Baked Goods in Nigeria

Category Briefing | 02 Nov 2016

HEADLINES
Baked goods grows by 11% in current value terms in 2016 to reach NGN185.5 billion while
retail volume grows by 2% to reach 636,000 tonnes
Despite a weak economy, population growth and the convenience trend supports growing
demand for baked goods
On the back of strong price increases, bread is the most dynamic category in baked goods in
2016 with current value growth of 12%
The average unit price of baked goods increases steeply by 9% in current value terms in 2016
Artisanal producers lead baked goods in 2016 with a value share of 32%, while CHI Ltd is
the leading branded manufacturer with a value share of 9%
Baked goods value is expected to increase at a value CAGR of 2% at constant 2016 prices
over the forecast period to reach NGN203.0 billion in 2021

TRENDS
Population growth continues to drive growth in baked goods in Nigeria, since bread is a
major staple and pastries is a popular choice for on-the-go snacking amongst urban
commuters. However, with the recession resulting in a drop in disposable income, consumers
are seeking cheaper alternatives such as artisanal products and cheaper brands. Furthermore,
demand has also continued to grow due to both the growing desire for convenience among
consumers who are leading increasingly busy lifestyles, as well as improvements in
distribution via chained supermarkets and hypermarkets outlets. There is also intense
competition within the baked goods industry, which has helped to drive growth as lower-
priced products are desired by consumers, plus there is an increasing variety of products
being made available.
However, the recession in 2016 as well as the corresponding depreciation of the local
currency, which has led to both lower disposable income and higher prices, has meant that
2016 has seen weaker growth compared to the review period average. The current value
growth of 11% seen in 2016 is weaker than the value CAGR of 14% seen over the review
period, whilst the volume growth of 2% is weaker than the review period CAGR of 3%.
Current value growth has been propped up by the impact of higher unit prices whilst volume
demand has remained positive due to products such as bread being seen as essential.
Because bread is a staple, it has achieved the strongest growth during this economic
downturn, with current value growth of 12%. Other baked goods products are considered to
be less essential and compete with substitute products, for example pastries competes against
snacks such as biscuits.
The average unit price of baked goods has increased by 9% in 2016. Two major factors have
put pressure on prices in 2016: Firstly, a strong hike in fuel prices has made all consumer
goods more expensive to produce and distribute; secondly, the depreciation of the local
currency has led to a surge in the price of imported raw materials and ingredients, particularly
essential production inputs for baked goods such as wheat and sugar. Given these factors, the
average unit price should have increased astronomically, but manufacturers limited these
price increases by reducing their product quality in order to maintain demand.
Consumers have also traded down significantly. According to the Chairman of the
Association of Master Bakers and Caterers in Kogi State, who was quoted in PM
News Nigeria, The truth is that many of us have been merely struggling to stay in business.
Our profit margins as bakers are increasingly getting slim. The only way to remain in
business is to have a marginal increase in the price of our products. Furthermore, the
 President of the Association of Master Bakers and Caterers of Nigeria (AMBCN), Mr Jacob
Adejorin, told the News Agency of Nigeria (NAN) that the cost of production had increased
tremendously due to the high cost of importing flour and other ingredients that are used in
bread and confectionaries. He stated that their members were merely surviving with the cost
of flour increasing from NGN6,000 to about NGN9,500 per bag. He highlighted that in 2016
bakers have been forced to reduce the quality of their bread and pastries, leaving customers to
complain. If people are unable to afford bread and pastries, he was noted as saying, I
wonder what they will be eating. Since the increase in the exchange rate, things have been
hard for bakers.
Despite the drop in disposable incomes, the desire for convenience among urban consumers
has helped packaged baked goods to achieve stronger growth in current value terms than
unpackaged baked goods in 2016. The increasing desire for choice among Nigerian
consumers also remains important. Whereas the unpackaged/artisanal category is mainly
represented by Agege bread and a small number of other traditional bread varieties,
packaged/industrial bread manufacturers offer a wider choice of product types. On the other
hand, artisanal products are considered to be fresher and are usually hot from the oven, as
well as being more filling. Manufacturers of packaged baked goods also generally have a
greater distribution capability than producers of unpackaged baked goods.
Other grocery retailers (mainly represented by street stalls/kiosks and open markets) remains
the leading distribution channel for baked goods in 2016 with a value share of 55%, followed
by independent small grocers with a 41% share. The clampdown by some state governments
on informal retailing has led to a decline in sales through other grocery retailers; nevertheless
it remains a very important channel for sales of products such as bread and pastries. The
value share decline experienced by other grocery retailers also reflects the growing
competition from supermarkets and hypermarkets outlets, which can offer wider product
assortments and more competitive prices. Steady value share gains for the supermarkets and
hypermarkets channels during the review period were also fuelled by the expansion of
chained operators and the trend towards modern retailing in Nigeria.

