While the pace of change varies by country, the highly segmented baking industry throughout Latin America is going through a significant, long-term transformation while growing rapidly.
In its recently released report, Mordor Intelligence projected the market to expand at a 7.09% compound annual growth rate from 2018-23. Despite that consumers still prefer artisanal flatbreads, pastries and cakes to packaged baked foods, Sourya Das Gupta, senior research analyst, Mordor Intelligence, noted that commercial bakeries are garnering share by reformulating, repackaging and expanding their existing lines to compete with local favorites.
Such a parallel trend toward local and global product innovation is epitomized in Brazil, where the commercial baking industry invests heavily in automation and state-of-the-art technology. Part of this is due to an inflow of foreign direct investment and the fact that several major global food and beverage brands established roots in that country, noted Igly Serafim, senior business development specialist with the U.S. Commercial Service in Brazil. She pointed out that the U.S. Commercial Service and the IBIE committee are organizing a Brazilian delegation to learn more about new trends in the baking industry and to identify potential U.S. suppliers at the show, which runs Sept. 7-11 in Las Vegas.
“New trends in this Brazilian sector include offering a wider range of products such as high-end, organic and artisanal products for new market positioning,” Ms. Serafim said.
Look for more international attendees to attend this year’s Baking Expo as the global baking community gathers together.