The Future of the Bakery and Cereals Market in Brazil, to 2016

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Synopsis The Future of the Bakery and Cereals Market in Brazil, to 2016 is the result of Canadean’s extensive market research. The report presents detailed analysis on the Bakery and Cereals consumption trends in Brazil, historic and forecast Bakery and Cereals consumption volumes and values at market and category level, brand share and distribution channel data. This report brings together Canadean Intelligence's research, modeling and analysis expertise in order to develop uniquely detailed market data. This allows domestic and foreign companies to identify the market dynamics to account for Bakery and Cereals sales overall and to know which categories and segments are showing growth in the coming years Summary Why was the report written? • This report provides authoritative and granular data on the Bakery and Cereals market in Brazil and, in doing so fills the gaps in marketers’ understanding of trends and the components of change behind them • Based upon extensive primary and secondary research to provide comprehensive and granular data, this report allows marketers to confidently update their strategic and tactical plans • Marketers need data on volume and value changes, brand dynamics and distribution trends in order to effectively plan strategies What are the key drivers behind recent market changes? Consumers have been reacting to the effects of the global recession including the following recovery period on their discretionary spending and consumer markets have been no exception. While the country by country market changes have varied, no country has been left totally untouched.This report examines the components of change in the market by looking at historic and future growth patterns including the effects of consumers’ behavior on total volumes, values, brands selected and types of product chosen. What makes this report unique and essential to read? The report provides the latest, detailed data on dynamics in Brazilian Bakery and Cereals

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							                             BAKERY &
                              CEREALS
                           Industry Forecast Report




The Future of the Bakery & Cereals
Market in Brazil, to 2016
Reference code: CS0142MR

Published: April 2012




                                www.canadean.com
 TABLE OF CONTENTS


TABLE OF CONTENTS

1         Introduction ..................................................................................................................... 23
1.1       What is this Report About? ............................................................................................................23
1.2       Definitions......................................................................................................................................23
1.2.1     This report provides 2011 actual sales; while forecasts are provided for 2012 – 2016. .................................. 23
1.2.2     Volume Units and Aggregations....................................................................................................................... 23
1.2.3     Introduction....................................................................................................................................................... 24
1.2.4     Large scale, international, program of online consumer surveys .................................................................... 24
1.2.5     Nationally Representative results (age, gender) .............................................................................................. 24
1.2.6     Parents answered on their children’s behalf .................................................................................................... 24
1.2.7     Legal Drinking Age exclusions for alcoholic drinks categories ........................................................................ 25
1.2.8     Integrated with industry calling and secondary research ................................................................................. 25
2         Brazil Bakery & Cereals Market Overview..................................................................... 26
2.1       Brazil Bakery & Cereals Market Analysis by Volume .....................................................................26
2.1.1     Overall Bakery & Cereals Consumption, 2006–16 .......................................................................................... 26
2.1.2     Per-capita Bakery & Cereals consumption, 2006–16 ...................................................................................... 27
2.1.3     Bakery & Cereals Market Growth Dynamics, by Volume................................................................................. 28
2.1.4     Bakery & Cereals Consumption by Category, 2006–16 .................................................................................. 29
2.1.5     Bakery & Cereals Consumption – Trends and Forecasts, 2006 Vs. 2011 Vs. 2016 ....................................... 31
2.2       Brazil Bakery & Cereals Market Analysis by Value ........................................................................32
2.2.1     Overall Bakery & Cereals Market Value, 2006–16 .......................................................................................... 32
2.2.2     Bakery & Cereals Market Growth Dynamics, by Value.................................................................................... 33
2.2.3     Bakery & Cereals Market Value by Category, 2006–16 .................................................................................. 34
2.2.4     Bakery & Cereals Market Value - Trends and Forecasts, 2006 Vs. 2011 Vs. 2016 ........................................ 37
3         Brazil Bread & Rolls Market Analysis ............................................................................ 39
3.1       Market Growth Dynamics-Bread & Rolls, 2006–16 ........................................................................39
3.1.1     Bread & Rolls Market Growth Dynamics by Volume, 2006–16 ....................................................................... 39
3.1.2     Bread & Rolls Market Growth Dynamics by Value, 2006-16 ........................................................................... 40
3.2       Bread & Rolls Consumption Analysis, 2006–16 .............................................................................41
3.2.1     Bread & Rolls Market by Volume, 2006–16 ..................................................................................................... 41
3.2.2     Bread & Rolls Consumption by Segments, 2006–16 ....................................................................................... 42
3.3       Bread & Rolls Market Value Analysis, 2006–16 .............................................................................44
3.3.1     Bread & Rolls Market by Value, 2006–16 ........................................................................................................ 44
3.3.2     Average Consumer Price/Kg - Bread & Rolls, 2006-2016 ............................................................................... 45
3.3.3     Bread & Rolls Market Value by Segments, 2006-2016 ................................................................................... 46
3.4       Loaves Market Analysis, 2006–16 .................................................................................................49
3.4.1     Loaves Market by Volume, 2006–16 ............................................................................................................... 49
3.4.2     Loaves Market by Value, 2006–16 .................................................................................................................. 50


The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                            Page 2

© Canadean. This product is licensed and is not to be photocopied                                                                                      Published: April 2012
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3.5       Baguettes Market Analysis, 2006–16.............................................................................................51
3.5.1     Baguettes Market by Volume, 2006–16 ........................................................................................................... 51
3.5.2     Baguettes Market by Value, 2006–16 .............................................................................................................. 52
3.6       Rolls Market Analysis, 2006–16 .....................................................................................................53
3.6.1     Rolls Market by Volume, 2006–16 ................................................................................................................... 53
3.6.2     Rolls Market by Value, 2006–16 ...................................................................................................................... 54
3.7       Burger Buns Market Analysis, 2006–16 .........................................................................................55
3.7.1     Burger Buns Market by Volume, 2006–16 ....................................................................................................... 55
3.7.2     Burger Buns Market by Value, 2006–16 .......................................................................................................... 56
3.8       Sandwich Slices Market Analysis, 2006–16 ...................................................................................57
3.8.1     Sandwich Slices Market by Volume, 2006–16 ................................................................................................. 57
3.8.2     Sandwich Slices Market by Value, 2006–16 .................................................................................................... 58
3.9       Ciabatta Market Analysis, 2006–16 ...............................................................................................59
3.9.1     Ciabatta Market by Volume, 2006–16 .............................................................................................................. 59
3.9.2     Ciabatta Market by Value, 2006–16 ................................................................................................................. 60
3.10      Other Breads Market Analysis, 2006–16........................................................................................61
3.10.1 Other Breads Market by Volume, 2006–16 ...................................................................................................... 61
3.10.2 Other Breads Market by Value, 2006–16 ......................................................................................................... 62
3.11      Frozen Bread & Rolls Market Analysis, 2006–16 ...........................................................................63
3.11.1 Frozen Bread & Rolls Market by Volume, 2006–16 ......................................................................................... 63
3.11.2 Frozen Bread & Rolls Market by Value, 2006–16 ............................................................................................ 64
3.12      Bread & Rolls Market Volume Analysis by Brands, 2008-11 ..........................................................65
3.13      Bread & Rolls Market Value by Distribution Channel, 2008-11 ......................................................66
4         Brazil Breakfast Cereals Market Analysis ..................................................................... 68
4.1       Market Growth Dynamics-Breakfast Cereals, 2006–16..................................................................68
4.1.1     Breakfast Cereals Market Growth Dynamics by Volume, 2006–16 ................................................................. 68
4.1.2     Breakfast Cereals Market Growth Dynamics by Value, 2006-16 ..................................................................... 69
4.2       Breakfast Cereals Consumption Analysis, 2006–16 ......................................................................70
4.2.1     Breakfast Cereals Market by Volume, 2006–16 .............................................................................................. 70
4.2.2     Breakfast Cereals Consumption by Segments, 2006–16 ................................................................................ 71
4.3       Breakfast Cereals Market Value Analysis, 2006–16 ......................................................................72
4.3.1     Breakfast Cereals Market by Value, 2006–16 ................................................................................................. 72
4.3.2     Average Consumer Price/Kg - Breakfast Cereals, 2006–2016 ....................................................................... 73
4.3.3     Breakfast Cereals Market Value by Segments, 2006–2016 ............................................................................ 74
4.4       Hot Cereals Market Analysis, 2006–16 ..........................................................................................76
4.4.1     Hot Cereals Market by Volume, 2006–16 ........................................................................................................ 76
4.4.2     Hot Cereals Market by Value, 2006–16 ........................................................................................................... 77
4.5       Ready to Eat Cereals Market Analysis, 2006–16 ...........................................................................78



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                              Page 3

© Canadean. This product is licensed and is not to be photocopied                                                                          Published: April 2012
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4.5.1     Ready to Eat Cereals Market by Volume, 2006–16 ......................................................................................... 78
4.5.2     Ready to Eat Cereals Market by Value, 2006–16 ............................................................................................ 79
4.6       Ready to Eat Cereals Market Volume Analysis by Brands, 2008-11 ..............................................80
4.7       Ready to Eat Cereals Market Value by Distribution Channel, 2008-11 ..........................................81
5         Brazil Cakes, Pastries & Sweet Pies Market Analysis ................................................. 83
5.1       Market Growth Dynamics-Cakes, Pastries & Sweet Pies, 2006–16 ...............................................83
5.1.1     Cakes, Pastries & Sweet Pies Market Growth Dynamics by Volume, 2006–16 .............................................. 83
5.1.2     Cakes, Pastries & Sweet Pies Market Growth Dynamics by Value, 2006–16 ................................................. 84
5.2       Cakes, Pastries & Sweet Pies Consumption Analysis, 2006–16 ....................................................85
5.2.1     Cakes, Pastries & Sweet Pies Market by Volume, 2006–16 ........................................................................... 85
5.2.2     Cakes, Pastries & Sweet Pies Consumption by Segments, 2006–16 ............................................................. 86
5.3       Cakes, Pastries & Sweet Pies Market Value Analysis, 2006–16 ....................................................88
5.3.1     Cakes, Pastries & Sweet Pies Market by Value, 2006–16 .............................................................................. 88
5.3.2     Average Consumer Price/ Kg - Cakes, Pastries & Sweet Pies, 2006-2016 .................................................... 89
5.3.3     Cakes, Pastries & Sweet Pies Market Value by Segments, 2006-2016 .......................................................... 90
5.4       Cakes Market Analysis, 2006–16...................................................................................................92
5.4.1     Cakes Market by Volume, 2006–16 ................................................................................................................. 92
5.4.2     Cakes Market by Value, 2006–16 .................................................................................................................... 93
5.5       Pastries Market Analysis, 2006–16 ................................................................................................94
5.5.1     Pastries Market by Volume, 2006–16 .............................................................................................................. 94
5.5.2     Pastries Market by Value, 2006–16 ................................................................................................................. 95
5.6       Frozen Cakes & Pastries Market Analysis, 2006–16......................................................................96
5.6.1     Frozen Cakes & Pastries Market by Volume, 2006–16 ................................................................................... 96
5.6.2     Frozen Cakes & Pastries Market by Value, 2006–16 ...................................................................................... 97
5.7       Sweet Pies Market Analysis, 2006–16 ...........................................................................................98
5.7.1     Sweet Pies Market by Volume, 2006–16 ......................................................................................................... 98
5.7.2     Sweet Pies Market by Value, 2006–16 ............................................................................................................ 99
5.8       Cakes, Pastries & Sweet Pies Market Volume Analysis by Brands, 2008-11 ...............................100
5.9       Cakes, Pastries & Sweet Pies Market Value by Distribution Channel, 2008-11 ...........................101
6         Brazil Dough Products Market Analysis ..................................................................... 103
6.1       Market Growth Dynamics-Dough Products, 2006–16 ..................................................................103
6.1.1     Dough Products Market Growth Dynamics by Volume, 2006–16.................................................................. 103
6.1.2     Dough Products Market Growth Dynamics by Value, 2006–16 ..................................................................... 104
6.2       Dough Products Consumption Analysis, 2006–16 .......................................................................105
6.2.1     Dough Products Market by Volume, 2006–16 ............................................................................................... 105
6.2.2     Dough Products Consumption by Segments, 2006–16 ................................................................................. 106
6.3       Dough Products Market Value Analysis, 2006–16 .......................................................................108
6.3.1     Dough Products Market by Value, 2006–16 .................................................................................................. 108



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                             Page 4

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6.3.2     Average Consumer Price/Kg - Dough Products, 2006-2016 ......................................................................... 109
6.3.3     Dough Products Market Value by Segments, 2006-2016 .............................................................................. 110
6.4       Pie & Pastry Shells Market Analysis, 2006–16.............................................................................112
6.4.1     Pie & Pastry Shells Market by Volume, 2006–16 .......................................................................................... 112
6.4.2     Pie & Pastry Shells Market by Value, 2006–16 ............................................................................................. 113
6.5       Prepared Pastry (Others) Market Analysis, 2006–16 ...................................................................114
6.5.1     Prepared Pastry (Others) Market by Volume, 2006–16 ................................................................................. 114
6.5.2     Prepared Pastry (Others) Market by Value, 2006–16 .................................................................................... 115
6.6       Pizza Bases Market Analysis, 2006–16 .......................................................................................116
6.6.1     Pizza Bases Market by Volume, 2006–16 ..................................................................................................... 116
6.6.2     Pizza Bases Market by Value, 2006–16 ........................................................................................................ 117
6.7       Frozen Dough Products Market Analysis, 2006–16 .....................................................................118
6.7.1     Frozen Dough Products Market by Volume, 2006–16 ................................................................................... 118
6.7.2     Frozen Dough Products Market by Value, 2006–16 ...................................................................................... 119
6.8       Dough Products Market Volume Analysis by Brands, 2008-11 ....................................................120
6.9       Dough Products Market Value by Distribution Channel, 2008-11 .................................................121
7         Brazil Cereal Bars Market Analysis ............................................................................. 123
7.1       Market Growth Dynamics-Cereal Bars, 2006–16 .........................................................................123
7.1.1     Cereal Bars Market Growth Dynamics by Volume, 2006–16 ........................................................................ 123
7.1.2     Cereal Bars Market Growth Dynamics by Value, 2006–16 ........................................................................... 124
7.2       Cereal Bars Consumption Analysis, 2006–16 ..............................................................................125
7.2.1     Cereal Bars Market by Volume, 2006–16 ...................................................................................................... 125
7.2.2     Cereal Bars Consumption by Segments, 2006–16 ........................................................................................ 126
7.3       Cereal Bars Market Value Analysis, 2006–16 ..............................................................................127
7.3.1     Cereal Bars Market by Value, 2006–16 ......................................................................................................... 127
7.3.2     Average Consumer Price/Kg - Cereal Bars, 2006-2016 ................................................................................ 128
7.3.3     Cereal Bars Market Value by Segments, 2006-2016..................................................................................... 129
7.4       Granola/Muesli/Yogurt Bars Market Analysis, 2006–16 ...............................................................131
7.4.1     Granola/Muesli/Yogurt Bars Market by Volume, 2006–16 ............................................................................. 131
7.4.2     Granola/Muesli/Yogurt Bars Market by Value, 2006–16 ................................................................................ 132
7.5       Other Cereal Bars Market Analysis, 2006–16 ..............................................................................133
7.5.1     Other Cereal Bars Market by Volume, 2006–16 ............................................................................................ 133
7.5.2     Other Cereal Bars Market by Value, 2006–16 ............................................................................................... 134
7.6       Cereal Bars Market Volume Analysis by Brands, 2008-11 ...........................................................135
7.7       Cereal Bars Market Value by Distribution Channel, 2008-11 .......................................................136
8         Brazil Energy Bars Market Analysis ............................................................................ 138
8.1       Market Growth Dynamics-Energy Bars, 2006–16 ........................................................................138
8.1.1     Energy Bars Growth Dynamics by Volume, 2006–16 .................................................................................... 138



