LONDON — The global bread market is expected to grow at a CAGR of more than 3% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global bread market for 2017-2021. The market is segmented based on product, (artisanal and package) and distribution channel (supermarkets and hypermarkets, specialist retailers, foodservices, and convenience stores).
The global bread market is expected to witness a low growth rate during the forecast period. This is due to market saturation; the market has reached maturity in the major developed regions like North America and Europe. However, there has been a significant demand for healthy options like gluten-free and organic bread over the past decade, which could drive the market in the coming years. The market is expected to witness a steady growth rate across APAC due to rising urbanization and increase in the number of consumers shifting toward western lifestyles and diets.
Technavio’s food and beverages research analysts categorize the global bread market into the following segments by regions:
- EMEA
- Americas
- APAC
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EMEA: largest bread market
“The key factors driving the market are increase in the number of private labels in this region, especially in Western Europe, and discounts offered by grocery retailers, which has fueled the sales of both existing and new private label products. Preservatives and additive-free and gluten-free bread are popular products among consumers in Europe. Furthermore, artisanal bakeries are significantly popular in France, Turkey, and Italy. However, they are less popular in Germany and the UK,” says Manjunath Reddy, a lead analyst at Technavio for research on food.
Gluten-free bread recipes are popular among European consumers. Owing to stringent regulations in many European countries, manufacturers are also reducing the salt content in bread products. Companies such as Schär and Moilas are catering to the demand for gluten-free bread in this region. Bread and roll products are a part of the traditions of European countries and an important part of their culinary culture.
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Bread market in the Americas
“There is high demand for brown or wholemeal bread owing to rising health concerns. However, Impuesto Especial Sobre Producción y Servicios tax on the sale of food products with high-calorie content is expected to hinder the bread market in North America. Convenience snacking, portability, continuous product development, and functionality of the products are the key drivers in North America. There is a significant shift in consumption pattern as consumers prefer bread over a traditional breakfast,” adds Manjunath.
Emerging economies in South America are expected to exhibit positive growth in the bakery market due to increasing disposable income and changing lifestyles of consumers. Manufacturers of bread are facing several challenges in the region such as high prices of raw materials and increasing demand for low-calorie and sugar-free products. Also, the rising inflation levels across countries like Venezuela is hampering the market growth. Grupo Bimbo dominates the market in this region.
Bread market in APAC
The bread market in APAC will see rapid growth during the forecast period. The key factors driving the market are growing health concerns, rapidly increasing disposable income, and predominant demand for on-the-go breakfast items and convenient food products. Consumers in APAC look for food products that are low-sugar and low-caloric.
People in this region have diversified taste and preference and look for more varieties. Thus, manufacturers have a great advantage in terms of product innovation and expansion of product portfolios. India is one the potential markets as consumers in India are following the western lifestyle and food habits. Bread is significantly gaining importance in comparison to traditional breakfast. Owing to an effective distribution network and growing popularity of hypermarkets and supermarkets, a significant reduction can be observed in the market share for artisanal bakers.
The top vendors in the global bread market highlighted in the report are:
- Associated British Foods
- Finsbury Food Group
- Flowers Foods
- Grupo Bimbo
- Yamazaki Baking
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Source: Technavio