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Southeast Asia Bakery Products Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 110 Pages
  • August 2022
  • Region: Asia Pacific
  • Mordor Intelligence
  • ID: 5324091
The Southeast Asia bakery products market was valued at USD 14,368.83 million in 2021 and is projected to grow at a CAGR of 7.67% during the forecast period (2022 - 2027).

The COVID-19 pandemic resulted in the generation of opportunities for many bakery industry private players to emerge in the markets to cater to the inflated demand. The demand for innovative biscuit products is consistently high in these countries because bakery products are a quick and convenient source of nutrition and energy. The online grocery sector is seeing a surge in activity since many shoppers are staying home, which presented huge opportunities for grocery retailers to better engage with consumers through measures that bring added value and convenience.

Over the medium term, South East Asian consumers are looking for value addition in the bakery products market in terms of health, specific certifications like halal and kosher, freshness, and new products with innovative flavors. ​In response to consumer demand with the prevalence of obesity, the bakery industry in Southeast Asia has increased the availability and variety of healthy baked goods, such as high-fiber breads, gluten-free ranges, and low-fat flat breads.

The rising income and busy lifestyles of consumers, particularly millennials, have led to the demand for on-the-go snack sizes. This has pushed companies to offer products with convenient sizes and packaging.

Key Market Trends

Increased Demand For Artisanal and Healthy Products

Southeast Asian consumers are increasingly adopting Western-style diets containing wheat and high protein content. Thai consumers, particularly, are seeking healthier diets. This has pushed companies to produce gluten-free baked goods and natural bakery products. In 2021, Mondelez launched its gluten-free Oreo chocolate sandwich cookies. The gluten-free option is available for its traditional and Double Stuff Oreo variants. Consumers perceive their food as an opportunity to experience various tastes and textures. They are more inclined to products that position themselves as natural and healthy. Many market players are responding to this trend by incorporating “superfood” seeds into their offerings, such as chia seeds, rich in proteins and calcium. For instance, Oat Krunch, a brand of Munchy’s group, offers healthy crackers made using oats and chia seeds. Oat Krunch is a source of fiber. It is trans-fat-free, has no preservatives, and is available in dark chocolate, strawberry, and blackcurrant variants.

Indonesia Accounted For the Largest Market Share

The demand for bakery products in Indonesia is continuously increasing because people recognize it as a meal rather than a snack. This increased consumption is also augmented by the consumers’ changing lifestyles, income improvement, urbanization, and westernization. Consumers in the country have different preferences for bakery products as per their income. For instance, high-end consumers prefer western bread and pastries, the upper-middle-income group prefers Japanese and Asian bread, and the lower-middle group prefers local sweetbreads and white bread. Rice is a staple food in the country, but some people get bored with eating rice and other local dishes all the time. So, they shifted to bakery products, which is another factor driving the market’s growth. As per the data published in German-Indonesian Chamber of Industry and Commerce reports, more than 640 registered bakery product companies are in the country, including both SMEs and large enterprises.

Competitive Landscape

The leading key players in the market include QAF Limited (Gardenia Bakery KL SDN BHD), President Bakery Public Company Limited, PT Nippon Indosari Corpindo TBK, Mondelez International Inc, and others.​ Product innovation is one of the key strategies adopted by the leading bakeries and companies operating in the bakery products market. Innovation in terms of flavors and attractive cake and artisanal product design and lucrative packaging of the bakery products are focused by the companies in order to increase the brand sale by attracting the target consumers.​

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5.1 By Product Type
5.1.1 Bread
5.1.2 Sweet Biscuit
5.1.3 Crackers and Savory Biscuits
5.1.4 Cakes, Pastries and Sweet Pies
5.1.5 Morning Goods
5.2 By Distribution Channel
5.2.1 Hypermarkets/Supermarkets
5.2.2 Specialty Stores
5.2.3 Convenience Stores
5.2.4 Online Channel
5.2.5 Other Distribution Channels
5.3 Geography
5.3.1 Indonesia
5.3.2 Malaysia
5.3.3 Vietnam
5.3.4 Thailand
5.3.5 Philippines
5.3.6 Myanmar
5.3.7 Singapore
5.3.8 Rest of South East Asia
6.1 Market Share Analysis
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 PT Nippon Indosari Corpindo TBK
6.3.2 President Bakery Public Company Limited
6.3.3 Mighty Bakery SDN BHD
6.3.4 Mondelez International Inc.
6.3.5 QAF Limited (Gardenia Bakery KL SDN BHD)
6.3.6 Variety Foods International Company Limited
6.3.7 PT Mayora Indah TBK
6.3.8 Universal Robina Corporation
6.3.9 Britannia Industries Limited
6.3.10 Kawan Food Berhad

Companies Mentioned

A selection of companies mentioned in this report includes:

  • PT Nippon Indosari Corpindo TBK
  • President Bakery Public Company Limited
  • Mighty Bakery SDN BHD
  • Mondelez International Inc.
  • QAF Limited (Gardenia Bakery KL SDN BHD)
  • Variety Foods International Company Limited
  • PT Mayora Indah TBK
  • Universal Robina Corporation
  • Britannia Industries Limited
  • Kawan Food Berhad