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 5

© Canadean. This product is licensed and is not to be photocopied                                                                     Published: April 2012
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8.1.2     Energy Bars Market Growth Dynamics by Value, 2006–16 ........................................................................... 139
8.2       Energy Bars Consumption Analysis, 2006–16 .............................................................................140
8.2.1     Energy Bars Market by Volume, 2006–16 ..................................................................................................... 140
8.3       Energy Bars Market Value Analysis, 2006–16 .............................................................................141
8.3.1     Energy Bars Market by Value, 2006–16 ........................................................................................................ 141
8.3.2     Average Consumer Price/Kg - Energy Bars, 2006-2016 ............................................................................... 142
8.4       Energy Bars Market Volume Analysis by Brands, 2008-11 ..........................................................143
8.5       Energy Bars Market Value by Distribution Channel, 2008-11.......................................................144
9         Brazil Cookies (Sweet Biscuits) Market Analysis ....................................................... 146
9.1       Market Growth Dynamics-Cookies (Sweet Biscuits), 2006–16.....................................................146
9.1.1     Cookies (Sweet Biscuits) Market Growth Dynamics by Volume, 2006–16.................................................... 146
9.1.2     Cookies (Sweet Biscuits) Market Growth Dynamics by Value, 2006–16....................................................... 147
9.2       Cookies (Sweet Biscuits) Consumption Analysis, 2006–16..........................................................148
9.2.1     Cookies (Sweet Biscuits) Market by Volume, 2006–16 ................................................................................. 148
9.2.2     Cookies (Sweet Biscuits) Consumption by Segments, 2006–16 ................................................................... 149
9.3       Cookies (Sweet Biscuits) Market Value Analysis, 2006–16..........................................................151
9.3.1     Cookies (Sweet Biscuits) Market by Value, 2006–16 .................................................................................... 151
9.3.2     Average Consumer Price/Kg - Cookies (Sweet Biscuits), 2006-2016 ........................................................... 152
9.3.3     Cookies (Sweet Biscuits) Market Value by Segments, 2006-2016................................................................ 153
9.4       American Cookies Market Analysis, 2006–16 ..............................................................................156
9.4.1     American Cookies Market by Volume, 2006–16 ............................................................................................ 156
9.4.2     American Cookies Market by Value, 2006–16 ............................................................................................... 157
9.5       Artisanal Cookies Market Analysis, 2006–16 ...............................................................................158
9.5.1     Artisanal Cookies Market by Volume, 2006–11 ............................................................................................. 158
9.5.2     Artisanal Cookies Market by Value, 2006–16 ................................................................................................ 159
9.6       Assortments Market Analysis, 2006–16 .......................................................................................160
9.6.1     Assortments Market by Volume, 2006–16 ..................................................................................................... 160
9.6.2     Assortments Market by Value, 2006–16 ........................................................................................................ 161
9.7       Butter- Based Cookies Market Analysis, 2006–16 .......................................................................162
9.7.1     Butter- Based Cookies Market by Volume, 2006–16 ..................................................................................... 162
9.7.2     Butter- Based Cookies Market by Value, 2006–16 ........................................................................................ 163
9.8       Chocolate Cookies Market Analysis, 2006–16 .............................................................................164
9.8.1     Chocolate Cookies Market by Volume, 2006–16 ........................................................................................... 164
9.8.2     Chocolate Cookies Market by Value, 2006–16 .............................................................................................. 165
9.9       Cream Filled Market Analysis, 2006–16.......................................................................................166
9.9.1     Cream Filled Market by Volume, 2006–16 ..................................................................................................... 166
9.9.2     Cream Filled Market by Value, 2006–16 ........................................................................................................ 167
9.10      Egg- Based Cookies Market Analysis, 2006–16 ..........................................................................168



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 6

© Canadean. This product is licensed and is not to be photocopied                                                                     Published: April 2012
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9.10.1 Egg- Based Cookies Market by Volume, 2006–16 ........................................................................................ 168
9.10.2 Egg- Based Cookies Market by Value, 2006–16 ........................................................................................... 169
9.11      Other Cookies Market Analysis, 2006–16 ....................................................................................170
9.11.1 Other Cookies Market by Volume, 2006–16 .................................................................................................. 170
9.11.2 Other Cookies Market by Value, 2006–16 ..................................................................................................... 171
9.12      Plain Cookies Market Analysis, 2006–16 .....................................................................................172
9.12.1 Plain Cookies Market by Volume, 2006–16 ................................................................................................... 172
9.12.2 Plain Cookies Market by Value, 2006–16 ...................................................................................................... 173
9.13      Wafer Biscuits Market Analysis, 2006–16 ....................................................................................174
9.13.1 Wafer Biscuits Market by Volume, 2006–16 .................................................................................................. 174
9.13.2 Wafer Biscuits Market by Value, 2006–16 ..................................................................................................... 175
9.14      Cookies (Sweet Biscuits) Market Volume Analysis by Brands, 2008-11 ......................................176
9.15      Cookies (Sweet Biscuits) Market Value by Distribution Channel, 2008-11 ...................................177
10        Brazil Savory Biscuits Market Analysis ...................................................................... 179
10.1      Market Growth Dynamics- Savory Biscuits, 2006–16...................................................................179
10.1.1 Savory Biscuits Market Growth Dynamics by Volume, 2006–16 ................................................................... 179
10.1.2 Savory Biscuits Market Growth Dynamics by Value, 2006-16 ....................................................................... 180
10.2      Savory Biscuits Consumption Analysis, 2006–16 ........................................................................181
10.2.1 Savory Biscuits Market by Volume, 2006–16 ................................................................................................ 181
10.2.2 Savory Biscuits Consumption by Segments, 2006–16 .................................................................................. 182
10.3      Savory Biscuits Market Value Analysis, 2006–16 ........................................................................184
10.3.1 Savory Biscuits Market by Value, 2006–16 ................................................................................................... 184
10.3.2 Average Consumer Price/Kg - Savory Biscuits, 2006-2016 .......................................................................... 185
10.3.3 Savory Biscuits Market Value by Segments, 2006-2016 ............................................................................... 186
10.4      Bread Substitutes Market Analysis, 2006–16 ...............................................................................188
10.4.1 Bread Substitutes Market by Volume, 2006–16............................................................................................. 188
10.4.2 Bread Substitutes Market by Value, 2006–16................................................................................................ 189
10.5      Cheese Flavoured Cookies Market Analysis, 2006–16 ................................................................190
10.5.1 Cheese Flavoured Cookies Market by Volume, 2006–16 ............................................................................. 190
10.5.2 Cheese Flavoured Cookies by Market Value, 2006–16 ................................................................................ 191
10.6      Other Crackers Market Analysis, 2006–16...................................................................................192
10.6.1 Other Crackers Market by Volume, 2006–16 ................................................................................................. 192
10.6.2 Other Crackers Market by Value, 2006–16 .................................................................................................... 193
10.7      Plain Crackers Market Analysis, 2006–16....................................................................................194
10.7.1 Plain Crackers Market by Volume, 2006–16.................................................................................................. 194
10.7.2 Plain Crackers Market by Value, 2006–16 ..................................................................................................... 195
10.8      Savory Biscuits Market Volume Analysis by Brands, 2008-11 .....................................................196
10.9      Savory Biscuits Market Value by Distribution Channel, 2008-11 ..................................................197



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 7

© Canadean. This product is licensed and is not to be photocopied                                                                  Published: April 2012
 TABLE OF CONTENTS


11        Brazil Morning Goods Market Analysis ....................................................................... 199
11.1      Market Growth Dynamics-Morning Goods, 2006–16....................................................................199
11.1.1 Morning Goods Market Growth Dynamics by Volume, 2006–16 ................................................................... 199
11.1.2 Morning Goods Market Growth Dynamics by Value, 2006-16 ....................................................................... 201
11.2      Morning Goods Consumption Analysis, 2006–16 ........................................................................203
11.2.1 Morning Goods Market by Volume, 2006–16 ................................................................................................ 203
11.2.2 Morning Goods Consumption by Segments, 2006–16 .................................................................................. 204
11.3      Morning Goods Market Value Analysis, 2006–16 ........................................................................207
11.3.1 Morning Goods Market by Value, 2006–16 ................................................................................................... 207
11.3.2 Average Consumer Price/Kg - Morning Goods, 2006-2016 .......................................................................... 208
11.3.3 Morning Goods Market Value by Segments, 2006-2016 ............................................................................... 209
11.4      Buns & Teacakes Market Analysis, 2006–16 ...............................................................................213
11.4.1 Buns & Teacakes Market by Volume, 2006–16 ............................................................................................. 213
11.4.2 Buns & Teacakes Market by Value, 2006–16 ................................................................................................ 214
11.5      Breakfast Cakes Market Analysis, 2006–16.................................................................................215
11.5.1 Breakfast Cakes Market by Volume, 2006–16 ............................................................................................... 215
11.5.2 Breakfast Cakes Market by Value, 2006–16 .................................................................................................. 216
11.6      Croissants Market Analysis, 2006–16 ..........................................................................................217
11.6.1 Croissants Market by Volume, 2006–16 ........................................................................................................ 217
11.6.2 Croissants Market by Value, 2006–16 ........................................................................................................... 218
11.7      Crumpets Market Analysis, 2006–16 ...........................................................................................219
11.7.1 Crumpets Market by Volume, 2006–16 ......................................................................................................... 219
11.7.2 Crumpets Market by Value, 2006–16 ............................................................................................................ 220
11.8      Donuts Market Analysis, 2006–16 ...............................................................................................221
11.8.1 Donuts Market by Volume, 2006–16 .............................................................................................................. 221
11.8.2 Donuts Market by Value, 2006–16 ................................................................................................................. 222
11.9      Madeleines Market Analysis, 2006–16 ........................................................................................223
11.9.1 Madeleines Market by Volume, 2006–16 ....................................................................................................... 223
11.9.2 Madeleines Market by Value, 2006–16 .......................................................................................................... 224
11.10 Muffins Market Analysis, 2006–16 ...............................................................................................225
11.10.1 Muffins Market by Volume, 2006–16 ............................................................................................................. 225
11.10.2 Muffins Market by Value, 2006–16 ................................................................................................................ 226
11.11 Pain au Chocolat Market Analysis, 2006–16 ................................................................................227
11.11.1 Pain au Chocolat Market by Volume, 2006–16.............................................................................................. 227
11.11.2 Pain au Chocolat Market by Value, 2006–16................................................................................................. 228
11.12 Pain au Raisin Market Analysis, 2006–16 ....................................................................................229
11.12.1 Pain au Raisin Market by Volume, 2006–16 .................................................................................................. 229
11.12.2 Pain au Raisin Market by Value, 2006–16 ..................................................................................................... 230
11.13 Pancakes Market Analysis, 2006–16 ...........................................................................................231

The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 8

© Canadean. This product is licensed and is not to be photocopied                                                                      Published: April 2012
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11.13.1 Pancakes Market by Volume, 2006–16 ......................................................................................................... 231
11.13.2 Pancakes Market by Value, 2006–16 ............................................................................................................ 232
11.14 Scones Market Analysis, 2006–16 ...............................................................................................233
11.14.1 Scones Market by Volume, 2006–16 ............................................................................................................. 233
11.14.2 Scones Market by Value, 2006–16 ................................................................................................................ 234
11.15 Toaster Pastries Market Analysis, 2006–16 .................................................................................235
11.15.1 Toaster Pastries Market by Volume, 2006–16 ............................................................................................... 235
11.15.2 Toaster Pastries Market by Value, 2006–16 .................................................................................................. 236
11.16 Waffels Market Analysis, 2006–16 ...............................................................................................237
11.16.1 Waffels Market by Volume, 2006–16 ............................................................................................................. 237
11.16.2 Waffels Market by Value, 2006–16 ................................................................................................................ 238
11.17 Other Morning Goods Market Analysis, 2006–16.........................................................................239
11.17.1 Other Morning Goods Market by Volume, 2006–16 ...................................................................................... 239
11.17.2 Other Morning Goods Market by Value, 2006–16 ......................................................................................... 240
11.18 Frozen Morning Goods Market Analysis, 2006–16 ......................................................................241
11.18.1 Frozen Morning Goods Market by Volume, 2006–16 .................................................................................... 241
11.18.2 Frozen Morning Goods Market by Value, 2006–16 ....................................................................................... 242
11.19 Morning Goods Market Volume Analysis by Brands, 2008-11 .....................................................243
11.20 Morning Goods Market Value by Distribution Channel, 2008-11 ..................................................244
12        Brazil Baking Mixes Market Analysis .......................................................................... 246
12.1      Market Growth Dynamics-Baking Mixes, 2006–16 .......................................................................246
12.1.1 Baking Mixes Market Growth Dynamics by Volume, 2006–16 ...................................................................... 246
12.1.2 Baking Mixes Market Growth Dynamics by Value, 2006–16 ......................................................................... 247
12.2      Baking Mixes Consumption Analysis, 2006–16............................................................................248
12.2.1 Baking Mixes Market by Volume, 2006–16 .................................................................................................... 248
12.2.2 Baking Mixes Consumption by Segments, 2006–16 ..................................................................................... 249
12.3      Baking Mixes Market Value Analysis, 2006–16............................................................................251
12.3.1 Baking Mixes Market by Value, 2006–16 ....................................................................................................... 251
12.3.2 Average Consumer Price/Kg - Baking Mixes, 2006-2016 ............................................................................. 252
12.3.3 Baking Mixes Market Value by Segments, 2006-2016 .................................................................................. 253
12.4      Bread Mixes Market Analysis, 2006–16 .......................................................................................256
12.4.1 Bread Mixes Market by Volume, 2006–16 ..................................................................................................... 256
12.4.2 Bread Mixes Market by Value, 2006–16 ........................................................................................................ 257
12.5      Brownie Mixes Market Analysis, 2006–16....................................................................................258
12.5.1 Brownie Mixes Market by Volume, 2006–16.................................................................................................. 258
12.5.2 Brownie Mixes Market by Value, 2006–16 ..................................................................................................... 259
12.6      Dessert Mixes Market Analysis, 2006–16 ....................................................................................260
12.6.1 Dessert Mixes Market by Volume, 2006–16 .................................................................................................. 260
12.6.2 Dessert Mixes Market by Value, 2006–16 ..................................................................................................... 261


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12.7      Cake Mixes Market Analysis, 2006–16 ........................................................................................262
12.7.1 Cake Mixes Market by Volume, 2006–16 ...................................................................................................... 262
12.7.2 Cake Mixes Market by Value, 2006–16 ......................................................................................................... 263
12.8      Muffin Mixes Market Analysis, 2006–16 .......................................................................................264
12.8.1 Muffin Mixes Market by Volume, 2006–16 ..................................................................................................... 264
12.8.2 Muffin Mixes Market by Value, 2006–16 ........................................................................................................ 265
12.9      Pancake Mixes Market Analysis, 2006–16...................................................................................266
12.9.1 Pancake Mixes Market by Volume, 2006–16 ................................................................................................. 266
12.9.2 Pancake Mixes Market by Value, 2006–16 .................................................................................................... 267
12.10 Rolls/Biscuit Mixes Market Analysis, 2006–16 .............................................................................268
12.10.1 Rolls/Biscuit Mixes Market by Volume, 2006–16 ........................................................................................... 268
12.10.2 Rolls/Biscuit Mixes Market by Value, 2006–16 .............................................................................................. 269
12.11 Other Baking Mixes Market Analysis, 2006–16 ............................................................................270
12.11.1 Other Baking Mixes Market by Volume, 2006–16.......................................................................................... 270
12.11.2 Other Baking Mixes Market by Value, 2006–16............................................................................................. 271
12.12 Baking Mixes Market Volume Analysis by Brands, 2008-11.........................................................272
12.13 Baking Mixes Market Value by Distribution Channel, 2008-11 .....................................................273
13        Brazil Baking Ingredients Market Analysis ................................................................. 275
13.1      Market Growth Dynamics-Baking Ingredients, 2006–16 ..............................................................275
13.1.1 Baking Ingredients Market Growth Dynamics by Volume, 2006–16.............................................................. 275
13.1.2 Baking Ingredients Market Growth Dynamics by Value, 2006–16................................................................. 276
13.2      Baking Ingredients Consumption Analysis, 2006–16 ...................................................................277
13.2.1 Baking Ingredients Market by Volume, 2006–16 ........................................................................................... 277
13.2.2 Baking Ingredients Consumption by Segments, 2006–16 ............................................................................. 278
13.3      Baking Ingredients Market Value Analysis, 2006–16 ...................................................................280
13.3.1 Baking Ingredients Market by Value, 2006–16 .............................................................................................. 280
13.3.2 Average Consumer Price/Kg - Baking Ingredients, 2006-2016 ..................................................................... 281
13.3.3 Baking Ingredients Market Value by Segments, 2006-2016 .......................................................................... 282
13.4      Baking Chocolate Chips & Morsels Market Analysis, 2006–16 ....................................................285
13.4.1 Baking Chocolate Chips & Morsels Market by Volume, 2006–16 ................................................................. 285
13.4.2 Baking Chocolate Chips & Morsels Market by Value, 2006–16 .................................................................... 286
13.5      Baking Powder/Soda Market Analysis, 2006–16..........................................................................287
13.5.1 Baking Powder/Soda Market by Volume, 2006–16 ....................................................................................... 287
13.5.2 Baking Powder/Soda Market by Value, 2006–16 .......................................................................................... 288
13.6      Cakes, Decoration and Icing Market Analysis, 2006–16 ..............................................................289
13.6.1 Cakes, Decoration and Icing Market by Volume, 2006–16 ............................................................................ 289
13.6.2 Cakes, Decoration and Icing Market by Value, 2006–16 ............................................................................... 290
13.7      Cocoa Baking Market Analysis, 2006–16.....................................................................................291



