Big rise in bread and cereals market
According to Datamonitor’s research, the bakery and cereals market in Asia-Pacific will be worth $68.5 billion by 2013.
The prediction is proof that consumers are demanding options that are not only healthy but also quick and easier to consume when pressed for time.
“Increased urbanisation, rising levels of disposable incomes, exposure to Western culture and cuisines, including dieting habits are some of the key factors stimulating growth in the bakery and cereals market in Asia-Pacific,” says Nikhil Aggarwal, senior consumer goods analyst at Datamonitor.
The bakery and cereals market in Asia-Pacific is led by cakes and pastries (representing 48.5% of the segment), followed by bread and rolls and sweet biscuits with 23.2% and 14.9% share, respectively. Crackers, breakfast cereals and morning goods constitute the remaining categories with a 7.1%, 4.9% and 1.3% market share, respectively.
Datamonitor’s Recovery from Recession (RfR) service, which tracks global consumer spending intentions on a monthly basis, found that the majority of consumers in the Asia-Pacific region have no intention of reducing their spend in the bakery and cereals aisle. In April 2010 for example, 68% of Australian consumers reported they would be maintaining their level of expenditure on cereals – considerably higher than the proportion who said the same about confectionery (45%).
In China, 56% of consumers said they would maintain cereal spend, while a substantial minority of 11% said they would actually be increasing their expenditure in this category, reflecting the potential of such products in the Asia Pacific region.