Pancake Day is right around the corner (here in the UK, anyway), and we can’t wait! Whether you prefer crepes or American style, topped with berries or bacon, the humble pancake is a timeless classic that can be re-imagined in countless ways.
To mark the occasion, we’re taking a look into the global pancake market, and the drivers fueling their popularity.
Flipping Fantastic
In 2021, pancakes were worth a whopping $911 million globally and are expected to grow at a CAGR of 4% until 2027.
There are a number of wider cultural and social factors driving an increase in consumer demand for pancake products.
Convenience
Consumers are increasingly looking for convenient options – especially first thing in the morning. Pancakes offer a breakfast option that can be prepared quickly and enjoyed in many different ways.
Pre-packaged and on-the-go products offer even more convenience for those with a busy schedule, whereas fresh pancake mix products are great for weekends with the family.
Innovation
Manufacturers have taken notice of this consumer demand and have responded with a wide range of NPD across pancake mixes, ready to eat pancakes and frozen pancake products.
Dr Oetker recently expanded their pancake range with a new American Style Chocolate pancake mix. For toppings, peanut butter brand Whole Earth recently expanded their squeezy peanut butter range with a Salted Caramel Drizzler.
Nutrition
Since the pandemic, consumers have become much more health-conscious, leading to an increase in demand for healthier alternatives to our favourite foods. In Mondelez’s State of Snacking 2024 Report, 78% of consumers said that they prefer brands that prioritise quality ingredients over calorie counts.
Formulations made with more nutritious ingredients such as whole grains, gluten-free flours and alternative sweeteners will appeal to this health-conscious consumer.
BakeAway’s OaYeah! brand uses oat milk in its formulations and is HFSS compliant with 45% less fat and sugar than other ready-made pancakes. BakeAway also partnered with MyProtein to create a ready-to-eat pancake with 25g of protein per pack.
Experience
We are also seeing consumers becoming more adventurous in their culinary choices. From using global ingredients, to indulging in gourmet versions of their favourite foods, this trend has led to a growing demand for gourmet and specialty options.
Smaller specialty pancake brands like The Little Pancake Company and Stackable Pancake Co. offer a wide range of gourmet flavour options.
More established brands often use collaborations to create pancake products that will appeal to their fans. Gourmet popcorn brand Joe & Seph’s Pancake Day Ultimate Kit is one example, consisting of their chocolate and caramel sauces, alongside a packet of Creative Nature’s allergen-free pancake mix.
Nostalgia
Many people have memories of enjoying pancakes as children – mixing the batter and perfecting that flip technique. They represent time spent with family and special occasions.
This nostalgic element feeds into a wider trend in food. Consumers want to revisit flavours that evoke memories of happier, more carefree times, and pancakes satisfy those cravings very well.
Flavour Inspiration
In anticipation of pancake day, our NPD team have been dreaming up some delicious new flavour ideas for pancakes and toppings.
- Apple and cinnamon
- Banana and miso caramel
- Pistachio, raspberry and chocolate
- Hot honey and ‘nduja
- Buttermilk and blueberry