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13.7.1 Cocoa Baking Market by Volume, 2006–16................................................................................................... 291
13.7.2 Cocoa Baking Market by Value, 2006–16 ...................................................................................................... 292
13.8      Dessicated Coconut Market Analysis, 2006–16 ...........................................................................293
13.8.1 Dessicated Coconut Market by Volume, 2006–16 ......................................................................................... 293
13.8.2 Dessicated Coconut Market by Value, 2006–16 ............................................................................................ 294
13.9      Corn & Potato Starch Market Analysis, 2006–16 .........................................................................295
13.9.1 Corn & Potato Starch Market by Volume, 2006–16 ....................................................................................... 295
13.9.2 Corn & Potato Starch Market by Value, 2006–16 .......................................................................................... 296
13.10 Dry Yeast Market Analysis, 2006–16 ...........................................................................................297
13.10.1 Dry Yeast Market by Volume, 2006–16 ......................................................................................................... 297
13.10.2 Dry Yeast Market by Value, 2006–16 ............................................................................................................ 298
13.11 Fruit Pectins and Glazed Fruit Market Analysis, 2006–16 ............................................................299
13.11.1 Fruit Pectins and Glazed Fruit Market by Volume, 2006–16 ......................................................................... 299
13.11.2 Fruit Pectins and Glazed Fruit Market by Value, 2006–16 ............................................................................ 300
13.12 Non-Chocolate Baking Chips Market Analysis, 2006–16 .............................................................301
13.12.1 Non-Chocolate Baking Chips Market by Volume, 2006–16 ........................................................................... 301
13.12.2 Non-Chocolate Baking Chips Market by Value, 2006–16 .............................................................................. 302
13.13 Other Baking Ingredients Market Analysis, 2006–16....................................................................303
13.13.1 Other Baking Ingredients Market by Volume, 2006–16 ................................................................................. 303
13.13.2 Other Baking Ingredients Market by Value, 2006–16 .................................................................................... 304
13.14 Baking Ingredients Market Volume Analysis by Brands, 2008-11 ................................................305
13.15 Baking Ingredients Market Value by Distribution Channel, 2008-11 .............................................306
14        Methodology .................................................................................................................. 308
14.1      About Canadean..........................................................................................................................308
14.2      Disclaimer....................................................................................................................................308




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LIST OF FIGURES

Figure 1: Consumer Panel Report Methodology ................................................................................................................................................. 25
Figure 2: Brazil Bakery & Cereals Consumption (Kg m) and Growth (Y-o-Y), 2006–16 ....................................................................................... 26
Figure 3: Brazil Per-capita Bakery & Cereals Consumption (Kg/head & Y-o-Y growth), 2006-16 ........................................................................ 27
Figure 4: Brazil Bakery & Cereals Market Dynamics, by Category, by Volume 2006–16 ..................................................................................... 28
Figure 5: Brazil Bakery & Cereals Consumption (Kg m) by Category, 2006–16 .................................................................................................. 29
Figure 6: Brazil Bakery & Cereals Consumption by Category – Trends & Forecasts, 2006 Vs. 2011 Vs. 2016 ................................................... 31
Figure 7: Brazil Bakery & Cereals Market Value (BRL m) and Growth (Y-o-Y), 2006–16 .................................................................................... 32
Figure 8: Brazil Bakery & Cereals Market Dynamics, by Category, by Market Value, 2006–16 ........................................................................... 33
Figure 9: Brazil Bakery & Cereals Market Value (BRL m) by Category, 2006–16 ................................................................................................ 34
Figure 10: Brazil Bakery & Cereals Market Value (BRL m) by Category – Trends & Forecasts, 2006 Vs. 2011 Vs. 2016 ................................... 37
Figure 11: Brazil Bread & Rolls Market Growth Dynamics by Volume 2006–16 .................................................................................................. 39
Figure 12: Brazil Bread & Rolls Market Growth Dynamics by Value, 2006–16 .................................................................................................... 40
Figure 13: Brazil Bread & Rolls Market Volume (Kg m) and Growth (Y-o-Y), 2006–16........................................................................................ 41
Figure 14: Brazil Bread & Rolls Consumption (Kg m) by Segments, 2006–16..................................................................................................... 42
Figure 15: Brazil Bread & Rolls Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ........................................................................................ 44
Figure 16: Brazil Bread & Rolls Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ......................................................................... 45
Figure 17: Brazil Bread & Rolls Market Value (BRL m) by Segments, 2006–16 .................................................................................................. 46
Figure 18: Brazil Loaves Market by Volume (Kg m), 2006–16............................................................................................................................. 49
Figure 19: Brazil Loaves Market by Value (BRL m), 2006–16 ............................................................................................................................. 50
Figure 20: Brazil Baguettes Market by Volume (Kg m), 2006–16 ........................................................................................................................ 51
Figure 21: Brazil Baguettes Market by Value (BRL m), 2006–16 ........................................................................................................................ 52
Figure 22: Brazil Rolls Market by Volume (Kg m), 2006–16 ................................................................................................................................ 53
Figure 23: Brazil Rolls Market by Value (BRL m), 2006–16 ................................................................................................................................ 54
Figure 24: Brazil Burger Buns Market by Volume (kg m), 2006–16 ..................................................................................................................... 55
Figure 25: Brazil Burger Buns Market by Value (BRL m), 2006–16 ..................................................................................................................... 56
Figure 26: Brazil Sandwich Slices Market by Volume (Kg m), 2006–16 .............................................................................................................. 57
Figure 27: Brazil Sandwich Slices Market by Value (BRL m), 2006–16 ............................................................................................................... 58
Figure 28: Brazil Ciabatta Market by Volume (Kg m), 2006–16 ........................................................................................................................... 59
Figure 29: Brazil Ciabatta Market by Value (BRL m), 2006–16 ........................................................................................................................... 60
Figure 30: Brazil Other Breads Market by Volume (Kg m), 2006–16 ................................................................................................................... 61
Figure 31: Brazil Other Breads Market by Value (BRL m), 2006–16 ................................................................................................................... 62
Figure 32: Brazil Frozen Bread & Rolls Market by Volume (Kg m), 2006–16....................................................................................................... 63
Figure 33: Brazil Frozen Bread & Rolls Market by Value (BRL m), 2006–16 ....................................................................................................... 64
Figure 34: Brazil Bread & Rolls Market Volume by Brands (Kg m), 2008–11 ...................................................................................................... 65
Figure 35: Brazil Bread & Rolls Market Value by Distribution Channel (BRL m), 2008–11 .................................................................................. 66
Figure 36: Brazil Breakfast Cereals Market Growth Dynamics by Volume, 2006–16 ........................................................................................... 68
Figure 37: Brazil Breakfast Cereals Market Growth Dynamics by Value, 2006–16 .............................................................................................. 69
Figure 38: Brazil Breakfast Cereals Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ................................................................................. 70
Figure 39: Brazil Breakfast Cereals Consumption (Kg m) by Segments, 2006–16 .............................................................................................. 71
Figure 40: Brazil Breakfast Cereals Market Value (BRL m) and Growth (Y-o-Y), 2006–16.................................................................................. 72
Figure 41: Brazil Breakfast Cereals Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ................................................................... 73
Figure 42: Brazil Breakfast Cereals Market Value (BRL m) by Segments, 2006–16............................................................................................ 74
Figure 43: Brazil Hot Cereals Market by Volume (Kg m), 2006–16 ..................................................................................................................... 76
Figure 44: Brazil Hot Cereals Market by Value (BRL m), 2006–16 ...................................................................................................................... 77
Figure 45: Brazil Ready to Eat Cereals Market by Volume (Kg m), 2006–16....................................................................................................... 78
Figure 46: Brazil Ready to Eat Cereals Market by Value (BRL m), 2006–16 ....................................................................................................... 79
Figure 47: Brazil Ready to Eat Cereals Market Volume by Brands (Kg m), 2008–11 .......................................................................................... 80
Figure 48: Brazil Ready to Eat Cereals Market Value by Distribution Channel (BRL m), 2008–11 ...................................................................... 81
Figure 49: Brazil Cakes, Pastries & Sweet Pies Market Growth Dynamics by Volume, 2006–16 ........................................................................ 83
Figure 50: Brazil Cakes, Pastries & Sweet Pies Market Growth Dynamics by Value, 2006–16 ........................................................................... 84
Figure 51: Brazil Cakes, Pastries & Sweet Pies Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ............................................................... 85
Figure 52: Brazil Cakes, Pastries & Sweet Pies Consumption (Kg m) by Segments, 2006–16............................................................................ 86
Figure 53: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ............................................................... 88
Figure 54: Brazil Cakes, Pastries & Sweet Pies Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16................................................. 89
Figure 55: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) by Segments, 2006–16 ......................................................................... 90
Figure 56: Brazil Cakes Market by Volume (Kg m), 2006–16 .............................................................................................................................. 92
Figure 57: Brazil Cakes Market by Value (BRL m), 2006–16 .............................................................................................................................. 93
Figure 58: Brazil Pastries Market by Volume (Kg m), 2006–16 ........................................................................................................................... 94



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Figure 59: Brazil Pastries Market by Value (BRL m), 2006–16............................................................................................................................ 95
Figure 60: Brazil Frozen Cakes & Pastries Market by Volume (Kg m), 2006–16 ................................................................................................. 96
Figure 61: Brazil Frozen Cakes & Pastries Market by Value (BRL m), 2006–16 ................................................................................................. 97
Figure 62: Brazil Sweet Pies Market by Volume (Kg m), 2006–16 ...................................................................................................................... 98
Figure 63: Brazil Sweet Pies Market by Value (BRL m), 2006–16 ....................................................................................................................... 99
Figure 64: Brazil Cakes, Pastries & Sweet Pies Market Volume by Brands (Kg m), 2008–11 ............................................................................100
Figure 65: Brazil Cakes, Pastries & Sweet Pies Market Value by Distribution Channel (BRL m), 2008–11 ........................................................101
Figure 66: Brazil Dough Products Market Growth Dynamics by Volume, 2006–16.............................................................................................103
Figure 67: Brazil Dough Products Market Growth Dynamics by Value, 2006–16 ...............................................................................................104
Figure 68: Brazil Dough Products Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ...................................................................................105
Figure 69: Brazil Dough Products Consumption (Kg m) by Segments, 2006–16 ................................................................................................106
Figure 70: Brazil Dough Products Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ...................................................................................108
Figure 71: Brazil Dough Products Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 .....................................................................109
Figure 72: Brazil Dough Products Market Value (BRL m) by Segments, 2006–16 .............................................................................................110
Figure 73: Brazil Pie & Pastry Shells Market by Volume (Kg m), 2006–16 .........................................................................................................112
Figure 74: Brazil Pie & Pastry Shells Market by Value (BRL m), 2006–16 .........................................................................................................113
Figure 75: Brazil Prepared Pastry (Others) Market by Volume (Kg m), 2006–16................................................................................................114
Figure 76: Brazil Prepared Pastry (Others) Market by Value (BRL m), 2006–16 ................................................................................................115
Figure 77: Brazil Pizza Bases Market by Volume (Kg m), 2006–16....................................................................................................................116
Figure 78: Brazil Pizza Bases Market by Value (BRL m), 2006–16 ....................................................................................................................117
Figure 79: Brazil Frozen Dough Products Market by Volume (Kg m), 2006–16 ..................................................................................................118
Figure 80: Brazil Frozen Dough Products Market by Value (BRL m), 2006–16 ..................................................................................................119
Figure 81: Brazil Dough Products Market Volume by Brands (Kg m), 2008–11..................................................................................................120
Figure 82: Brazil Dough Products Market Value by Distribution Channel (BRL m), 2008–11 .............................................................................121
Figure 83: Brazil Cereal Bars Market Growth Dynamics by Volume, 2006–16 ...................................................................................................123
Figure 84: Brazil Cereal Bars Market Growth Dynamics by Value, 2006–16 ......................................................................................................124
Figure 85: Brazil Cereal Bars Market Volume (Kg m) and Growth (Y-o-Y), 2006–16..........................................................................................125
Figure 86: Brazil Cereal Bars Consumption (Kg m) by Segments, 2006–16 ......................................................................................................126
Figure 87: Brazil Cereal Bars Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ..........................................................................................127
Figure 88: Brazil Cereal Bars Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ...........................................................................128
Figure 89: Brazil Cereal Bars Market Value (BRL m) by Segments, 2006–16 ....................................................................................................129
Figure 90: Brazil Granola/Muesli/Yogurt Bars Market by Volume (Kg m), 2006–11 ............................................................................................131
Figure 91: Brazil Granola/Muesli/Yogurt Bars Market by Value (BRL m), 2006–16 ............................................................................................132
Figure 92: Brazil Other Cereal Bars Market by Volume (Kg m), 2006–16...........................................................................................................133
Figure 93: Brazil Other Cereal Bars Market by Value (BRL m), 2006–16 ...........................................................................................................134
Figure 94: Brazil Cereal Bars Market Volume by Brands (Kg m), 2008–11 ........................................................................................................135
Figure 95: Brazil Cereal Bars Market Value by Distribution Channel (BRL m), 2008–11 ....................................................................................136
Figure 96: Brazil Energy Bars Market Growth Dynamics by Volume, 2006–16 ..................................................................................................138
Figure 97: Brazil Energy Bars Market Growth Dynamics by Value, 2006–16 .....................................................................................................139
Figure 98: Brazil Energy Bars Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 .........................................................................................140
Figure 99: Brazil Energy Bars Market Value (BRL m) and Growth (Y-o-Y), 2006–16 .........................................................................................141
Figure 100: Brazil Energy Bars Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16.........................................................................142
Figure 101: Brazil Energy Bars Market Volume by Brands (Kg m), 2008–11......................................................................................................143
Figure 102: Brazil Energy Bars Market Value by Distribution Channel (BRL m), 2008–11 .................................................................................144
Figure 103: Brazil Cookies (Sweet Biscuits) Market Growth Dynamics by Volume, 2006–16 .............................................................................146
Figure 104: Brazil Cookies (Sweet Biscuits) Market Growth Dynamics by Value, 2006–16 ................................................................................147
Figure 105: Brazil Cookies (Sweet Biscuits) Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ...................................................................148
Figure 106: Brazil Cookies (Sweet Biscuits) Consumption (Kg m) by Segments, 2006–16 ................................................................................149
Figure 107: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ....................................................................151
Figure 108: Brazil Cookies (Sweet Biscuits) Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 .....................................................152
Figure 109: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) by Segments, 2006–16 ..............................................................................153
Figure 110: Brazil American Cookies Market by Volume (Kg m), 2006–16 ........................................................................................................156
Figure 111: Brazil American Cookies Market by Value (BRL m), 2006–16 .........................................................................................................157
Figure 112: Brazil Artisanal Cookies Market by Volume (Kg m), 2006–11..........................................................................................................158
Figure 113: Brazil Artisanal Cookies Market by Value (BRL m), 2006–16 ..........................................................................................................159
Figure 114: Brazil Assortments Market by Volume (Kg m), 2006–16 .................................................................................................................160
Figure 115: Brazil Assortments Market by Value (BRL m), 2006–16 ..................................................................................................................161
Figure 116: Brazil Butter- Based Cookies Market by Volume (Kg m), 2006–16 ..................................................................................................162
Figure 117: Brazil Butter- Based Cookies Market by Value(BRL m), 2006–16 ...................................................................................................163
Figure 118: Brazil Chocolate Cookies Market by Volume (Kg m), 2006–16 .......................................................................................................164
Figure 119: Brazil Chocolate Cookies Market by Value (BRL m), 2006–16 ........................................................................................................165



