Key regions: India, United States, Japan, United Kingdom, China
The Bread market in APAC is seeing minimal growth, influenced by factors like rising health consciousness, demand for convenience, and the adoption of online services in The Food market.
Customer preferences: In APAC, the Bread Market of the Bread & Cereal Products Market within The Food market has seen a growing demand for artisanal and specialty breads, as consumers increasingly prioritize quality and taste over price. This trend is driven by the region's diverse and evolving palate, as well as a rise in health-consciousness. As a result, there has been an increase in demand for gluten-free and organic breads, as well as breads made with alternative grains and flours. This shift towards premium and healthier options is also influenced by the rising disposable incomes and changing lifestyles of APAC consumers.
Trends in the market: In APAC, the Bread Market within the Bread & Cereal Products Market is experiencing a surge in demand for healthier and more diverse bread options. This trend is driven by the increasing health consciousness among consumers, who seek out whole grain, gluten-free, and organic breads. Additionally, there is a growing preference for artisanal and ethnic breads, as well as convenient and on-the-go options. This trend is expected to continue, presenting opportunities for industry stakeholders to innovate and expand their product offerings to cater to these evolving consumer preferences.
Local special circumstances: In APAC, the Bread Market of the Bread & Cereal Products Market within The Food market is heavily influenced by cultural factors. For example, in China, bread is not a traditional staple food and is often perceived as a Western import. This has led to the rise of local bread varieties, such as the popular Chinese steamed bun or "mantou." In Japan, the market is driven by the country's unique bakery culture, with a strong emphasis on artisanal and high-quality bread products. Additionally, regulatory policies in countries like South Korea and Japan, promoting healthy eating habits, have also shaped the local bread market.
Underlying macroeconomic factors: The Bread Market within the Bread & Cereal Products Market of The Food market is primarily driven by macroeconomic factors such as changing consumer preferences, increasing disposable incomes, and the growing trend towards convenience foods. Additionally, the rising urbanization and the expanding middle-class population in APAC countries are expected to further boost the demand for bread products. Moreover, favorable government initiatives, infrastructural developments, and the availability of a wide variety of bread products are also contributing to market growth. However, the impact of economic slowdown, inflation, and volatile raw material prices could hinder market growth in the region.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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