Latin America Bakery Products Market to be Driven by Increasing Preference for Ethnic Foods in the Forecast Period of 2021-2026
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 7.8 billion (Brazil Retail Confectionary Market)
• Forecast CAGR (2021-2026): 1.5% (Brazil Retail Confectionary Market)
Due to the factors like the growing preference for ethnic foods, variations in the flavour, texture, and taste of bakery products, health consciousness, and demand for breakfast grains and cereals, sales of bakery products are expected to increase in the coming years. Furthermore, rising demand for bakery items, such as pastries, fruit pies, donuts, and croissants, is expected to fuel sales for bakery products in the region. Therefore, retailers are catering to this demand by introducing organic baked goods, healthier breakfast goods, and ‘free-from’ products to retain consumer loyalty, consequently boosting the market growth.
Industry Definition and Major Segments
Baking, regarded as the oldest cooking method, is used to manufacture items such as bread, cakes, pastries, pies, cookies, and donuts for daily use. Bakery products are prepared using different ingredients, such as rice, water, and leavening agents depending on the grain, among others.
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By product type, the market is divided into:
• Biscuits
• Bread and Rolls
• Cakes and Pastries
• Rusks
• Others
Biscuits are further divided on the basis of type into cookies, cream biscuits, glucose biscuits, marie biscuits, milk biscuits, non-salt cracker biscuits, and salt cracker biscuits, among others. Bread and rolls, cake and pastries, and rusks are all sub-divided, on the basis of type, into artisanal bakeries, in-store bakeries, and packaged.
On the basis of distribution channel, the market is bifurcated into:
• Supermarkets and Hypermarkets
• Convenience Stores
• Independent Retailers
• Special Stores
• Online
• Others
The regional markets for the product include:
• Brazil
• Argentina
• Mexico
Market Trends
The Latin America bakery product market is expected to grow due to the rising developments in the industry. The global coronavirus pandemic hindered the market growth in the initial period of 2020; however, due to government measures ensuring the continued availability of adequate, safe and nutritious food during the period by ensuring the regular functioning of the local, regional and national wholesale markets and by providing small and medium-sized agro-industrial farmers with technical and financial assistance, the market started recovering by the end of 2020. Such policies are further expected to improve food products, which would contribute to an expanding market in Latin America for bakery products. On the basis of delivery networks, the online retailing segment achieves dominance as it ensures timely and reliable availability of fresh and hygienic food staples during lockdown by compliance with the social distancing guidelines of the government to curb the spread of coronavirus.
Key Market Players
The major players in the market are Grupo Bimbo, Empresas Carozzi SA, Barry Callebaut AG, and Arcor Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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