COMPETITIVE LANDSCAPE
Artisanal producers continue to lead baked goods in Nigeria with a value share of 32% in
2016. This is due to the perceived freshness offered by these retailers as well as their wide
distribution, particularly in rural areas. However, with competition from many large and
small manufacturers which have improved their distribution capability, as well as appearing
to offer products similar to artisanal bread, the value share held by artisanal producers has
been dropping. CHI Ltd is the leading branded manufacturer in baked goods with a value
share of 9% in 2016. This is due to it having a strong presence in two strong categories
packaged pastries (largely with its Superbite brand) and dessert mixes (with its Hollandia
brand). The company is one of the leading fast moving consumer goods companies
in Nigeria and so it has a strong distribution network and strong brand names.
Bread manufacturer Food Concepts Ltd has seen the largest increase in value share within
baked goods in 2016 with its Butterfield brand gaining distribution in the large city of Lagos.
Domestic manufacturers still dominate baked goods in Nigeria. This is partly because they
hold early mover advantages in most categories. Domestic companies are also more
accustomed to the traditional tastes and preferences of Nigerian consumers, and their brands
are usually more affordable compared to those of their international competitors. Moreover,
with a relatively short shelf-life it is impractical to import most types of baked goods and
international players have historically been discouraged from establishing production
facilities in Nigeria due to the countrys poor infrastructure, political instability and other
problems.
 With the dwindling state of the Nigerian economy and its stifling effects on businesses,
manufacturers have focused their resources more on maintaining the shares of their
established products. Hence there have been no key new product launches in the category in
2016.
Standard and mid-priced brands still remain dominant in packaged/industrial baked goods in
2016. There are a handful of premium brands available in Nigeria and distribution of these is
generally confined to supermarkets and hypermarkets outlets in big cities. Demand for
premium brands is also restricted by the fact that Nigerians are known to be price sensitive,
particularly in the case of staple products like bread. This has also been more prominent in
2016 due to the recession in Nigeria. Private label performed well over the review period,
with consumers showing a preference for the bread brands of the Shoprite
hypermarkets/supermarkets chain, with there usually being long queues to purchase Shoprite
bread.

PROSPECTS
Baked goods is expected to perform well over the forecast period, with a value CAGR of 2%
at 2016 constant prices projected. This is based on further strong growth in the population
and an improvement in the economy compared to 2015 and 2016. Packaged/industrial
products are expected to continue seeing stronger growth than unpackaged/artisanal products
in all major baked goods categories over the forecast period. The general migration to
packaged/industrial baked goods will be sustained by the growing desire for convenience and
variety among Nigerian consumers. New launches, particularly of healthier products, will
also bolster demand for packaged/industrial baked goods, as will increasing price
competition, marketing campaigns and the expansion of distribution networks by the leading
producers.
Despite this, baked goods is predicted to see weaker value growth at constant 2016 prices
compared to the CAGR seen over the review period. This is due to the fact that the economy
is not expected to recover to the levels seen earlier in the review period. Population growth is
also predicted to be comparatively slower, whilst most products in baked goods have reached
a relatively high level of maturity.
The average unit price of baked goods is expected to decline in constant 2016 terms over the
forecast period. This downward trend will be mainly driven by increasing competition, which
will encourage more widespread and more aggressive discounting in all categories. The scope
that baked goods producers have for discounting should gradually increase as fuel and raw
material costs stabilise in line with the further development of the Nigerian economy.
Furthermore, price increases are not expected to be stronger than overall inflation in the
economy as was seen over the review period, as manufacturers generally have a price-
sensitive population to contend with.
One key challenge for companies over the forecast period will be how to adapt to the
governments efforts to reduce the categorys dependence on imported raw materials,
particularly wheat imports. As the government plans to do this by increasing tariffs on wheat
imports, production prices for domestic products may rise. Whilst producers of
unpackaged/artisanal baked goods would likely be the worst affected in this scenario, some
manufacturers might consider how to adopt cassava flour for use in their products, which
they currently find very difficult to do. For instance, the Chairman of the Association of
Master Bakers and Caterers of Nigeria, Lagos chapter, Mr Jacob Adejorin, has argued that
the federal governments requirement for the inclusion of 20% cassava in bread production is
quite difficult due to its short shelf life, substandard cassava flour, lack of training and
equipment for production, and so on. According to Mr Adejorin, due to a lack of high-quality
 cassava flour, the bread made with it does not last very long, before it starts to go sour
(quoted in Leadership Nigeria, 9 April 2016.)
Since there have been no major key product launches in 2016 manufacturers are expected to
utilise aggressive campaigns through street level marketing at high population spots (which is
considered a visible and cost-effective option compared to advertising), social media, while
also looking to increase the visibility of their brands through their wider distribution.