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Figure 120: Brazil Cream Filled Market by Volume (Kg m), 2006–16 .................................................................................................................166
Figure 121: Brazil Cream Filled Market by Value (BRL m), 2006–16 .................................................................................................................167
Figure 122: Brazil Egg- Based Cookies Market by Volume (Kg m), 2006–16 .....................................................................................................168
Figure 123: Brazil Egg- Based Cookies Market by Value (BRL m), 2006–16 .....................................................................................................169
Figure 124: Brazil Other Cookies Market by Volume (Kg m), 2006–16 ..............................................................................................................170
Figure 125: Brazil Other Cookies Market by Value (BRL m), 2006–16 ...............................................................................................................171
Figure 126: Brazil Plain Cookies Market by Volume (Kg m), 2006–16 ...............................................................................................................172
Figure 127: Brazil Plain Cookies Market by Value (BRL m), 2006–16 ................................................................................................................173
Figure 128: Brazil Wafer Biscuits Market by Volume (Kg m), 2006–16 ..............................................................................................................174
Figure 129: Brazil Wafer Biscuits Market by Value (BRL m), 2006–16 ...............................................................................................................175
Figure 130: Brazil Cookies (Sweet Biscuits) Market Volume by Brands (Kg m), 2008–11 ..................................................................................176
Figure 131: Brazil Cookies (Sweet Biscuits) Market Value by Distribution Channel (BRL m), 2008–11 ..............................................................177
Figure 132: Brazil Savory Biscuits Market Growth Dynamics by Volume, 2006–16 ............................................................................................179
Figure 133: Brazil Savory Biscuits Market Growth Dynamics by Value, 2006–16 ...............................................................................................180
Figure 134: Brazil Savory Biscuits Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ..................................................................................181
Figure 135: Brazil Savory Biscuits Consumption (Kg m) by Segments, 2006–16 ...............................................................................................182
Figure 136: Brazil Savory Biscuits Market Value (BRL m) and Growth (Y-o-Y), 2006–16...................................................................................184
Figure 137: Brazil Savory Biscuits Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ....................................................................185
Figure 138: Brazil Savory Biscuits Market Value (BRL m) by Segments, 2006–16.............................................................................................186
Figure 139: Brazil Bread Substitutes Market by Volume (Kg m), 2006–16 .........................................................................................................188
Figure 140: Brazil Bread Substitutes Market by Value (BRL m), 2006–16..........................................................................................................189
Figure 141: Brazil Cheese Flavoured Cookies Market by Volume (Kg m), 2006–16...........................................................................................190
Figure 142: Brazil Cheese Flavoured Cookies Market by Value (BRL m), 2006–16 ...........................................................................................191
Figure 143: Brazil Other Crackers Market by Volume (Kg m), 2006–16 .............................................................................................................192
Figure 144: Brazil Other Crackers Market by Value (BRL m), 2006–16 .............................................................................................................193
Figure 145: Brazil Plain Crackers Market by Volume (Kg m), 2006–16 ..............................................................................................................194
Figure 146: Brazil Plain Crackers Market by Value (BRL m), 2006–16 ..............................................................................................................195
Figure 147: Brazil Savory Biscuits Market Volume by Brands (Kg m), 2008–11 ................................................................................................196
Figure 148: Brazil Savory Biscuits Market Value by Distribution Channel (BRL m), 2008–11 ............................................................................197
Figure 149: Brazil Morning Goods Market Growth Dynamics by Volume, 2006–16 ............................................................................................199
Figure 150: Brazil Morning Goods Market Growth Dynamics by Value, 2006–16 ...............................................................................................201
Figure 151: Brazil Morning Goods Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ..................................................................................203
Figure 152: Brazil Morning Goods Consumption (Kg m) by Segments, 2006–16 ...............................................................................................204
Figure 153: Brazil Morning Goods Market Value (BRL m) and Growth (Y-o-Y), 2006–16...................................................................................207
Figure 154: Brazil Morning Goods Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ....................................................................208
Figure 155: Brazil Morning Goods Market Value (BRL m) by Segments, 2006–16.............................................................................................209
Figure 156: Brazil Buns & Teacakes Market by Volume (Kg m), 2006–16 .........................................................................................................213
Figure 157: Brazil Buns & Teacakes Market by Value (BRL m), 2006–16 ..........................................................................................................214
Figure 158: Brazil Breakfast Cakes Market by Volume (Kg m), 2006–16 ...........................................................................................................215
Figure 159: Brazil Breakfast Cakes Market by Value (BRL m), 2006–16............................................................................................................216
Figure 160: Brazil Croissants Market by Volume (Kg m), 2006–16 ....................................................................................................................217
Figure 161: Brazil Croissants Market by Value (BRL m), 2006–16 .....................................................................................................................218
Figure 162: Brazil Crumpets Market by Volume (Kg m), 2006–16......................................................................................................................219
Figure 163: Brazil Crumpets Market by Value (BRL m), 2006–16 ......................................................................................................................220
Figure 164: Brazil Donuts Market by Volume (Kg m), 2006–16 ..........................................................................................................................221
Figure 165: Brazil Donuts Market by Value (BRL m), 2006–16 ..........................................................................................................................222
Figure 166: Brazil Madeleines Market by Volume (Kg m), 2006–16 ...................................................................................................................223
Figure 167: Brazil Madeleines Market by Value (BRL m), 2006–16 ...................................................................................................................224
Figure 168: Brazil Muffins Market by Volume (Kg m), 2006–16..........................................................................................................................225
Figure 169: Brazil Muffins Market by Value (BRL m), 2006–16 ..........................................................................................................................226
Figure 170: Brazil Pain au Chocolat Market by Volume (Kg m), 2006–16 ..........................................................................................................227
Figure 171: Brazil Pain au Chocolat Market by Value (BRL m), 2006–16...........................................................................................................228
Figure 172: Brazil Pain au Raisin Market by Volume (Kg m), 2006–16 ..............................................................................................................229
Figure 173: Brazil Pain au Raisin Market by Value (BRL m), 2006–16 ...............................................................................................................230
Figure 174: Brazil Pancakes Market by Volume (Kg m), 2006–16 .....................................................................................................................231
Figure 175: Brazil Pancakes Market by Value (BRL m), 2006–16 ......................................................................................................................232
Figure 176: Brazil Scones Market by Volume (Kg m), 2006–16 .........................................................................................................................233
Figure 177: Brazil Scones Market by Value (BRL m), 2006–16..........................................................................................................................234
Figure 178: Brazil Toaster Pastries Market by Volume (Kg m), 2006–16 ...........................................................................................................235
Figure 179: Brazil Toaster Pastries Market by Value (BRL m), 2006–16 ............................................................................................................236
Figure 180: Brazil Waffels Market by Volume (Kg m), 2006–16 .........................................................................................................................237



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Figure 181: Brazil Waffels Market by Value (BRL m), 2006–16..........................................................................................................................238
Figure 182: Brazil Other Morning Goods Market by Volume (Kg m), 2006–16 ...................................................................................................239
Figure 183: Brazil Other Morning Goods Market by Value (BRL m), 2006–16....................................................................................................240
Figure 184: Brazil Frozen Morning Goods Market by Volume (Kg m), 2006–16 .................................................................................................241
Figure 185: Brazil Frozen Morning Goods Market by Value (BRL m), 2006–16 .................................................................................................242
Figure 186: Brazil Morning Goods Market Volume by Brands (Kg m), 2008–11 .................................................................................................243
Figure 187: Brazil Morning Goods Market Value by Distribution Channel (BRL m), 2008–11 .............................................................................244
Figure 188: Brazil Baking Mixes Market Growth Dynamics by Volume, 2006–16 ...............................................................................................246
Figure 189: Brazil Baking Mixes Market Growth Dynamics by Value, 2006–16 ..................................................................................................247
Figure 190: Brazil Baking Mixes Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 .....................................................................................248
Figure 191: Brazil Baking Mixes Consumption (Kg m) by Segments, 2006–16 ..................................................................................................249
Figure 192: Brazil Baking Mixes Market Value (BRL m) and Growth (Y-o-Y), 2006–16......................................................................................251
Figure 193: Brazil Baking Mixes Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 .......................................................................252
Figure 194: Brazil Baking Mixes Market Value (BRL m) by Segments, 2006–11................................................................................................253
Figure 195: Brazil Bread Mixes Market by Volume (Kg m), 2006–16 .................................................................................................................256
Figure 196: Brazil Bread Mixes Market by Value (BRL m), 2006–16 ..................................................................................................................257
Figure 197: Brazil Brownie Mixes Market by Volume (Kg m), 2006–16 ..............................................................................................................258
Figure 198: Brazil Brownie Mixes Market by Value (BRL m), 2006–16 ..............................................................................................................259
Figure 199: Brazil Dessert Mixes Market by Volume (Kg m), 2006–16 ...............................................................................................................260
Figure 200: Brazil Dessert Mixes Market by Value (BRL m), 2006–16 ...............................................................................................................261
Figure 201: Brazil Cake Mixes Market by Volume (Kg m), 2006–16...................................................................................................................262
Figure 202: Brazil Cake Mixes Market by Value (BRL m), 2006–16 ...................................................................................................................263
Figure 203: Brazil Muffin Mixes Market by Volume (Kg m), 2006–16 .................................................................................................................264
Figure 204: Brazil Muffin Mixes Market by Value (BRL m), 2006–16..................................................................................................................265
Figure 205: Brazil Pancake Mixes Market by Volume (Kg m), 2006–16 .............................................................................................................266
Figure 206: Brazil Pancake Mixes Market by Value (BRL m), 2006–16 .............................................................................................................267
Figure 207: Brazil Rolls/Biscuit Mixes Market by Volume (Kg m), 2006–16 ........................................................................................................268
Figure 208: Brazil Rolls/Biscuit Mixes Market by Value (BRL m), 2006–16 ........................................................................................................269
Figure 209: Brazil Other Baking Mixes Market by Volume (Kg m), 2006–16 ......................................................................................................270
Figure 210: Brazil Other Baking Mixes Market by Value (BRL m), 2006–16 .......................................................................................................271
Figure 211: Brazil Baking Mixes Market Volume by Brands (Kg m), 2008–11 ....................................................................................................272
Figure 212: Brazil Baking Mixes Market Value by Distribution Channel (BRL m), 2008–11 ................................................................................273
Figure 213: Brazil Baking Ingredients Market Growth Dynamics by Volume, 2006–16.......................................................................................275
Figure 214: Brazil Baking Ingredients Market Growth Dynamics by Value, 2006–16..........................................................................................276
Figure 215: Brazil Baking Ingredients Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 .............................................................................277
Figure 216: Brazil Baking Ingredients Consumption (Kg m) by Segments, 2006–16 ..........................................................................................278
Figure 217: Brazil Baking Ingredients Market Value (BRL m) and Growth (Y-o-Y), 2006–16..............................................................................280
Figure 218: Brazil Baking Ingredients Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ...............................................................281
Figure 219: Brazil Baking Ingredients Market Value (BRL m) by Segments, 2006–11 .......................................................................................282
Figure 220: Brazil Baking Chocolate Chips & Morsels Market by Volume (Kg m), 2006–16 ...............................................................................285
Figure 221: Brazil Baking Chocolate Chips & Morsels Market by Value (BRL m), 2006–16 ...............................................................................286
Figure 222: Brazil Baking Powder/Soda Market by Volume (Kg m), 2006–16 ....................................................................................................287
Figure 223: Brazil Baking Powder/Soda Market by Value (BRL m), 2006–16.....................................................................................................288
Figure 224: Brazil Cakes, Decoration and Icing Market by Volume (Kg m), 2006–16 .........................................................................................289
Figure 225: Brazil Cakes, Decoration and Icing Market by Value (BRL m), 2006–16 .........................................................................................290
Figure 226: Brazil Cocoa Baking Market by Volume (Kg m), 2006–16 ...............................................................................................................291
Figure 227: Brazil Cocoa Baking Market by Value (BRL m), 2006–16 ...............................................................................................................292
Figure 228: Brazil Dessicated Coconut Market by Volume (Kg m), 2006–16......................................................................................................293
Figure 229: Brazil Dessicated Coconut Market by Value (BRL m), 2006–16 ......................................................................................................294
Figure 230: Brazil Corn & Potato Starch Market by Volume (Kg m), 2006–16 ....................................................................................................295
Figure 231: Brazil Corn & Potato Starch Market by Value (BRL m), 2006–16 ....................................................................................................296
Figure 232: Brazil Dry Yeast Market by Volume (Kg m), 2006–16......................................................................................................................297
Figure 233: Brazil Dry Yeast Market by Value (BRL m), 2006–16 ......................................................................................................................298
Figure 234: Brazil Fruit Pectins and Glazed Fruit Market by Volume (Kg m), 2006–16.......................................................................................299
Figure 235: Brazil Fruit Pectins and Glazed Fruit Market by Value (BRL m), 2006–16 .......................................................................................300
Figure 236: Brazil Non-Chocolate Baking Chips Market by Volume (Kg m), 2006–16 ........................................................................................301
Figure 237: Brazil Non-Chocolate Baking Chips Market by Value (BRL m), 2006–16 ........................................................................................302
Figure 238: Brazil Other Baking Ingredients Market by Volume (Kg m), 2006–16 ..............................................................................................303
Figure 239: Brazil Other Baking Ingredients Market by Value (BRL m), 2006–16 ..............................................................................................304
Figure 240: Brazil Baking Ingredients Market Volume by Brands (Kg m), 2008–11 ............................................................................................305
Figure 241: Brazil Baking Ingredients Market Value by Distribution Channel (BRL m), 2008–11........................................................................306



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                                     Page 15

