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Asia Pacific bakery and cereals market to grow at 6.4% by 2013

The bakery and cereals market in Asia Pacific will be worth $68.5 billon, with an expected compound annual growth rate (CAGR) of 6.4 per cent between 2008 and 2013, according to research by Datamonitor.

Datamonitor indicated that consumers are increasingly demanding options that are healthy, quick and easy to consume when pressed for time.

“Increased urbanisation, rising levels of disposable incomes, exposure to Western culture & cuisines, including dieting habits are some of the key factors stimulating growth in the bakery and cereals market in Asia-Pacific,” said Nikhil Aggarwal, senior consumer goods analyst at Datamonitor.

For example, within the breakfast cereals sub-category in Asia, consumers are looking for healthy low-fat offerings with more fibre that are fortified with vitamins and minerals, promising health benefits that include weight management.

The bakery and cereals market in Asia Pacific is led by cakes and pastries, representing 48.5 per cent of the segment, and is followed by bread and rolls with 23.2 per cent.

Also, 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 spending in the bakery and cereals aisle. In April 2010 for example, 68 per cent of Australian consumers reported they would be maintaining their level of expenditure on cereals.

 

 

 

 

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