CATEGORY DATA
Table 1 Sales of Baked Goods by Category: Volume 2011-2016
'000 tonnes 2011 2012 2013 2014 2015 2016

Bread 495.37 508.13 519.05 536.56 551.33 561.52

- Flat Bread - - - - - -
-- Packaged Flat Bread - - - - - -
-- Unpackaged Flat Bread - - - - - -
- Leavened Bread 495.37 508.13 519.05 536.56 551.33 561.52
-- Packaged Leavened Bread 244.45 250.41 260.50 270.15 278.26 283.26
-- Unpackaged Leavened Bread 250.92 257.72 258.55 266.41 273.07 278.26
Cakes 0.22 0.22 0.22 0.22 0.23 0.23
- Packaged Cakes 0.04 0.04 0.05 0.05 0.05 0.05
- Unpackaged Cakes 0.17 0.17 0.17 0.18 0.18 0.18
Dessert Mixes 17.72 18.24 19.41 20.07 20.53 20.76
Frozen Baked Goods 0.37 0.37 0.38 0.38 0.38 0.38
Pastries 33.13 44.31 47.18 49.64 51.47 52.65
- Packaged Pastries 28.70 39.86 42.69 45.11 46.92 48.09
- Unpackaged Pastries 4.43 4.45 4.49 4.53 4.55 4.56
Baked Goods 546.80 571.27 586.24 606.87 623.93 635.54
Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade
sources

Table 2 Sales of Baked Goods by Category: Value 2011-2016

NGN billion 2011 2012 2013 2014 2015 2016

Bread 73.55 85.18 97.70 109.34 121.48 135.57

- Flat Bread - - - - - -
-- Packaged Flat Bread - - - - - -
-- Unpackaged Flat Bread - - - - - -
- Leavened Bread 73.55 85.18 97.70 109.34 121.48 135.57
-- Packaged Leavened Bread 40.77 47.40 55.58 62.25 69.56 77.90
-- Unpackaged Leavened Bread 32.78 37.78 42.12 47.09 51.92 57.67
Cakes 0.18 0.19 0.22 0.24 0.26 0.29
- Packaged Cakes 0.05 0.05 0.06 0.07 0.08 0.08
- Unpackaged Cakes 0.13 0.14 0.16 0.17 0.19 0.20
 NGN billion 2011 2012 2013 2014 2015 2016
Dessert Mixes 9.44 10.88 12.65 14.11 15.52 17.02
Frozen Baked Goods 0.48 0.52 0.58 0.64 0.69 0.75
Pastries 12.93 20.01 23.86 26.68 29.33 31.85
- Packaged Pastries 11.65 18.60 22.31 24.99 27.49 29.86
- Unpackaged Pastries 1.28 1.41 1.55 1.69 1.84 1.99
Baked Goods 96.57 116.79 135.02 151.00 167.29 185.47
Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade
sources