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  TABLE OF CONTENTS



LIST OF TABLES

Table 1: Volume Units for the Bakery & Cereals Market ..................................................................................................................................... 23
Table 2: Brazil Bakery & Cereals Consumption (Kg m) and Growth (Y-o-Y), 2006–16 ........................................................................................ 26
Table 3: Brazil Per-capita Bakery & Cereals Consumption (Kg/head & Y-o-Y growth), 2006-16 ......................................................................... 27
Table 4: Brazil Bakery & Cereals Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Category, by volume (Kg m) ............................................................................................................................................................................... 28
Table 5: Brazil Bakery & Cereals Consumption (Kg m) by Category, 2006–11 ................................................................................................... 29
Table 6: Brazil Bakery & Cereals Consumption (Kg m) by Category, 2011–16 ................................................................................................... 30
Table 7: Brazil Bakery & Cereals Consumption by Category – Trends & Forecasts, 2006 Vs. 2011 Vs. 2016..................................................... 31
Table 8: Brazil Bakery & Cereals Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ..................................................................................... 32
Table 9: Brazil Bakery & Cereals Market Value (USD m) and Growth (Y-o-Y), 2006–16 ..................................................................................... 32
Table 10: Brazil Bakery & Cereals Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Category, by value (BRL m) ............................................................................................................................................................................... 33
Table 11: Brazil Bakery & Cereals Market Value (BRL m) by Category, 2006–11 ............................................................................................... 34
Table 12: Brazil Bakery & Cereals Market Value (BRL m) by Category, 2011–16 ............................................................................................... 35
Table 13: Brazil Bakery & Cereals Market Value (USD m) by Category, 2006–11 .............................................................................................. 35
Table 14: Brazil Bakery & Cereals Market Value (USD m) by Category, 2011–16 .............................................................................................. 36
Table 15: Brazil Bakery & Cereals Market Value (BRL m) by Category – Trends & Forecasts, 2006 Vs. 2011 Vs. 2016..................................... 37
Table 16: Brazil Bakery & Cereals Market Value (USD m) by Category – Trends & Forecasts, 2006 Vs. 2011 Vs. 2016 .................................... 38
Table 17: Brazil Bread & Rolls Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Volume
(Kg m), by Segments .......................................................................................................................................................................................... 39
Table 18: Brazil Bread & Rolls Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Value
(BRL m), by Segments ....................................................................................................................................................................................... 40
Table 19: Brazil Bread & Rolls Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ......................................................................................... 41
Table 20: Brazil Bread & Rolls Consumption (Kg m) by Segments, 2006–11 ...................................................................................................... 42
Table 21: Brazil Bread & Rolls Consumption (Kg m) by Segments, 2011–16 ...................................................................................................... 43
Table 22: Brazil Bread & Rolls Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ......................................................................................... 44
Table 23: Brazil Bread & Rolls Market Value (USD m) and Growth (Y-o-Y), 2006–16......................................................................................... 44
Table 24: Brazil Bread & Rolls Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16........................................................................... 45
Table 25: Brazil Bread & Rolls Market Value (BRL m) by Segments, 2006–11 ................................................................................................... 46
Table 26: Brazil Bread & Rolls Market Value (BRL m) by Segments, 2011–16 ................................................................................................... 47
Table 27: Brazil Bread & Rolls Market Value (USD m) by Segments, 2006–11................................................................................................... 47
Table 28: Brazil Bread & Rolls Market Value (USD m) by Segments, 2011–16................................................................................................... 48
Table 29: Brazil Loaves Market by Volume (Kg m), 2006–16 .............................................................................................................................. 49
Table 30: Brazil Loaves Market by Value (BRL m), 2006–16 .............................................................................................................................. 50
Table 31: Brazil Loaves Market by Value (USD m), 2006–16.............................................................................................................................. 50
Table 32: Brazil Baguettes Market by Volume (Kg m), 2006–16 ......................................................................................................................... 51
Table 33: Brazil Baguettes Market by Value (BRL m), 2006–16.......................................................................................................................... 52
Table 34: Brazil Baguettes Market by Value (USD m), 2006–16 ......................................................................................................................... 52
Table 35: Brazil Rolls Market by Volume (kg m), 2006–16 .................................................................................................................................. 53
Table 36: Brazil Rolls Market by Value (BRL m), 2006–16.................................................................................................................................. 54
Table 37: Brazil Rolls Market by Value (USD m), 2006–16 ................................................................................................................................. 54
Table 38: Brazil Burger Buns Market by Volume (kg m), 2006–16 ...................................................................................................................... 55
Table 39: Brazil Burger Buns Market by Value (BRL m), 2006–16 ...................................................................................................................... 56
Table 40: Brazil Burger Buns Market by Value (USD m), 2006–16 ..................................................................................................................... 56
Table 41: Brazil Sandwich Slices Market by Volume (Kg m), 2006–16 ............................................................................................................... 57
Table 42: Brazil Sandwich Slices Market by Value (BRL m), 2006–16 ................................................................................................................ 58
Table 43: Brazil Sandwich Slices Market by Value (USD m), 2006–16 ............................................................................................................... 58
Table 44: Brazil Ciabatta Market by Volume (Kg m), 2006–16 ............................................................................................................................ 59
Table 45: Brazil Ciabatta Market by Value (BRL m), 2006–16 ............................................................................................................................ 60
Table 46: Brazil Ciabatta Market by Value (USD m), 2006–16 ............................................................................................................................ 60
Table 47: Brazil Other Breads Market by Volume (Kg m), 2006–16 .................................................................................................................... 61
Table 48: Brazil Other Breads Market by Value (BRL m), 2006–16..................................................................................................................... 62
Table 49: Brazil Other Breads Market by Value (USD m), 2006–16 .................................................................................................................... 62
Table 50: Brazil Frozen Bread & Rolls Market by Volume (Kg m), 2006–16 ........................................................................................................ 63
Table 51: Brazil Frozen Bread & Rolls Market by Value (BRL m), 2006–16 ........................................................................................................ 64
Table 52: Brazil Frozen Bread & Rolls Market by Value (USD m), 2006–16........................................................................................................ 64
Table 53: Brazil Bread & Rolls Market Volume by Brands (Kg m), 2008–11 ....................................................................................................... 65


The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                                                             Page 16

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  TABLE OF CONTENTS

Table 54: Brazil Bread & Rolls Market Value by Distribution Channel (BRL m), 2008–11 ................................................................................... 66
Table 55: Brazil Bread & Rolls Market Value by Distribution Channel (USD m), 2008–11 ................................................................................... 67
Table 56: Brazil Breakfast Cereals Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Volume (Kg m), by Segments ............................................................................................................................................................................. 68
Table 57: Brazil Breakfast Cereals Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Value (BRL m), by Segments ............................................................................................................................................................................. 69
Table 58: Brazil Breakfast Cereals Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 .................................................................................. 70
Table 59: Brazil Breakfast Cereals Consumption (Kg m) by Segments, 2006–11 ............................................................................................... 71
Table 60: Brazil Breakfast Cereals Consumption (Kg m) by Segments, 2011–16 ............................................................................................... 71
Table 61: Brazil Breakfast Cereals Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ................................................................................... 72
Table 62: Brazil Breakfast Cereals Market Value (USD m) and Growth (Y-o-Y), 2006–16 .................................................................................. 72
Table 63: Brazil Breakfast Cereals Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 .................................................................... 73
Table 64: Brazil Breakfast Cereals Market Value (BRL m) by Segments, 2006–11 ............................................................................................. 74
Table 65: Brazil Breakfast Cereals Market Value (BRL m) by Segments, 2011–16 ............................................................................................. 74
Table 66: Brazil Breakfast Cereals Market Value (USD m) by Segments, 2006–11 ............................................................................................ 75
Table 67: Brazil Breakfast Cereals Market Value (USD m) by Segments, 2011–16 ............................................................................................ 75
Table 68: Brazil Hot Cereals Market by Volume (Kg m), 2006–16....................................................................................................................... 76
Table 69: Brazil Hot Cereals Market by Value (BRL m), 2006–16 ....................................................................................................................... 77
Table 70: Brazil Hot Cereals Market by Value (USD m), 2006–16 ...................................................................................................................... 77
Table 71: Brazil Ready to Eat Cereals Market by Volume (Kg m), 2006–16 ........................................................................................................ 78
Table 72: Brazil Ready to Eat Cereals Market by Value (BRL m), 2006–16 ........................................................................................................ 79
Table 73: Brazil Ready to Eat Cereals Market by Value (USD m), 2006–16 ....................................................................................................... 79
Table 74: Brazil Ready to Eat Cereals Market Volume by Brands (Kg m), 2008–11............................................................................................ 80
Table 75: Brazil Ready to Eat Cereals Market Value by Distribution Channel (BRL m), 2008–11 ....................................................................... 82
Table 76: Brazil Ready to Eat Cereals Market Value by Distribution Channel (USD m), 2008–11 ....................................................................... 82
Table 77: Brazil Cakes, Pastries & Sweet Pies Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size
(2016), by Volume (Kg m), by Segments ............................................................................................................................................................ 83
Table 78: Brazil Cakes, Pastries & Sweet Pies Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size
(2016), by Value (BRL m), by Segments ............................................................................................................................................................ 84
Table 79: Brazil Cakes, Pastries & Sweet Pies Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ................................................................ 85
Table 80: Brazil Cakes, Pastries & Sweet Pies Consumption (Kg m) by Segments, 2006–11 ............................................................................. 86
Table 81: Brazil Cakes, Pastries & Sweet Pies Consumption (Kg m) by Segments, 2011–16 ............................................................................. 87
Table 82: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ................................................................ 88
Table 83: Brazil Cakes, Pastries & Sweet Pies Market Value (USD m) and Growth (Y-o-Y), 2006–16................................................................ 88
Table 84: Brazil Cakes, Pastries & Sweet Pies Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ................................................. 89
Table 85: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) by Segments, 2006–11 .......................................................................... 90
Table 86: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) by Segments, 2011–16 .......................................................................... 91
Table 87: Brazil Cakes, Pastries & Sweet Pies Market Value (USD m) by Segments, 2006–11.......................................................................... 91
Table 88: Brazil Cakes, Pastries & Sweet Pies Market Value (USD m) by Segments, 2011–16.......................................................................... 91
Table 89: Brazil Cakes Market by Volume (Kg m), 2006–16 ............................................................................................................................... 92
Table 90: Brazil Cakes Market by Value (BRL m), 2006–16 ............................................................................................................................... 93
Table 91: Brazil Cakes Market by Value (USD m), 2006–16 ............................................................................................................................... 93
Table 92: Brazil Pastries Market by Volume (Kg m), 2006–16 ............................................................................................................................ 94
Table 93: Brazil Pastries Market by Value (BRL m), 2006–16 ............................................................................................................................. 95
Table 94: Brazil Pastries Market by Value (USD m), 2006–16 ............................................................................................................................ 95
Table 95: Brazil Frozen Cakes & Pastries Market by Volume (Kg m), 2006–16 .................................................................................................. 96
Table 96: Brazil Frozen Cakes & Pastries Market by Value (BRL m), 2006–16................................................................................................... 97
Table 97: Brazil Frozen Cakes & Pastries Market by Value (USD m), 2006–16 .................................................................................................. 97
Table 98: Brazil Sweet Pies Market by Volume (Kg m), 2006–16 ....................................................................................................................... 98
Table 99: Brazil Sweet Pies Market by Value (BRL m), 2006–16 ........................................................................................................................ 99
Table 100: Brazil Sweet Pies Market by Value (USD m), 2006–16 ..................................................................................................................... 99
Table 101: Brazil Cakes, Pastries & Sweet Pies Market Volume by Brands (Kg m), 2008–11............................................................................100
Table 102: Brazil Cakes, Pastries & Sweet Pies Market Value by Distribution Channel (BRL m), 2008–11 .......................................................102
Table 103: Brazil Cakes, Pastries & Sweet Pies Market Value by Distribution Channel (USD m), 2008–11 .......................................................102
Table 104: Brazil Dough Products Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Volume (Kg m), by Segments ............................................................................................................................................................................103
Table 105: Brazil Dough Products Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Value
(BRL m), by Segments ......................................................................................................................................................................................104
Table 106: Brazil Dough Products Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ..................................................................................105
Table 107: Brazil Dough Products Consumption (Kg m) by Segments, 2006–11 ...............................................................................................106
Table 108: Brazil Dough Products Consumption (Kg m) by Segments, 2011–16 ...............................................................................................107



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                                                          Page 17

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  TABLE OF CONTENTS

Table 109: Brazil Dough Products Market Value (BRL m) and Growth (Y-o-Y), 2006–16...................................................................................108
Table 110: Brazil Dough Products Market Value (USD m) and Growth (Y-o-Y), 2006–16 ..................................................................................108
Table 111: Brazil Dough Products Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ....................................................................109
Table 112: Brazil Dough Products Market Value (BRL m) by Segments, 2006–11.............................................................................................110
Table 113: Brazil Dough Products Market Value (BRL m) by Segments, 2011–16.............................................................................................111
Table 114: Brazil Dough Products Market Value (USD m) by Segments, 2006–11 ............................................................................................111
Table 115: Brazil Dough Products Market Value (USD m) by Segments, 2011–16 ............................................................................................111
Table 116: Brazil Pie & Pastry Shells Market by Volume (Kg m), 2006–16 ........................................................................................................112
Table 117: Brazil Pie & Pastry Shells Market by Value (BRL m), 2006–16.........................................................................................................113
Table 118: Brazil Pie & Pastry Shells Market by Value (USD m), 2006–16 ........................................................................................................113
Table 119: Brazil Prepared Pastry (Others) Market by Volume (Kg m), 2006–16 ...............................................................................................114
Table 120: Brazil Prepared Pastry (Others) Market by Value (BRL m), 2006–16 ...............................................................................................115
Table 121: Brazil Prepared Pastry (Others) Market by Value (USD m), 2006–16...............................................................................................115
Table 122: Brazil Pizza Bases Market by Volume (Kg m), 2006–16 ...................................................................................................................116
Table 123: Brazil Pizza Bases Market by Value (BRL m), 2006–16 ...................................................................................................................117
Table 124: Brazil Pizza Bases Market by Value (USD m), 2006–16...................................................................................................................117
Table 125: Brazil Frozen Dough Products Market by Volume (Kg m), 2006–16 .................................................................................................118
Table 126: Brazil Frozen Dough Products Market by Value (BRL m), 2006–16 .................................................................................................119
Table 127: Brazil Frozen Dough Products Market by Value (USD m), 2006–16 .................................................................................................119
Table 128: Brazil Dough Products Market Volume by Brands (Kg m), 2008–11 .................................................................................................120
Table 129: Brazil Dough Products Market Value by Distribution Channel (BRL m), 2008–11 .............................................................................122
Table 130: Brazil Dough Products Market Value by Distribution Channel (USD m), 2008–11 ............................................................................122
Table 131: Brazil Cereal Bars Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Volume
(Kg m), by Segments .........................................................................................................................................................................................123
Table 132: Brazil Cereal Bars Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Value
(BRL m), by Segments ......................................................................................................................................................................................124
Table 133: Brazil Cereal Bars Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 .........................................................................................125
Table 134: Brazil Cereal Bars Consumption (Kg m) by Segments, 2006–11 ......................................................................................................126
Table 135: Brazil Cereal Bars Consumption (Kg m) by Segments, 2011–16 ......................................................................................................126
Table 136: Brazil Cereal Bars Market Value (BRL m) and Growth (Y-o-Y), 2006–16 .........................................................................................127
Table 137: Brazil Cereal Bars Market Value (USD m) and Growth (Y-o-Y), 2006–16.........................................................................................127
Table 138: Brazil Cereal Bars Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16...........................................................................128
Table 139: Brazil Cereal Bars Market Value (BRL m) by Segments, 2006–11 ...................................................................................................129
Table 140: Brazil Cereal Bars Market Value (BRL m) by Segments, 2011–16 ...................................................................................................130
Table 141: Brazil Cereal Bars Market Value (USD m) by Segments, 2006–11...................................................................................................130
Table 142: Brazil Cereal Bars Market Value (USD m) by Segments, 2011–16...................................................................................................130
Table 143: Brazil Granola/Muesli/Yogurt Bars Market by Volume (Kg m), 2006–16 ...........................................................................................131
Table 144: Brazil Granola/Muesli/Yogurt Bars Market by Value (BRL m), 2006–16 ...........................................................................................132
Table 145: Brazil Granola/Muesli/Yogurt Bars Market by Value (USD m), 2006–16 ...........................................................................................132
Table 146: Brazil Other Cereal Bars Market by Volume (Kg m), 2006–16 ..........................................................................................................133
Table 147: Brazil Other Cereal Bars Market by Value (BRL m), 2006–16 ..........................................................................................................134
Table 148: Brazil Other Cereal Bars Market by Value (USD m), 2006–16..........................................................................................................134
Table 149: Brazil Cereal Bars Market Volume by Brands (Kg m), 2008–11 .......................................................................................................135
Table 150: Brazil Cereal Bars Market Value by Distribution Channel (BRL m), 2008–11 ...................................................................................137
Table 151: Brazil Cereal Bars Market Value by Distribution Channel (USD m), 2008–11 ...................................................................................137
Table 152: Brazil Energy Bars Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Volume
(Kg m), by Segments .........................................................................................................................................................................................138
Table 153: Brazil Energy Bars Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Value
(BRL m), by Segments ......................................................................................................................................................................................139
Table 154: Brazil Energy Bars Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ........................................................................................140
Table 155: Brazil Energy Bars Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ........................................................................................141
Table 156: Brazil Energy Bars Market Value (USD m) and Growth (Y-o-Y), 2006–16 ........................................................................................141
Table 157: Brazil Energy Bars Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ..........................................................................142
Table 158: Brazil Energy Bars Market Volume by Brands (Kg m), 2008–11 .......................................................................................................143
Table 159: Brazil Energy Bars Market Value by Distribution Channel (BRL m), 2008–11...................................................................................145
Table 160: Brazil Energy Bars Market Value by Distribution Channel (USD m), 2008–11 ..................................................................................145
Table 161: Brazil Cookies (Sweet Biscuits) Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016),
by Volume (Kg m), by Segments .......................................................................................................................................................................146
Table 162: Brazil Cookies (Sweet Biscuits) Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016),
by Value (BRL m), by Segments ........................................................................................................................................................................147
Table 163: Brazil Cookies (Sweet Biscuits) Market Volume (Kg m) and Growth (Y-o-Y), 2006–16.....................................................................148



