Young and Affluent Customers to Drive Growth in Bakery & Cereals Market in Mexico
09 July 2013
Mexico’s growing population will drive growth in the Bakery & Cereals sector up to 2017 according to Canadean. The sector is expected to grow steadily at a Compounded Annual Growth Rate (CAGR) of 2.4% by value and 2.9% by volume up to 2017. Growth will be led by Morning Goods with a projected CAGR of 4.6%, followed by Energy Bars with a CAGR of 4.2% for the same period. Breakfast Cereals are expected to increase in popularity, growing at a CAGR of 3.9% up to 2017.
Growing adoption of Breakfast Cereals by Mexico’s young population
Healthy eating trends, the influence of US culture and powerful marketing efforts have encouraged young people in Mexico to consume more Breakfast Cereals. The value of the category is growing quickly at a CAGR of 2.1% up to 2017. Due to their growing adoption as breakfast or light evening meals, Breakfast Cereals are a key growth category in Mexico.
According to Canadean, growing disposable income from Mexico’s middle class is also expected to drive growth in the Bakery & Cereals sector up to 2017.
Busy lifestyles boost consumption of Energy Bars by consumers looking for convenience
The hectic pace of urban life has led consumers to value convenience in their food choices. Mexican consumers are increasingly looking for quick and easy meals. This is a result of long working hours, the loss of women at home to cook meals as they enter the workforce, or as consumers replace traditional meal times with other leisure activities.
Energy Bars, due to their convenience as pre-exercise or snack food, are increasingly in demand. This category will record the fastest growth rate of the Bakery & Cereals sector up to 2017, according to Canadean.
Convenience Stores gain share of distribution channel for Bakery & Cereals
Mexican consumers are increasingly buying staple goods such as Bread & Rolls and Breakfast Cereals from Convenience Stores according to Canadean. The ease of use and accessibility of these stores makes them a popular channel for consumers.
Hypermarkets & Supermarkets have lost share of the channel, but will continue to dominate the Food & Grocery Market over Convenience Stores. Food and grocery sales are expected to double in Hypermarkets & Supermarkets according to Canadean.
The Canadean report; ‘Trends & Developments in the Bakery & Cereals Sector in Mexico’ was published in June 2013
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