Table 3 Sales of Baked Goods by Category: % Volume Growth 2011-2016

% volume growth 2015/16 2011-16 CAGR 2011/16 Total

Bread 1.85 2.54 13.35

- Flat Bread - - -
-- Packaged Flat Bread - - -
-- Unpackaged Flat Bread - - -
- Leavened Bread 1.85 2.54 13.35
-- Packaged Leavened Bread 1.80 2.99 15.88
-- Unpackaged Leavened Bread 1.90 2.09 10.90
Cakes 0.68 0.94 4.79
- Packaged Cakes 1.51 1.74 9.01
- Unpackaged Cakes 0.47 0.74 3.73
Dessert Mixes 1.10 3.22 17.14
Frozen Baked Goods -0.06 0.74 3.77
Pastries 2.30 9.71 58.92
- Packaged Pastries 2.50 10.87 67.53
- Unpackaged Pastries 0.26 0.61 3.07
Baked Goods 1.86 3.05 16.23
Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade
sources

Table 4 Sales of Baked Goods by Category: % Value Growth 2011-2016

% current value growth 2015/16 2011-16 CAGR 2011/16 Total

Bread 11.59 13.01 84.32

- Flat Bread - - -
-- Packaged Flat Bread - - -
-- Unpackaged Flat Bread - - -
- Leavened Bread 11.59 13.01 84.32
-- Packaged Leavened Bread 11.98 13.83 91.07
-- Unpackaged Leavened Bread 11.07 11.96 75.93
Cakes 9.17 10.27 63.01
 % current value growth 2015/16 2011-16 CAGR 2011/16 Total
- Packaged Cakes 10.33 11.67 73.67
- Unpackaged Cakes 8.70 9.72 59.04
Dessert Mixes 9.66 12.50 80.23
Frozen Baked Goods 8.26 9.27 55.75
Pastries 8.59 19.77 146.41
- Packaged Pastries 8.60 20.72 156.39
- Unpackaged Pastries 8.39 9.26 55.67
Baked Goods 10.87 13.94 92.05
Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade
sources

Table 5 NBO Company Shares of Baked Goods: % Value 2012-2016

% retail value rsp 2012 2013 2014 2015 2016

CHI Ltd 6.71 8.10 8.54 8.72 8.79

UAC Foods Ltd 8.86 8.02 8.09 8.11 7.86
UTC Nigeria Ltd 5.03 5.30 5.40 5.49 5.44
Premier Foods Plc 5.13 4.97 4.86 4.71 4.64
Top Crust Bakery Ltd 2.68 2.83 2.91 3.13 3.22
Food Concepts Ltd 2.43 2.55 2.68 2.88 3.07
Leventis Foods Ltd 3.68 2.59 2.44 2.33 2.12
Nourish Foods Pty Ltd 1.23 1.27 1.24 1.21 1.10
Rite Foods Ltd 0.72 0.98 1.02 1.04 1.03
Big Treat Bakery & Confectionery Ltd 1.41 1.30 1.21 1.10 0.89
Retail Supermarkets Nigeria Ltd 0.18 0.29 0.40 0.58 0.80
Lisabi Mills (Nigeria) Ltd 0.09 0.23 0.37 0.49 0.57
Wilson's Bakery Ltd 0.96 0.79 0.74 0.58 0.51
Artisanal 33.67 32.46 32.42 32.25 32.28
Others 27.22 28.32 27.69 27.39 27.67
Total 100.00 100.00 100.00 100.00 100.00
Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade
sources