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                                                            Page 18

© Canadean. This product is licensed and is not to be photocopied                                                                                                                    Published: April 2012
  TABLE OF CONTENTS

Table 164: Brazil Cookies (Sweet Biscuits) Consumption (Kg m) by Segments, 2006–11 .................................................................................149
Table 165: Brazil Cookies (Sweet Biscuits) Consumption (Kg m) by Segments, 2011–16 .................................................................................150
Table 166: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) and Growth (Y-o-Y), 2006–16 .....................................................................151
Table 167: Brazil Cookies (Sweet Biscuits) Market Value (USD m) and Growth (Y-o-Y), 2006–16 ....................................................................151
Table 168: Brazil Cookies (Sweet Biscuits) Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ......................................................152
Table 169: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) by Segments, 2006–11 ...............................................................................153
Table 170: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) by Segments, 2011–16 ...............................................................................154
Table 171: Brazil Cookies (Sweet Biscuits) Market Value (USD m) by Segments, 2006–11 ..............................................................................154
Table 172: Brazil Cookies (Sweet Biscuits) Market Value (USD m) by Segments, 2011–16 ..............................................................................155
Table 173: Brazil American Cookies Market by Volume (Kg m), 2006–16..........................................................................................................156
Table 174: Brazil American Cookies Market by Value (BRL m), 2006–16 ..........................................................................................................157
Table 175: Brazil American Cookies Market by Value (USD m), 2006–16 .........................................................................................................157
Table 176: Brazil Artisanal Cookies Market by Volume (Kg m), 2006–16 ...........................................................................................................158
Table 177: Brazil Artisanal Cookies Market by Value (BRL m), 2006–16 ...........................................................................................................159
Table 178: Brazil Artisanal Cookies Market by Value (USD m), 2006–16...........................................................................................................159
Table 179: Brazil Assortments Market by Volume (Kg m), 2006–16...................................................................................................................160
Table 180: Brazil Assortments Market by Value (BRL m), 2006–16 ...................................................................................................................161
Table 181: Brazil Assortments Market by Value (USD m), 2006–16 ..................................................................................................................161
Table 182: Brazil Butter- Based Cookies Market by Volume (Kg m), 2006–16 ...................................................................................................162
Table 183: Brazil Butter- Based Cookies Market by Value (BRL m), 2006–16 ...................................................................................................163
Table 184: Brazil Butter- Based Cookies Market by Value (USD m), 2006–16 ...................................................................................................163
Table 185: Brazil Chocolate Cookies Market by Volume (Kg m), 2006–16.........................................................................................................164
Table 186: Brazil Chocolate Cookies Market by Value (BRL m), 2006–16 .........................................................................................................165
Table 187: Brazil Chocolate Cookies Market by Value (USD m), 2006–16 ........................................................................................................165
Table 188: Brazil Cream Filled Market by Volume (Kg m), 2006–16 ..................................................................................................................166
Table 189: Brazil Cream Filled Market by Value (BRL m), 2006–16...................................................................................................................167
Table 190: Brazil Cream Filled Market by Value (USD m), 2006–16 ..................................................................................................................167
Table 191: Brazil Egg- Based Cookies Market by Volume (Kg m), 2006–16 ......................................................................................................168
Table 192: Brazil Egg- Based Cookies Market by Value (BRL m), 2006–16 ......................................................................................................169
Table 193: Brazil Egg- Based Cookies Market by Value (USD m), 2006–16 ......................................................................................................169
Table 194: Brazil Other Cookies Market by Volume (Kg m), 2006–16................................................................................................................170
Table 195: Brazil Other Cookies Market by Value (BRL m), 2006–16 ................................................................................................................171
Table 196: Brazil Other Cookies Market by Value (USD m), 2006–16 ...............................................................................................................171
Table 197: Brazil Plain Cookies Market by Volume (Kg m), 2006–16.................................................................................................................172
Table 198: Brazil Plain Cookies Market by Value (BRL m), 2006–16 .................................................................................................................173
Table 199: Brazil Plain Cookies Market by Value (USD m), 2006–16 ................................................................................................................173
Table 200: Brazil Wafer Biscuits Market by Volume (Kg m), 2006–16................................................................................................................174
Table 201: Brazil Wafer Biscuits Market by Value (BRL m), 2006–16 ................................................................................................................175
Table 202: Brazil Wafer Biscuits Market by Value (USD m), 2006–16 ...............................................................................................................175
Table 203: Brazil Cookies (Sweet Biscuits) Market Volume by Brands (Kg m), 2008–11 ...................................................................................176
Table 204: Brazil Cookies (Sweet Biscuits) Market Value by Distribution Channel (BRL m), 2008–11 ...............................................................178
Table 205: Brazil Cookies (Sweet Biscuits) Market Value by Distribution Channel (USD m), 2008–11...............................................................178
Table 206: Brazil Savory Biscuits Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Volume (Kg m), by Segments ............................................................................................................................................................................179
Table 207: Brazil Savory Biscuits Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Value
(BRL m), by Segments ......................................................................................................................................................................................180
Table 208: Brazil Savory Biscuits Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ...................................................................................181
Table 209: Brazil Savory Biscuits Consumption (Kg m) by Segments, 2006–11 ................................................................................................182
Table 210: Brazil Savory Biscuits Consumption (Kg m) by Segments, 2011–16 ................................................................................................183
Table 211: Brazil Savory Biscuits Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ....................................................................................184
Table 212: Brazil Savory Biscuits Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ....................................................................................184
Table 213: Brazil Savory Biscuits Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 .....................................................................185
Table 214: Brazil Savory Biscuits Market Value (BRL m) by Segments, 2006–11 ..............................................................................................186
Table 215: Brazil Savory Biscuits Market Value (BRL m) by Segments, 2011–16 ..............................................................................................187
Table 216: Brazil Savory Biscuits Market Value (USD m) by Segments, 2006–11 .............................................................................................187
Table 217: Brazil Savory Biscuits Market Value (USD m) by Segments, 2011–16 .............................................................................................187
Table 218: Brazil Bread Substitutes Market by Volume (Kg m), 2006–16 ..........................................................................................................188
Table 219: Brazil Bread Substitutes Market by Value (BRL m), 2006–16 ...........................................................................................................189
Table 220: Brazil Bread Substitutes Market by Value (USD m), 2006–16 ..........................................................................................................189
Table 221: Brazil Cheese Flavoured Cookies Market by Volume (Kg m), 2006–16 ............................................................................................190
Table 222: Brazil Cheese Flavoured Cookies Market by Value (BRL m), 2006–16 ............................................................................................191



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                                                          Page 19

© Canadean. This product is licensed and is not to be photocopied                                                                                                                   Published: April 2012
  TABLE OF CONTENTS

Table 223: Brazil Cheese Flavoured Cookies Market by Value (USD m), 2006–16............................................................................................191
Table 224: Brazil Other Crackers Market by Volume (Kg m), 2006–16 ..............................................................................................................192
Table 225: Brazil Other Crackers Market by Value (BRL m), 2006–16 ...............................................................................................................193
Table 226: Brazil Other Crackers Market by Value (USD m), 2006–16 ..............................................................................................................193
Table 227: Brazil Plain Crackers Market by Volume (Kg m), 2006–16 ...............................................................................................................194
Table 228: Brazil Plain Crackers Market by Value (BRL m), 2006–16................................................................................................................195
Table 229: Brazil Plain Crackers Market by Value (USD m), 2006–16 ...............................................................................................................195
Table 230: Brazil Savory Biscuits Market Volume by Brands (Kg m), 2008–11 .................................................................................................196
Table 231: Brazil Savory Biscuits Market Value by Distribution Channel (BRL m), 2008–11 .............................................................................198
Table 232: Brazil Savory Biscuits Market Value by Distribution Channel (USD m), 2008–11 ............................................................................198
Table 233: Brazil Morning Goods Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Volume (Kg m), by Segments ............................................................................................................................................................................200
Table 234: Brazil Morning Goods Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Value
(BRL m), by Segments ......................................................................................................................................................................................202
Table 235: Brazil Morning Goods Market Volume (Kg m)and Growth (Y-o-Y), 2006–16 ....................................................................................203
Table 236: Brazil Morning Goods Consumption (Kg m) by Segments, 2006–11 ................................................................................................205
Table 237: Brazil Morning Goods Consumption (Kg m) by Segments, 2011–16 ................................................................................................206
Table 238: Brazil Morning Goods Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ....................................................................................207
Table 239: Brazil Morning Goods Market Value (USD m) and Growth (Y-o-Y), 2006–16 ...................................................................................207
Table 240: Brazil Morning Goods Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 .....................................................................208
Table 241: Brazil Morning Goods Market Value (BRL m) by Segments, 2006–11 ..............................................................................................209
Table 242: Brazil Morning Goods Market Value (BRL m) by Segments, 2011–16 ..............................................................................................210
Table 243: Brazil Morning Goods Market (USD m) by Segments, 2006–11 .......................................................................................................211
Table 244: Brazil Morning Goods Market Value (USD m) by Segments, 2011–16 .............................................................................................212
Table 245: Brazil Buns & Teacakes Market by Volume (Kg m), 2006–16...........................................................................................................213
Table 246: Brazil Buns & Teacakes Market by Value (BRL m), 2006–16 ...........................................................................................................214
Table 247: Brazil Buns & Teacakes Market by Value (USD m), 2006–16 ..........................................................................................................214
Table 248: Brazil Breakfast Cakes Market by Volume (Kg m), 2006–16 ............................................................................................................215
Table 249: Brazil Breakfast Cakes Market by Value (BRL m), 2006–16 .............................................................................................................216
Table 250: Brazil Breakfast Cakes Market by Value (USD m), 2006–16 ............................................................................................................216
Table 251: Brazil Croissants Market by Volume (Kg m), 2006–16......................................................................................................................217
Table 252: Brazil Croissants Market by Value (BRL m), 2006–16 ......................................................................................................................218
Table 253: Brazil Croissants Market by Value (USD m), 2006–16 .....................................................................................................................218
Table 254: Brazil Crumpets Market by Volume (Kg m), 2006–16 .......................................................................................................................219
Table 255: Brazil Crumpets Market by Value (BRL m), 2006–16 .......................................................................................................................220
Table 256: Brazil Crumpets Market by Value (USD m), 2006–16.......................................................................................................................220
Table 257: Brazil Donuts Market by Volume (Kg m), 2006–16 ...........................................................................................................................221
Table 258: Brazil Donuts Market by Value (BRL m), 2006–16 ...........................................................................................................................222
Table 259: Brazil Donuts Market by Value (USD m), 2006–16 ...........................................................................................................................222
Table 260: Brazil Madeleines Market by Volume (Kg m), 2006–16 ....................................................................................................................223
Table 261: Brazil Madeleines Market by Value (BRL m), 2006–16.....................................................................................................................224
Table 262: Brazil Madeleines Market by Value (USD m), 2006–16 ....................................................................................................................224
Table 263: Brazil Muffins Market by Volume (Kg m), 2006–16 ...........................................................................................................................225
Table 264: Brazil Muffins Market by Value (BRL m), 2006–16 ...........................................................................................................................226
Table 265: Brazil Muffins Market by Value (USD m), 2006–16...........................................................................................................................226
Table 266: Brazil Pain au Chocolat Market by Volume (Kg m), 2006–16 ...........................................................................................................227
Table 267: Brazil Pain au Chocolat Market by Value (BRL m), 2006–16 ............................................................................................................228
Table 268: Brazil Pain au Chocolat Market by Value (USD m), 2006–16 ...........................................................................................................228
Table 269: Brazil Pain au Raisin Market by Volume (Kg m), 2006–16 ...............................................................................................................229
Table 270: Brazil Pain au Raisin Market by Value (BRL m), 2006–16 ................................................................................................................230
Table 271: Brazil Pain au Raisin Market by Value (USD m), 2006–16 ...............................................................................................................230
Table 272: Brazil Pancakes Market by Volume (Kg m), 2006–16.......................................................................................................................231
Table 273: Brazil Pancakes Market by Value (BRL m), 2006–16 .......................................................................................................................232
Table 274: Brazil Pancakes Market by Value (USD m), 2006–16 ......................................................................................................................232
Table 275: Brazil Scones Market by Volume (Kg m), 2006–16 ..........................................................................................................................233
Table 276: Brazil Scones Market by Value (BRL m), 2006–16 ...........................................................................................................................234
Table 277: Brazil Scones Market by Value (USD m), 2006–16 ..........................................................................................................................234
Table 278: Brazil Toaster Pastries Market by Volume (Kg m), 2006–16.............................................................................................................235
Table 279: Brazil Toaster Pastries Market by Value (BRL m), 2006–16 .............................................................................................................236
Table 280: Brazil Toaster Pastries Market by Value (USD m), 2006–16 ............................................................................................................236
Table 281: Brazil Waffels Market by Volume (Kg m), 2006–16 ..........................................................................................................................237



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                                                          Page 20

