Bread & Cereal Products - Jamaica

Jamaica

Revenue in the Bread & Bakery Products market amounts to €372.60m in 2024. The market is expected to grow annually by 6.55% (CAGR 2024-2029).
In global comparison, most revenue is generated in China (€255bn in 2024).
In relation to total population figures, per person revenues of €131.90 are generated in 2024.
In the Bread & Bakery Products market, volume is expected to amount to 119.50m kg by 2029. The Bread & Bakery Products market is expected to show a volume growth of 2.1% in 2025.
The average volume per person in the Bread & Bakery Products market is expected to amount to 38.6kg in 2024.

Key regions: Philippines, United States, Canada, India, China

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Analyst Opinion

The Bread & Cereal Products market in Jamaica is experiencing minimal growth, influenced by factors such as changing consumer preferences for healthier options, increased competition from imported products, and fluctuating prices of raw materials. Despite these challenges, the market is still driven by the convenience and variety offered by online shopping and the growing health consciousness among consumers.

Customer preferences: Consumers in Jamaica are increasingly interested in incorporating healthier options into their diet, leading to a rise in demand for whole grain and gluten-free bread and cereal products. This trend is influenced by a growing awareness of the importance of nutrition and a desire for more natural and organic ingredients. Additionally, with the rise of veganism and plant-based diets, there has been a shift towards incorporating more plant-based alternatives in the bread and cereal market. This includes products such as oat milk, quinoa flakes, and chia seeds, catering to the growing demand for healthier and more sustainable food options.

Trends in the market: In Jamaica, the Bread & Cereal Products market is seeing a rise in demand for whole grain and gluten-free options, driven by health-conscious consumers. This trend is expected to continue, with more players entering the market and offering innovative products. The significance of this trend lies in the growing consumer awareness about the importance of a healthy diet and the potential implications for industry stakeholders include the need to adapt to changing consumer preferences and invest in product innovation to stay competitive.

Local special circumstances: In Jamaica, the Bread & Cereal Products Market is heavily influenced by the country's tropical climate and rich agricultural resources, allowing for the production of unique and diverse grains and cereals. Additionally, cultural preferences for traditional Jamaican dishes, such as ackee and saltfish, drive demand for locally sourced bread and cereal products. Furthermore, government regulations promoting healthy eating habits have led to an increase in demand for whole grain and plant-based options in the market.

Underlying macroeconomic factors: The Bread & Cereal Products Market within The Food market in Jamaica is influenced by macroeconomic factors such as the country's economic stability, global economic trends, and fiscal policies. Jamaica's strong economic growth and stable political environment have contributed to the growth of The Food market. Additionally, the country's investment in agriculture and food production has also positively impacted the market. However, factors such as fluctuating commodity prices and import restrictions can affect the performance of the market. Furthermore, the increasing health consciousness among consumers and the rising demand for healthy and organic food products are driving the growth of the Bread & Cereal Products Market in Jamaica.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.