Local bakery market poised for growth
Local bakery market poised for growth
There is an enormous potential for continued growth in the nation’s bakery market, which has increasingly attracted both domestic and foreign businesses due to its annual double digit growth of 20%-30% and a large market of nearly 100 million people.
The local bread and pastry market is expected to record revenues of an estimated US$630 million this year, according to the organizing board at the first-ever Vietnam International Bakery Equipment Show (VIBS).
Many cake manufacturers in the region agreed that the local bakery market is rising sharply, creating great potential for them to tap, said Kao Sieu Luc, general director of ABC Bakery, one of the most popular bakery brands in the country, as well as chairman of the International Bakery Association in Southeast Asia.
In recent years, dozens of foreign bakery businesses have joined the local market, including Tous les Jours, Paris Baguette, BreadTalk and other Japanese and South Korean brands. More overseas cake bakeries will likely tap into the country after VIBS, said Luc.
Officials said that production technology and methods applied in the local bakery market remain on par with those in other countries. However, due to the increasingly fierce competition, both local and foreign cake bakeries have to join a race against time to adopt the latest technologies and purchase modern machinery, or seek other ways to maintain profits and market share, added Luc.
Accordingly, the first edition of VIBS will create a platform for cake makers and consumers to receive further insights into the world’s current bakery equipment and technology, he said.
The event, jointly held by the Taipei Bakery Association, Chan Chao International, Vietnam National Trade Fair and Advertising Company, and Yorkers Exhibition Service Vietnam, has attracted 70 domestic and international businesses from Japan, China, South Korea, and Taiwan to display various baking and packaging machines and equipment, materials and types of cakes in 130 booths.
This year, the show, which opened on October 16 in HCMC’s District 7, will feature famous chef Johnny (Yung-Hsin) Chen, who won the Mondial du Pain 2015 competition. He will share his experiences with local cake manufacturers and showcase his culinary skills at the show.
Also, a “Family Day" will be held to provide visitors with information on baking techniques and the opportunity to sample newly baked cakes.
