1. Growth in the expansion of modern-style bakery outlets led to a surge in demand
The bakery market in Vietnam has enjoyed compounded annual growth of 20-30% in recent years. The sector has embraced the latest technologies to remain abreast of global trends. Advances in baking tech and offerings have resulted in process improvements and the efficient delivery of a variety of artisanal baked products at scale. In addition to the expansion of large chained outlets such as BreadTalk, Tour Les Jours, and ABC, independent small grocers were also seeing healthy growth in urban and rural areas. Moreover, millennials and gen z generations are more exploratory and prefer convenient, ready-to-eat sweet dishes such as pastries, cakes, and puddings. Furthermore, online food delivery apps such as Now, Grab, and Goviet is convenient for consumers and creates opportunities for many restaurants, small eateries, and housewives to offer bakery products to consumers.
2. The growing urban population with its changing lifestyle patterns is driving the market growth of puddings in Vietnam
The onset of the global pandemic led to a significant change in pudding consumption in 2020. Customer footfall to bakery shops and retail stores decreased significantly as consumers had to stay at home. This had a particularly detrimental impact on puddings as many of these sales are carried out on impulse. But the increased disposable incomes in the hands of consumers after the pandemic, have empowered consumers to increasingly indulge in extravagant food experiences.
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Additionally, exposure to global culture has led to increased experimentation with different foods and flavors which has driven the growth of the pudding sector in Vietnam. Furthermore, with the entry of international bakeries and food service joints along with increasing westernized cultures has led to sales growth.
3. Bakery manufacturers are leveraging the critical food trends to remain at the forefront with target consumers
A growing working population has driven consumption of commercially baked prepackaged goods including bread, cakes, puddings, and cookies that were previously prepared at home. Moreover, increased awareness of quality products and healthy lifestyles are shaping the consuming habits in Vietnam influencing them to switch over to healthy and nutritious variants of bakery products. Bakeries are introducing variants such as Sugar-Free and Fat-Free forms of puddings to cater to the growing demand.
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Smaller portion sizes are an ideal way to convert special occasion products like cakes and puddings into everyday indulgences combined with the convenience of on-the-go packages. Furthermore, smaller or single-serve primary packaging products saw increasing demand and remained more popular and common in puddings than large or family-sized formats.
4. Limited Shelve Life along with Increasing health consciousness among consumers starting to impact the market
The availability of instant pudding mixes and pudding powders in supermarkets, groceries, and other retail shops is causing a threat to modern bakery stores. The value-conscious customers are gravitating towards the offerings of supermarkets for buying instant pudding mix while consumers concerned with health and quality are increasingly purchasing high-margin products from artisanal bakeries. With the rise of artisanal foods and more complex flavor profiles, innovativeness is another big challenge for the industry in view of increasing competition in the market.
Moreover, the baking industry is ruled by consumer preferences, and demand for healthier option is currently driving the marketplace. Also, there is a need to increase awareness about the digital technologies and convenience of social media platforms that can help bakeries in the unorganized sector reach a wider market.
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