China's Middle Class Driving Growth In Bakery And Cereals
Friday, November 24th, 2017 | 882 Views
China’s Middle Class Driving Growth In Bakery And Cereals is the second-largest in the world with a value of US$34.8 billion in 2016, according to a report by market intelligence company GlobalData.
The growing economy, rising employment and increasing demand for convenience will drive a strong growth in the bakery and cereals market in China over the forecast period, making this a key opportunity for bakery and cereals producers.
The market is forecast to register faster growth at a compound annual growth rate of 10 percent from 2016 to 2021.
The growth of China’s middle class is projected to contribute directly to the uptake of bakery and cereals products as this segment of the population have more globalised tastes. The market is being led by the cakes, pastries and sweet pies, as well as cookies (sweet biscuits) categories in value terms.
Rapid urbanisation in the nation presents huge opportunities for the market’s growth. Manufacturers should understand the lifestyles of Chinese consumers and develop products that match their lifestyles; especially with consumers valuing healthy living. Their busy lifestyles will also propel them to search for convenient and tasty products.