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  TABLE OF CONTENTS

Table 282: Brazil Waffels Market by Value (BRL m), 2006–16 ...........................................................................................................................238
Table 283: Brazil Waffels Market by Value (USD m), 2006–16 ..........................................................................................................................238
Table 284: Brazil Other Morning Goods Market by Volume (Kg m), 2006–16 ....................................................................................................239
Table 285: Brazil Other Morning Goods Market by Value (BRL m), 2006–16 .....................................................................................................240
Table 286: Brazil Other Morning Goods Market by Value (USD m), 2006–16 ....................................................................................................240
Table 287: Brazil Frozen Morning Goods Market by Volume (Kg m), 2006–16 ..................................................................................................241
Table 288: Brazil Frozen Morning Goods Market by Value (BRL m), 2006–16...................................................................................................242
Table 289: Brazil Frozen Morning Goods Market by Value (USD m), 2006–16 ..................................................................................................242
Table 290: Brazil Morning Goods Market Volume by Brands (Kg m), 2008–11 ..................................................................................................243
Table 291: Brazil Morning Goods Market Value by Distribution Channel (BRL m), 2008–11 ..............................................................................245
Table 292: Brazil Morning Goods Market Value by Distribution Channel (USD m), 2008–11 .............................................................................245
Table 293: Brazil Baking Mixes Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Volume
(Kg m), by Segments .........................................................................................................................................................................................246
Table 294: Brazil Baking Mixes Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by Value
(BRL m), by Segments ......................................................................................................................................................................................247
Table 295: Brazil Baking Mixes Market Volume (Kg m) and Growth (Y-o-Y), 2006–16.......................................................................................248
Table 296: Brazil Baking Mixes Consumption (Kg m) by Segments, 2006–11 ...................................................................................................249
Table 297: Brazil Baking Mixes Consumption (Kg m) by Segments, 2011–16 ...................................................................................................250
Table 298: Brazil Baking Mixes Market Value (BRL m) and Growth (Y-o-Y), 2006–16 .......................................................................................251
Table 299: Brazil Baking Mixes Market Value (USD m) and Growth (Y-o-Y), 2006–16 ......................................................................................251
Table 300: Brazil Baking Mixes Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ........................................................................252
Table 301: Brazil Baking Mixes Market Value (BRL m) by Segments, 2006–11 .................................................................................................253
Table 302: Brazil Baking Mixes Market Value(BRL m) by Segments, 2011–16 ..................................................................................................254
Table 303: Brazil Baking Mixes Market Value (USD m) by Segments, 2006–11 ................................................................................................254
Table 304: Brazil Baking Mixes Market Value(USD m) by Segments, 2011–16 .................................................................................................255
Table 305: Brazil Bread Mixes Market by Volume (Kg m), 2006–16...................................................................................................................256
Table 306: Brazil Bread Mixes Market by Value (BRL m), 2006–16 ...................................................................................................................257
Table 307: Brazil Bread Mixes Market by Value (USD m), 2006–16 ..................................................................................................................257
Table 308: Brazil Brownie Mixes Market by Volume (Kg m), 2006–16 ...............................................................................................................258
Table 309: Brazil Brownie Mixes Market by Value (BRL m), 2006–16................................................................................................................259
Table 310: Brazil Brownie Mixes Market by Value (USD m), 2006–16 ...............................................................................................................259
Table 311: Brazil Dessert Mixes Market by Volume (Kg m), 2006–16 ................................................................................................................260
Table 312: Brazil Dessert Mixes Market by Value (BRL m), 2006–16 ................................................................................................................261
Table 313: Brazil Dessert Mixes Market by Value (USD m), 2006–16................................................................................................................261
Table 314: Brazil Cake Mixes Market by Volume (Kg m), 2006–16 ....................................................................................................................262
Table 315: Brazil Cake Mixes Market by Value (BRL m), 2006–16 ....................................................................................................................263
Table 316: Brazil Cake Mixes Market by Value (USD m), 2006–16....................................................................................................................263
Table 317: Brazil Muffin Mixes Market by Volume (Kg m), 2006–16 ..................................................................................................................264
Table 318: Brazil Muffin Mixes Market by Value (BRL m), 2006–16 ...................................................................................................................265
Table 319: Brazil Muffin Mixes Market by Value (USD m), 2006–16 ..................................................................................................................265
Table 320: Brazil Pancake Mixes Market by Volume (Kg m), 2006–16 ..............................................................................................................266
Table 321: Brazil Pancake Mixes Market by Value (BRL m), 2006–16 ...............................................................................................................267
Table 322: Brazil Pancake Mixes Market by Value (USD m), 2006–16 ..............................................................................................................267
Table 323: Brazil Rolls/Biscuit Mixes Market by Volume (Kg m), 2006–16 .........................................................................................................268
Table 324: Brazil Rolls/Biscuit Mixes Market by Value (BRL m), 2006–16 .........................................................................................................269
Table 325: Brazil Rolls/Biscuit Mixes Market by Value (USD m), 2006–16.........................................................................................................269
Table 326: Brazil Other Baking Mixes Market by Volume (Kg m), 2006–16 .......................................................................................................270
Table 327: Brazil Other Baking Mixes Market by Value (BRL m), 2006–16 ........................................................................................................271
Table 328: Brazil Other Baking Mixes Market by Value (USD m), 2006–16 .......................................................................................................271
Table 329: Brazil Baking Mixes Market Volume by Brands (Kg m), 2008–11 .....................................................................................................272
Table 330: Brazil Baking Mixes Market Value by Distribution Channel (BRL m), 2008–11 .................................................................................274
Table 331: Brazil Baking Mixes Market Value by Distribution Channel (USD m), 2008–11 ................................................................................274
Table 332: Brazil Baking Ingredients Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Volume (Kg m), by Segments ............................................................................................................................................................................275
Table 333: Brazil Baking Ingredients Market Dynamics: past and future growth rates (2006–11 & 2011–16) and future market size (2016), by
Value (BRL m), by Segments ............................................................................................................................................................................276
Table 334: Brazil Baking Ingredients Market Volume (Kg m) and Growth (Y-o-Y), 2006–16 ..............................................................................277
Table 335: Brazil Baking Ingredients Consumption (Kg m) by Segments, 2006–11 ...........................................................................................278
Table 336: Brazil Baking Ingredients Consumption (Kg m) by Segments, 2011–16 ...........................................................................................279
Table 337: Brazil Baking Ingredients Market Value (BRL m) and Growth (Y-o-Y), 2006–16 ...............................................................................280
Table 338: Brazil Baking Ingredients Market Value (USD m) and Growth (Y-o-Y), 2006–16 ..............................................................................280



The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                                                            Page 21

© Canadean. This product is licensed and is not to be photocopied                                                                                                                    Published: April 2012
 TABLE OF CONTENTS

Table 339: Brazil Baking Ingredients Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16 ................................................................281
Table 340: Brazil Baking Ingredients Market Value (BRL m) by Segments, 2006–11.........................................................................................282
Table 341: Brazil Baking Ingredients Market Value (BRL m) by Segments, 2011–16.........................................................................................283
Table 342: Brazil Baking Ingredients Market Value (USD m) by Segments, 2006–11 ........................................................................................283
Table 343: Brazil Baking Ingredients Market Value (USD m) by Segments, 2011–16 ........................................................................................284
Table 344: Brazil Baking Chocolate Chips & Morsels Market by Volume (Kg m), 2006–16 ................................................................................285
Table 345: Brazil Baking Chocolate Chips & Morsels Market by Value (BRL m), 2006–16 ................................................................................286
Table 346: Brazil Baking Chocolate Chips & Morsels Market by Value (USD m), 2006–16 ................................................................................286
Table 347: Brazil Baking Powder/Soda Market by Volume (Kg m), 2006–16 .....................................................................................................287
Table 348: Brazil Baking Powder/Soda Market by Value (BRL m), 2006–16 ......................................................................................................288
Table 349: Brazil Baking Powder/Soda Market by Value (USD m), 2006–16 .....................................................................................................288
Table 350: Brazil Cakes, Decoration and Icing Market by Volume (Kg m), 2006–16 ..........................................................................................289
Table 351: Brazil Cakes, Decoration and Icing Market by Value (BRL m), 2006–16 ..........................................................................................290
Table 352: Brazil Cakes, Decoration and Icing Market by Value (USD m), 2006–16 ..........................................................................................290
Table 353: Brazil Cocoa Baking Market by Volume (Kg m), 2006–16 ................................................................................................................291
Table 354: Brazil Cocoa Baking Market by Value (BRL m), 2006–16.................................................................................................................292
Table 355: Brazil Cocoa Baking Market by Value (USD m), 2006–16 ................................................................................................................292
Table 356: Brazil Dessicated Coconut Market by Volume (Kg m), 2006–16 .......................................................................................................293
Table 357: Brazil Dessicated Coconut Market by Value (BRL m), 2006–16 .......................................................................................................294
Table 358: Brazil Dessicated Coconut Market by Value (USD m), 2006–16 ......................................................................................................294
Table 359: Brazil Corn & Potato Starch Market by Volume (Kg m), 2006–16 .....................................................................................................295
Table 360: Brazil Corn & Potato Starch Market by Value (BRL m), 2006–16 .....................................................................................................296
Table 361: Brazil Corn & Potato Starch Market by Value (USD m), 2006–16 .....................................................................................................296
Table 362: Brazil Dry Yeast Market by Volume (Kg m), 2006–16.......................................................................................................................297
Table 363: Brazil Dry Yeast Market by Value (BRL m), 2006–16 .......................................................................................................................298
Table 364: Brazil Dry Yeast Market by Value (USD m), 2006–16 ......................................................................................................................298
Table 365: Brazil Fruit Pectins and Glazed Fruit Market by Volume (Kg m), 2006–16........................................................................................299
Table 366: Brazil Fruit Pectins and Glazed Fruit Market by Value (BRL m), 2006–16 ........................................................................................300
Table 367: Brazil Fruit Pectins and Glazed Fruit Market by Value (USD m), 2006–16 .......................................................................................300
Table 368: Brazil Non-Chocolate Baking Chips Market by Volume (Kg m), 2006–16 .........................................................................................301
Table 369: Brazil Non-Chocolate Baking Chips Market by Value (BRL m), 2006–16 .........................................................................................302
Table 370: Brazil Non-Chocolate Baking Chips Market by Value (USD m), 2006–16 .........................................................................................302
Table 371: Brazil Other Baking Ingredients Market by Volume (Kg m), 2006–16 ...............................................................................................303
Table 372: Brazil Other Baking Ingredients Market by Value (BRL m), 2006–16................................................................................................304
Table 373: Brazil Other Baking Ingredients Market by Value (USD m), 2006–16 ...............................................................................................304
Table 374: Brazil Baking Ingredients Market Volume by Brands (Kg m), 2008–11 .............................................................................................305
Table 375: Brazil Baking Ingredients Market Value by Distribution Channel (BRL m), 2008–11 ........................................................................307
Table 376: Brazil Baking Ingredients Market Value by Distribution Channel (USD m), 2008–11 ........................................................................307




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                                    Page 22

© Canadean. This product is licensed and is not to be photocopied                                                                                               Published: April 2012
      INTRODUCTION


1           Introduction
1.1         What is this Report About?
            This report is the result of Canadean’s extensive market research covering the Bakery & Cereals consumption
            in Brazil. It provides detailed segmentation of historic and future Bakery & Cereals consumption, covering key
            categories and segments. It also includes an analysis of the macro business environment and drivers of the
            market in Brazil.

            As such the report is an essential tool for companies active across the Bakery & Cereals industry and for new
            players considering entry into Brazil’s Bakery & Cereals market.

1.2         Definitions
            All the data is collected in volume terms. Bakery & Cereals consumption refers to domestic consumption only
            and includes imports. Please note that rounding errors may occur.

1.2.1       This report provides 2011 actual sales; while forecasts are provided for 2012 – 2016.
1.2.2       Volume Units and Aggregations
            Where volume measurements are given the units of measurement presented in the table below are used. It
            should be noted that as volume units are sometimes mixed it is not always possible to provide an aggregation of
            volume units across product categories. In food categories this problem has been resolved by assuming that
            products sized in liters (e.g. liquid milk) have weights such that 1 liter = 1 kilogram.

            For this report the Bakery & Cereals market is segmented as follows:


            Table 1: Volume Units for the Bakery & Cereals Market
             Market                                                                                         Units
             Bakery & Cereals                                  Bread & Rolls                                Kg
                                                               Breakfast Cereals                            Kg
                                                               Cakes, Pastries & Sweet Pies                 Kg
                                                               Dough Products                               Kg
                                                               Cereal Bars                                  Kg
                                                               Energy Bars                                  Kg
                                                               Cookies (Sweet Biscuits)                     Kg
                                                               Savory Biscuits                              Kg
                                                               Morning Goods                                Kg
                                                               Baking Mixes                                 Kg
                                                               Baking Ingredients                           Kg
            Source: Canadean                                                                                © Canadean




    The Future of the Bakery & Cereals Market in Brazil, to 2016                                                      Page 23

    © Canadean. This product is licensed and is not to be photocopied                                    Published: April 2012
    INTRODUCTION

1.2.3      Introduction


           In order to create the data for all the reports in this series and ensure its robustness a comprehensive and
           empirically robust research methodology and approach has been taken. This combines both a large-scale
           program of industry research with the results of extensive primary industry interviewing and calling.
           Furthermore, all definitions are standardized across products and countries to ensure comparability.

           The two main research streams, the program of online consumer surveys and industry research, are brought
           together and because both sets of research processes have been designed in conjunction with each other they
           can be combined and consolidated into the final, integrated data sets.

           NB: for this particular series of Industry Forecast reports a particular emphasis has been placed on using the
           consumer surveys and its analysis to create category level data, with the industry research stream not only
           being used to cross-check these numbers, but also to develop more detailed value and volume data (at the
           segment level). Three interviews with industry experts were conducted in local languages for each category and
           country covered with the research program. In total over 4,000 category level responses were achieved across
           the 10 countries covered in this research program. The detailed results of the consumer survey are available in
           our Consumer Panel report series.

1.2.4      Large scale, international, program of online consumer surveys


           A major international consumer survey across ten countries was conducted and, in total, over 120,000 survey
           responses were obtained (over 12,000 in each country covered). These surveys were all conducted online
           using strict quality criteria ensuring that only high quality results were achieved and that non-suitable
           candidates, such as those putting in random repeat patterns or those who “sped” through the survey, were
           excluded.

1.2.5      Nationally Representative results (age, gender)


           As part of the survey method stringent quotas for responses by category were set which ensured that the
           responses gained were in line with the age and gender profile of each country covered. Further statistical
           analysis of the results ensured that all results were then in exactly the same proportion with the age profile and
           gender profile of each country covered.

1.2.6      Parents answered on their children’s behalf


           In order to obtain results for minors, strict quotas (covering both the age groups for minors covered in the report)
           were set by country to obtain responses from parents (who will often account for bulk of CPG purchases for
           products which children eventually consume) about their eldest child’s consumption. These quotas again
           ensured results by age group are nationally representative. No minors were surveyed as part of this project and
           no parents were asked about any alcohol consumption by their children (see note below on legal drinking age
           matters).




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                          Page 24

   © Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
    INTRODUCTION

1.2.7      Legal Drinking Age exclusions for alcoholic drinks categories


           For reports covering alcoholic drinks, this research and the findings presented relate solely to the
           consumption of alcohol by those of legal drinking age in each country covered. To ensure this, any
           respondent who was not of legal drinking age was automatically omitted by use of specific screening questions
           in the survey itself. Furthermore, cross checks made against ages provided and any indication that a
           respondent was not of legal drinking age led to their responses being omitted. Parents were never asked to
           answer on their children’s behalf for alcoholic drinks categories. It should also be noted that the online panels
           used to create the data do not include minors.

1.2.8      Integrated with industry calling and secondary research


           All of the outputs and analysis of the results below are also combined with industry research, which includes a
           major program of interviewing leading industry executives for each category covered in each country, as well as
           extensive secondary research (covering sources such as trade bodies, investment community research and
           company research). For the 10 countries covered by the consumer survey over 4,000 interviews were
           conducted – all with local country experts (typically brand, product and marketing managers for major brands
           with each country). These results provide a detailed check and cross-reference for the analysis of the consumer
           survey results. Both of these research streams used common frameworks and were specifically designed to
           allow consolidation of the final results through top-down and bottom-up data analysis and checks into a data set
           which fully integrates consumer behavior, associated spending and volume consumption with total market
           values and volumes.

