Key regions: Philippines, United States, Canada, India, China
The Bread & Cereal Products Market in LATAM is experiencing minimal growth, influenced by factors such as changing consumer preferences, increasing health consciousness, and the convenience of online shopping. Despite the slow growth rate, the market is expected to continue expanding due to the high demand for staple food items in the region.
Customer preferences: In recent years, there has been a growing preference for natural and organic bread and cereal products in LATAM. This can be attributed to an increasing awareness of health and wellness, as well as a shift towards sustainable and eco-friendly options. Additionally, there has been a rise in demand for gluten-free and plant-based alternatives, reflecting a shift towards healthier and more diverse dietary choices. This trend is particularly pronounced among younger generations, highlighting the influence of changing lifestyles and values on consumer preferences.
Trends in the market: In LATAM, the Bread & Cereal Products market is experiencing a rise in demand for healthier and more sustainable options. This trend is driven by changing consumer preferences towards a healthier lifestyle and increasing awareness about the environmental impact of food choices. As a result, there is a growing market for organic and plant-based bread and cereal products. This trend is expected to continue in the coming years, presenting opportunities for industry stakeholders to tap into this market and offer innovative, sustainable options to meet consumer demands. Additionally, the rise of e-commerce and online grocery shopping in the region is creating new avenues for distribution and sales of bread and cereal products, further contributing to the growth of the market.
Local special circumstances: In Mexico, the Bread & Cereal Products market is heavily influenced by the country's rich culinary traditions and strong preference for fresh, locally-sourced ingredients. This has led to a thriving market for artisanal breads and cereals, as well as a growing demand for gluten-free and organic options. Additionally, government regulations promoting healthy eating habits have driven the market towards more nutritious and sustainable products.
Underlying macroeconomic factors: The Bread & Cereal Products Market within The Food market in LATAM is heavily influenced by macroeconomic factors such as changing consumer preferences, rising disposable incomes, and increasing urbanization. As the region continues to experience economic growth and stability, consumers are willing to spend more on convenience and healthier food options. This has led to a growing demand for ready-to-eat and organic products in the Bread & Cereal Products Market. Additionally, government initiatives promoting healthy eating and investing in food production and infrastructure are also supporting the growth of the market in LATAM.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
