to their convenience, especially among nuclear families with working couples. The demand is rising in both domestic and international markets, fueled by their longer shelf life, health benefits, and ease of preparation. This trend is contributing to significant growth in the frozen food industry.
Growth Factors
Reference:
1. Pearly Neo (2023, December 31). Baking up brilliance: More focus on localised and unique flavours needed to tap enormous APAC bakery growth potential. https://www.foodnavigator-asia.com/Article/2023/12/31/more-focus-on-localised-and-unique-flavours-needed-to-tap-enormous-apac-bakery-growth-potentialBread holds cultural significance beyond just nutrition in many Western and Asian societies due to its rich history and contemporary importance. Here's a look at the differences between European and Asian bread.
ReadThe inspiring journey of Lian Huat Founder- AB Law, who rose from humble beginnings in a coffee shop to become one of the leading figures in the Southeast Asian bakery machinery industry.
ReadConsumers in Southeast Asia are demanding value-added bakery products. Here is the three key trends that bakery industries need to stay ahead.
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