They come in succulent and fluffy styles, some taste sweeter than others, some folks even like it burnt, brown or white, and some also have fillings- this could be caramel, strawberry, peanut butter and all what not. What could this be, you wonder?
Companies in this industry make fresh and frozen bread as well as cakes, pies, and doughnuts. Profitability for individual companies is determined by efficiency of operations.
Large companies have scale advantages in procurement, production, and distribution. Small companies can compete by offering specialty goods or superior local distribution services.
In the US, the commercial side of the industry is concentrated: The retail side of the industry is highly fragmented: According to IBISWorld, firms within this industry manufacture fresh and frozen bread and baked goods, including cakes, muffins and croissants but excluding cookies and crackers.
Retail and commercial establishments sell these products to downstream supermarkets, convenience stores and food-service providers. Many bakeries also sell their products directly to the public. As the economy recovers and disposable income increases, revenue is expected to grow at an average annual rate of 0.
Consumers are expected to continue to trend toward health eating and increase demand for items like fortified breads, gluten-free loaves and sprouted and organic sweets.
Industry profitability will slightly improve over the next five years as the cost of primary ingredients stabilizes. During the next five years, bakers will more easily anticipate price fluctuations and adjust product prices as the cost of ingredients continues to rise.
Merger and acquisition activity is expected to further enhance earnings and productivity. External competition has increased over the past five years and imports will continue to grow at an annualized rate of 7. However, growing demand for this product outside of the country will increase exports by 9.
Demographics of Consumer Demandwhich provides detailed information on consumer demographics for many industries. This resource, and other demographics and marketing materials are available for purchase from New Strategist.
The largest households, which are those with children, are the best customers for cakes and cupcakes. Six in ten married couples with children spend more than the average household on cakes and cupcakes, with that rate increasing to almost three in four for people with school-aged children.
Hispanics spend about 17 percent more than average on this product and Asians spend an even greater amount at 25 percent more. The average household spending on this product fell by more than one fifth between and The cake and cupcake sector of the baking industry then stabilized between and The largest portion of revenue from cookies is derived from households with children.
A household with a married couple and children will spend 54 percent more than the average household on this product within the baking industry. If the children are school-aged, the household will spend 73 percent more than average.
Spending on cookies fell by over two tenths between andbut has held steady since then. The oldest consumers as well as married couples with school-aged children or older children at home are the best customers for the prepared desserts segment of the baking industry.
Couples with school-aged children spend over a fourth more and those with adult children spend more than 54 percent more than the average household on this product. People aged 65 years or older spend 12 to 17 percent more than the average household on prepared desserts.
An increase in consumer preference for the convenience of prepared desserts has led to an 18 percent increase in household spending from to Pies, Tarts and Turnovers: Households with children are the best customers of pies, tarts and turnovers.
Those households spend 47 to 71 percent more than the average, while single parents spend just above the average on this product.
People aged 35 to 54 spend around two fifths more than the average household and take up 47 percent of the market. Sweetrolls, Coffee Cakes and Doughnuts: Households with children are the best customers for sweetrolls, coffee cakes and doughnuts and spend about 52 to 69 percent more than the average household on this segment of the baking industry.
Household spending on sweetrolls, coffee cakes and doughnuts fells 23 percent between andand will continue to decline as the baby-boomer generation exits the best customer life stage.
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