Table 6 LBN Brand Shares of Baked Goods: % Value 2013-2016

% retail value rsp Company (NBO) 2013 2014 2015 2016

Gala (UAC
of Nigeria Ltd) UAC Foods Ltd 7.98 8.01 7.95 7.69
Bird's Premier Foods Plc 4.97 4.86 4.71 4.64
Superbite (TGI Ltd) CHI Ltd 4.22 4.57 4.59 4.57
Hollandia (TGI Ltd) CHI Ltd 3.48 3.55 3.67 3.74
Top Crust Top Crust Bakery Ltd 2.83 2.91 3.13 3.22
 % retail value rsp Company (NBO) 2013 2014 2015 2016
Butterfield White Food Concepts Ltd 2.55 2.68 2.88 3.07
Champ UTC Nigeria Ltd 2.26 2.31 2.34 2.27
UTC Loaf UTC Nigeria Ltd 2.10 2.10 2.13 2.20
Nourish Loaf Nourish Foods Pty Ltd 1.27 1.24 1.21 1.10
Val-U Loaf (AG
Leventis (Nigeria) Plc) Leventis Foods Ltd 1.25 1.15 1.04 0.88
Retail
Auntie's (Private Label) Supermarkets Nigeria Ltd 0.29 0.40 0.58 0.80
Meaty (AG Leventis
(Nigeria) Plc) Leventis Foods Ltd 0.81 0.79 0.79 0.76
Big Treat Bakery &
Big Treat Super Loaf Confectionery Ltd 0.99 0.95 0.88 0.73
Chopsy UTC Nigeria Ltd 0.65 0.66 0.64 0.61
BIGI Rite Foods Ltd 0.57 0.60 0.61 0.61
Gold Custard Powder Lisabi Mills (Nigeria) Ltd 0.23 0.37 0.49 0.57
Tea Mate Bread Wilson's Bakery Ltd 0.79 0.74 0.58 0.51
Hotty (AG Leventis
(Nigeria) Plc) Leventis Foods Ltd 0.52 0.50 0.49 0.48
Beefie (TGI Ltd) CHI Ltd 0.41 0.43 0.46 0.48
Rite Rite Foods Ltd 0.41 0.42 0.43 0.42
Star Loaf UTC Nigeria Ltd 0.29 0.33 0.38 0.37
Kingsway (UAC
of Nigeria Ltd) UAC Foods Ltd - 0.03 0.12 0.13
Artisanal Artisanal 32.46 32.42 32.25 32.28
Others Others 28.67 27.99 27.65 27.87
Total Total 100.00 100.00 100.00 100.00
Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade
sources

Table 7 Distribution of Baked Goods by Format: % Value 2011-2016

% retail value rsp 2011 2012 2013 2014 2015 2016

Store-Based Retailing 99.95 99.95 99.93 99.93 99.93 99.93

- Grocery Retailers 99.95 99.95 99.93 99.93 99.93 99.93
-- Modern Grocery Retailers 2.57 2.72 3.07 3.34 3.63 3.87
--- Convenience Stores 0.24 0.29 0.43 0.55 0.70 0.75
--- Discounters - - - - - -
--- Forecourt Retailers 1.08 1.06 1.13 1.14 1.13 1.12
--- Hypermarkets 0.24 0.31 0.40 0.45 0.50 0.60
--- Supermarkets 1.00 1.05 1.10 1.20 1.30 1.40
-- Traditional Grocery Retailers 97.38 97.23 96.86 96.59 96.30 96.06
 % retail value rsp 2011 2012 2013 2014 2015 2016
--- Food/drink/tobacco specialists 0.20 0.20 0.20 0.20 0.20 0.20
--- Independent Small Grocers 40.00 40.40 40.70 40.90 41.10 41.30
--- Other Grocery Retailers 57.18 56.63 55.96 55.49 55.00 54.56
- Non-Grocery Specialists 0.00 0.00 0.00 - 0.00 -
-- Health and Beauty Specialist Retailers - - - - - -
-- Other Foods Non-Grocery Specialists 0.00 0.00 0.00 - 0.00 -
- Mixed Retailers - - - - - -
Non-Store Retailing 0.05 0.05 0.07 0.07 0.07 0.07
- Vending - - - - - -
- Homeshopping - - - - - -
- Internet Retailing 0.05 0.05 0.07 0.07 0.07 0.07
- Direct Selling - - - - - -
Total 100.00 100.00 100.00 100.00 100.00 100.00
Source: Euromonitor International from official statistics, trade associations, trade press, company research, store checks, trade interviews, trade
sources

