The global Bread market is projected to reach US$192.2 billion by 2018, driven by growing consumer preference for convenience food, launch of healthy bread products, improving standards of living and Westernization of lifestyles in developing countries.
Volume sales of bread are under significant pressure worldwide, particularly in the Western markets. Higher penetration and increasing popularity of alternative breakfast options is leading to declines in volume consumption of bread in these markets. However, the market continues to rise in terms of dollar sales, due largely to the increasing variety and types of breads that are usually priced higher than traditional varieties. Rising costs of raw materials is also a factor driving average prices of bread worldwide, which in turn is driving value growth. Additionally, growing demand for bread in emerging countries due to rising income levels, Westernization of lifestyles and penchant for convenience foods, is also helping drive global growth.
Over the last decade, the bread market has witnessed dynamic changes. Earlier, the market consisted of only a few varieties of bread, with White, Brown and Rye being the most popular. Today, bakers and bread manufacturers are emphasizing on new product development to revive the market. The bread market worldwide is witnessing a gradual shift towards healthy bread varieties such as brown bread, whole wheat bread, and multi grain bread, among others. The success of multigrain and wholegrain loaves, organic breads, and breads fortified with healthy additives such as omega-3, demonstrates the power of innovation in a mature market.
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