Table 8 Forecast Sales of Baked Goods by Category: Volume 2016-2021

'000 tonnes 2016 2017 2018 2019 2020 2021

Bread 561.52 576.80 590.52 604.87 618.69 630.60

- Flat Bread - - - - - -
-- Packaged Flat Bread - - - - - -
-- Unpackaged Flat Bread - - - - - -
- Leavened Bread 561.52 576.80 590.52 604.87 618.69 630.60
-- Packaged Leavened Bread 283.26 291.53 299.69 308.68 317.63 326.21
-- Unpackaged Leavened Bread 278.26 285.27 290.83 296.19 301.06 304.39
Cakes 0.23 0.23 0.23 0.23 0.24 0.24
- Packaged Cakes 0.05 0.05 0.05 0.05 0.05 0.05
- Unpackaged Cakes 0.18 0.18 0.18 0.19 0.19 0.19
Dessert Mixes 20.76 21.47 22.18 22.90 23.60 24.25
Frozen Baked Goods 0.38 0.39 0.39 0.40 0.40 0.42
Pastries 52.65 54.10 55.50 56.89 58.21 59.44
- Packaged Pastries 48.09 49.51 50.90 52.27 53.58 54.81
- Unpackaged Pastries 4.56 4.59 4.60 4.62 4.63 4.63
Baked Goods 635.54 652.98 668.83 685.29 701.15 714.95
Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources

Table 9 Forecast Sales of Baked Goods by Category: Value 2016-2021

NGN billion 2016 2017 2018 2019 2020 2021

Bread 135.57 138.11 140.53 142.96 145.55 148.00

 NGN billion 2016 2017 2018 2019 2020 2021
- Flat Bread - - - - - -
-- Packaged Flat Bread - - - - - -
-- Unpackaged Flat Bread - - - - - -
- Leavened Bread 135.57 138.11 140.53 142.96 145.55 148.00
-- Packaged Leavened Bread 77.90 79.81 81.65 83.61 85.78 87.93
-- Unpackaged Leavened Bread 57.67 58.30 58.89 59.36 59.77 60.07
Cakes 0.29 0.29 0.29 0.30 0.30 0.31
- Packaged Cakes 0.08 0.08 0.09 0.09 0.09 0.09
- Unpackaged Cakes 0.20 0.21 0.21 0.21 0.21 0.21
Dessert Mixes 17.02 17.44 17.92 18.42 18.90 19.35
Frozen Baked Goods 0.75 0.75 0.75 0.76 0.76 0.78
Pastries 31.85 32.45 33.01 33.53 34.10 34.58
- Packaged Pastries 29.86 30.45 31.00 31.53 32.10 32.58
- Unpackaged Pastries 1.99 2.00 2.00 2.01 2.00 2.00
Baked Goods 185.47 189.05 192.50 195.97 199.61 203.01
Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources

Table 10 Forecast Sales of Baked Goods by Category: % Volume Growth 2016-2021

% volume growth 2016/17 2016-21 CAGR 2016/21 Total

Bread 2.72 2.35 12.30

- Flat Bread - - -
-- Packaged Flat Bread - - -
-- Unpackaged Flat Bread - - -
- Leavened Bread 2.72 2.35 12.30
-- Packaged Leavened Bread 2.92 2.86 15.16
-- Unpackaged Leavened Bread 2.52 1.81 9.39
Cakes 1.27 1.23 6.30
- Packaged Cakes 1.64 2.18 11.41
- Unpackaged Cakes 1.17 0.97 4.96
Dessert Mixes 3.45 3.16 16.83
Frozen Baked Goods 0.56 1.60 8.29
Pastries 2.75 2.46 12.90
- Packaged Pastries 2.96 2.65 13.98
- Unpackaged Pastries 0.50 0.30 1.51
Baked Goods 2.74 2.38 12.49
Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources

Table 11 Forecast Sales of Baked Goods by Category: % Value Growth 2016-2021

% constant value growth 2016/2017 2016-21 CAGR 2016/21 TOTAL
 % constant value growth 2016/2017 2016-21 CAGR 2016/21 TOTAL
Bread 1.88 1.77 9.17
- Flat Bread - - -
-- Packaged Flat Bread - - -
-- Unpackaged Flat Bread - - -
- Leavened Bread 1.88 1.77 9.17
-- Packaged Leavened Bread 2.46 2.45 12.87
-- Unpackaged Leavened Bread 1.10 0.82 4.17
Cakes 1.27 1.32 6.77
- Packaged Cakes 1.94 2.23 11.63
- Unpackaged Cakes 1.00 0.94 4.79
Dessert Mixes 2.50 2.60 13.69
Frozen Baked Goods -0.09 0.82 4.18
Pastries 1.89 1.66 8.56
- Packaged Pastries 2.00 1.76 9.11
- Unpackaged Pastries 0.30 0.06 0.30
Baked Goods 1.93 1.82 9.46
Source: Euromonitor International from trade associations, trade press, company research, trade interviews, trade sources