           Figure 1: Consumer Panel Report Methodology

                           Over 120,000 consumer survey responses                                      Over 4,000 industry executive interviews
                                 Nat. Rep by age and gender                                             (f)or consumer survey countries, more
                                                                                                                 conducted elsewhere)

                                    Consumer Survey Stream                                                     Industry Research Stream

                                       Consumer Trends
                               1.         Frameworks                                                      A.      In-house Databases
                                      Unique Survey Design


                                                                                                                 Updated with Detailed
                               2. Online Consumer Survey                                                  B.     Secondary Research
                                                                                       Top-Down                                 Draft Data
                                                                                      Cross-Checks
                                        SQL Based Data
                               3.    Processing & Modelling
                                                                                       DATA               C.     Telephone Interviews
                                                                                   FINALIZATION                 with Leading Executives
                                            Engine
                                                                                       Bottom-Up
                                                                                      Data Creation



                                                    Update of input factors if required



                                                                               Publication Processes


           Source: Canadean                                                                                                                      © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                           Page 25

   © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
       BRAZIL BAKERY & CEREALS MARKET OVERVIEW


2             Brazil Bakery & Cereals Market Overview
2.1           Brazil Bakery & Cereals Market Analysis by Volume
2.1.1         Overall Bakery & Cereals Consumption, 2006–16

              Figure 2: Brazil Bakery & Cereals Consumption (Kg m) and Growth (Y-o-Y), 2006–16

                                                          25,000.0                                                                           16.0%
                    Bakery & Cereals Consumption (Kg m)




                                                                                                                                             14.0%
                                                          20,000.0
                                                                                                                                             12.0%




                                                                                                                                                         Growth % (Y-O-Y)
                                                                                                                                             10.0%
                                                          15,000.0

                                                                                                                                             8.0%

                                                          10,000.0
                                                                                                                                             6.0%

                                                                                                                                             4.0%
                                                           5,000.0
                                                                                                                                             2.0%

                                                               0.0                                                                           0.0%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Consumption          Y-o-Y Growth %


              Source: Canadean                                                                                                                © Canadean



              Table 2: Brazil Bakery & Cereals Consumption (Kg m) and Growth (Y-o-Y), 2006–16
                                                             2006     2007   2008     2009     2010     2011     2012      2013    2014       2015              2016
               Overall
               Volume                                        8,306   9,076   9,865   10,665   11,589   12,696   13,951   15,490   17,360    19,640      22,599
               Y-o-Y
               growth                                                 9.3%   8.7%     8.1%     8.7%     9.6%     9.9%    11.0%    12.1%      13.1%      15.1%
              Source: Canadean                                                                                                                © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                      Page 26

      © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
    BRAZIL BAKERY & CEREALS MARKET OVERVIEW

2.1.2      Per-capita Bakery & Cereals consumption, 2006–16

           Figure 3: Brazil Per-capita Bakery & Cereals Consumption (Kg/head & Y-o-Y growth), 2006-16

                                                120.0                                                                        16.0%
                  Bakery & Cereals Per-capita




                                                                                                                             14.0%
                                                100.0
                      Consumption (Kg)




                                                                                                                             12.0%




                                                                                                                                         Growth % (Y-O-Y)
                                                 80.0
                                                                                                                             10.0%

                                                 60.0                                                                        8.0%

                                                                                                                             6.0%
                                                 40.0
                                                                                                                             4.0%
                                                 20.0
                                                                                                                             2.0%

                                                  0.0                                                                        0.0%
                                                        2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                Per-Capita Consumption          Y-o-Y Growth %


           Source: Canadean                                                                                                 © Canadean



           Table 3: Brazil Per-capita Bakery & Cereals Consumption (Kg/head & Y-o-Y growth), 2006-16
                                                2006    2007   2008   2009    2010       2011    2012    2013     2014      2015        2016
            Per-
            capita                              44.8    48.4   52.0    55.7    60.0      65.1    71.0    78.2     87.0       97.7      111.5
            Y-o-Y
            growth                                      8.1%   7.6%   7.1%    7.7%       8.6%    9.0%   10.2%    11.3%     12.2%      14.1%
           Source: Canadean                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                       Page 27

   © Canadean. This product is licensed and is not to be photocopied                                                     Published: April 2012
    BRAZIL BAKERY & CEREALS MARKET OVERVIEW

2.1.3      Bakery & Cereals Market Growth Dynamics, by Volume

           Figure 4: Brazil Bakery & Cereals Market Dynamics, by Category, by Volume 2006–16


                                14.0%
                                12.0%
                 CAGR 2006-11




                                10.0%
                                 8.0%
                                 6.0%
                                 4.0%
                                 2.0%
                                 0.0%
                                    0.0%       2.0%   4.0%        6.0%      8.0%    10.0%   12.0%     14.0%    16.0%   18.0%        20.0%
                                                                                CAGR 2011-16

                                 Bread & Rolls                         Cakes, Pastries & Sweet Pies     Cookies (Sweet Biscuits)
                                 Morning Goods                         Breakf ast Cereals               Savory Biscuits
                                 Dough Products                        Baking Mixes                     Energy Bars
                                 Cereal Bars                           Baking Ingredients
           Source: Canadean                                                                                                  © Canadean



           Table 4: Brazil Bakery & Cereals Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                                    and future market size (2016), by Category, by volume (Kg m)
            Category                                              CAGR(2011-16)                CAGR(2006-11)               Market Size 2016
            Bread & Rolls                                                  11.90%                      8.44%                        12519.43
            Breakfast Cereals                                              12.43%                      9.24%                          1417.76
            Cakes, Pastries & Sweet Pies                                   13.70%                     10.07%                          2427.89
            Dough Products                                                 12.18%                      9.86%                           457.06
            Cereal Bars                                                    11.46%                      8.75%                           194.47
            Energy Bars                                                    16.00%                     11.67%                           303.45
            Cookies (Sweet Biscuits)                                       12.93%                      9.64%                          2411.13
            Savory Biscuits                                                11.31%                      8.30%                           606.64
            Morning Goods                                                  11.26%                      8.69%                          1873.55
            Baking Mixes                                                   12.52%                      8.46%                           338.01
            Baking Ingredients                                             14.67%                      9.20%                            49.79
           Source: Canadean                                                                                                  © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                        Page 28

   © Canadean. This product is licensed and is not to be photocopied                                                      Published: April 2012
    BRAZIL BAKERY & CEREALS MARKET OVERVIEW

2.1.4      Bakery & Cereals Consumption by Category, 2006–16

           Figure 5: Brazil Bakery & Cereals Consumption (Kg m) by Category, 2006–16

                                                   25000.0
                  Bakery & Cereals Consumption




                                                   20000.0
                       by Category (Kg m)




                                                   15000.0

                                                   10000.0

                                                    5000.0

                                                        0.0
                                                                 2006      2007    2008       2009     2010   2011      2012   2013       2014     2015      2016


                                                 Bread & Rolls                              Breakf ast Cereals                   Cakes, Pastries & Sweet Pies
                                                 Dough Products                             Cereal Bars                          Energy Bars
                                                 Cookies (Sweet Biscuits)                   Savory Biscuits                      Morning Goods
                                                 Baking Mixes                               Baking Ingredients


           Source: Canadean                                                                                                                                 © Canadean



           Table 5: Brazil Bakery & Cereals Consumption (Kg m) by Category, 2006–11
                                                                                                                                                                    CAGR
            Category                                               2006             2007             2008           2009          2010              2011         2006–11
            Bread & Rolls                                        4,757.5          5,183.0         5,614.2         6,045.4       6,542.4           7,135.2            8.4%
            Breakfast Cereals                                      507.5           559.9           612.6           663.0         720.1             789.3             9.2%
            Cakes, Pastries &
            Sweet Pies                                             790.6           866.7           951.6          1,046.4       1,152.2           1,277.4           10.1%
            Dough Products                                         160.8           178.1           195.9           214.1         234.3             257.3             9.9%
            Cereal Bars                                             74.3            80.5             87.2           94.6         103.1             113.1             8.7%
            Energy Bars                                             83.2            92.2           102.9           114.9         128.1             144.5            11.7%
            Cookies (Sweet
            Biscuits)                                              828.7           907.3           992.5          1,082.8       1,187.7           1,312.9            9.6%
            Savory Biscuits                                        238.3           259.1           279.3           299.1         323.5             355.0             8.3%
            Morning Goods                                          724.3           794.7           861.4           925.5        1,003.1           1,098.8            8.7%
            Baking Mixes                                           124.9           136.5           147.6           158.2         171.2             187.4             8.5%
            Baking Ingredients                                      16.2            17.9             19.5           21.0          22.9              25.1             9.2%
            Overall                                              8,306.2          9,075.9         9,864.9        10,665.0      11,588.5          12,695.9            8.9%
           Source: Canadean                                                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                     Page 29

   © Canadean. This product is licensed and is not to be photocopied                                                                                  Published: April 2012
 BRAZIL BAKERY & CEREALS MARKET OVERVIEW


        Table 6: Brazil Bakery & Cereals Consumption (Kg m) by Category, 2011–16
                                                                                                                          CAGR
         Category                            2011              2012       2013       2014       2015       2016         2011–16
         Bread & Rolls                     7,135.2         7,791.5      8,607.3    9,610.2   10,862.2   12,519.4         11.90%
         Breakfast Cereals                   789.3             864.3     962.1     1,086.7    1,229.6    1,417.8         12.43%
         Cakes, Pastries &
         Sweet Pies                        1,277.4         1,426.2      1,606.8    1,826.4    2,092.1    2,427.9         13.70%
         Dough Products                      257.3             282.6     314.3      351.7      397.0      457.1          12.18%
         Cereal Bars                         113.1             125.1     138.6      154.6      172.5      194.5          11.46%
         Energy Bars                         144.5             166.1     192.2      222.2      257.8      303.4          16.00%
         Cookies (Sweet
         Biscuits)                         1,312.9         1,464.9      1,646.6    1,859.8    2,110.3    2,411.1         12.93%
         Savory Biscuits                     355.0             389.4     429.9      477.6      534.3      606.6          11.31%
         Morning Goods                     1,098.8         1,206.4      1,331.6    1,477.1    1,651.0    1,873.6         11.26%
         Baking Mixes                        187.4             206.4     229.2      258.2      292.4      338.0          12.52%
         Baking Ingredients                   25.1              27.8      31.3       35.7       41.2       49.8          14.67%
         Overall                         12,695.9         13,950.6     15,489.9   17,360.1   19,640.3   22,599.2         12.22%
        Source: Canadean                                                                                           © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                              Page 30

© Canadean. This product is licensed and is not to be photocopied                                            Published: April 2012
    BRAZIL BAKERY & CEREALS MARKET OVERVIEW

2.1.5      Bakery & Cereals Consumption – Trends and Forecasts, 2006 Vs. 2011 Vs. 2016

           Figure 6: Brazil Bakery & Cereals Consumption by Category – Trends & Forecasts, 2006 Vs. 2011 Vs.
                              2016




           Source: Canadean                                                                                © Canadean



           Table 7: Brazil Bakery & Cereals Consumption by Category – Trends & Forecasts, 2006 Vs. 2011 Vs.
                              2016
            Category                                              Market Size 2006   Market Size 2011    Market Size 2016
            Bread & Rolls                                                  4,757.5            7,135.2              12,519.4
            Breakfast Cereals                                               507.5              789.3                1,417.8
            Cakes, Pastries & Sweet Pies                                    790.6             1,277.4               2,427.9
            Dough Products                                                  160.8              257.3                  457.1
            Cereal Bars                                                       74.3             113.1                  194.5
            Energy Bars                                                       83.2             144.5                  303.4
            Cookies (Sweet Biscuits)                                        828.7             1,312.9               2,411.1
            Savory Biscuits                                                 238.3              355.0                  606.6
            Morning Goods                                                   724.3             1,098.8               1,873.6
            Baking Mixes                                                    124.9              187.4                  338.0
            Baking Ingredients                                                16.2               25.1                   49.8
            Overall                                                        8,306.2           12,695.9              22,599.2
           Source: Canadean                                                                                © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                      Page 31

   © Canadean. This product is licensed and is not to be photocopied                                    Published: April 2012
       BRAZIL BAKERY & CEREALS MARKET OVERVIEW


2.2           Brazil Bakery & Cereals Market Analysis by Value
2.2.1         Overall Bakery & Cereals Market Value, 2006–16

              Figure 7: Brazil Bakery & Cereals Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                   50,000.0                                                                                 18.0%
                   Bakery & Cereals Market Value




                                                   45,000.0                                                                                 16.0%
                                                   40,000.0                                                                                 14.0%
                                                   35,000.0




                                                                                                                                                        Growth % (Y-O-Y)
                             (BRL m)




                                                                                                                                            12.0%
                                                   30,000.0
                                                                                                                                            10.0%
                                                   25,000.0
                                                                                                                                            8.0%
                                                   20,000.0
                                                                                                                                            6.0%
                                                   15,000.0

                                                   10,000.0                                                                                 4.0%

                                                    5,000.0                                                                                 2.0%

                                                            0.0                                                                             0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Market Value         Y-O-Y growth %


              Source: Canadean                                                                                                               © Canadean



              Table 8: Brazil Bakery & Cereals Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                    2006           2007     2008     2009     2010     2011     2012      2013    2014       2015             2016
               Market
               value                               15,826         17,292   18,785   20,300   22,059   24,166   26,571   29,480   32,999    37,271      43,101
               Y-o-Y
               growth                                              9.3%     8.6%     8.1%     8.7%     9.6%     9.9%    10.9%    11.9%      12.9%      15.6%
              Source: Canadean                                                                                                               © Canadean



              Table 9: Brazil Bakery & Cereals Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                    2006           2007     2008     2009     2010     2011     2012      2013    2014       2015             2016
               Market
               value                                7,291          8,928   10,466   10,318   12,592   14,516   15,960   17,708   19,822    22,388      25,890
               Y-o-Y
               growth                                             22.4%    17.2%    -1.4%    22.0%    15.3%     9.9%    10.9%    11.9%      12.9%      15.6%
              Source: Canadean                                                                                                               © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 32

      © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
    BRAZIL BAKERY & CEREALS MARKET OVERVIEW

2.2.2      Bakery & Cereals Market Growth Dynamics, by Value

           Figure 8: Brazil Bakery & Cereals Market Dynamics, by Category, by Market Value, 2006–16

                                14.0%
                                12.0%
                 CAGR 2006-11




                                10.0%
                                 8.0%
                                 6.0%
                                 4.0%
                                 2.0%
                                 0.0%
                                    0.0%        2.0%    4.0%           6.0%    8.0%     10.0%      12.0%    14.0%     16.0%      18.0%
                                                                               CAGR 2011-16

                                 Bread & Rolls                         Cookies (Sweet Biscuits)         Cakes, Pastries & Sweet Pies
                                 Breakf ast Cereals                    Morning Goods                    Energy Bars
                                 Savory Biscuits                       Cereal Bars                      Dough Products
                                 Baking Mixes                          Baking Ingredients


           Source: Canadean                                                                                               © Canadean



           Table 10: Brazil Bakery & Cereals Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                                    and future market size (2016), by Category, by value (BRL m)
            Category                                              CAGR(2011-16)                 CAGR(2006-11)            Market Size 2016
            Bread & Rolls                                                 11.38%                       8.80%                     13637.81
            Breakfast Cereals                                             10.58%                       9.46%                       5115.34
            Cakes, Pastries & Sweet Pies                                  13.14%                       8.94%                       5753.15
            Dough Products                                                13.40%                      10.30%                       1361.51
            Cereal Bars                                                   11.42%                       8.75%                       1481.49
            Energy Bars                                                   12.00%                      10.33%                       2792.91
            Cookies (Sweet Biscuits)                                      14.77%                       7.65%                       7169.94
            Savory Biscuits                                               11.92%                      10.26%                       1660.48
            Morning Goods                                                 12.06%                       7.36%                       2936.79
            Baking Mixes                                                  12.95%                       9.41%                        679.35
            Baking Ingredients                                            14.30%                      10.01%                        512.03
           Source: Canadean                                                                                               © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                     Page 33

   © Canadean. This product is licensed and is not to be photocopied                                                   Published: April 2012
    BRAZIL BAKERY & CEREALS MARKET OVERVIEW

2.2.3      Bakery & Cereals Market Value by Category, 2006–16

           Figure 9: Brazil Bakery & Cereals Market Value (BRL m) by Category, 2006–16

                                                    50000.0
                  Bakery & Cereals Market Value
                      by Category (BRL m)



                                                    40000.0


                                                    30000.0


                                                    20000.0


                                                    10000.0


                                                         0.0
                                                               2006       2007     2008       2009   2010   2011          2012     2013     2014     2015       2016


                                                  Bread & Rolls                            Breakf ast Cereals                      Cakes, Pastries & Sweet Pies
                                                  Dough Products                           Cereal Bars                             Energy Bars
                                                  Cookies (Sweet Biscuits)                 Savory Biscuits                         Morning Goods
                                                  Baking Mixes                             Baking Ingredients

           Source: Canadean                                                                                                                                  © Canadean



           Table 11: Brazil Bakery & Cereals Market Value (BRL m) by Category, 2006–11
                                                                                                                                                                    CAGR
            Category                                              2006             2007           2008            2009              2010             2011         2006–11
            Bread & Rolls                                       5,218.7          5,705.4        6,201.0         6,703.3           7,281.3          7,955.5             8.8%
            Breakfast Cereals                                   1,969.1          2,186.9        2,399.1         2,599.0           2,826.8          3,094.0             9.5%
            Cakes, Pastries &
            Sweet Pies                                          2,022.7          2,201.1        2,390.3         2,592.4           2,825.0          3,103.9             8.9%
            Dough Products                                       444.5            493.9           544.9          596.5             655.8            725.9            10.3%
            Cereal Bars                                          567.3            610.7           661.3          718.0             784.9            862.8              8.7%
            Energy Bars                                          969.2           1,060.5        1,166.1         1,287.3           1,423.2          1,584.8           10.3%
            Cookies (Sweet
            Biscuits)                                           2,490.3          2,686.6        2,881.8         3,070.2           3,302.9          3,600.3             7.7%
            Savory Biscuits                                      580.2            647.8           713.6          779.9             855.9            945.4            10.3%
            Morning Goods                                       1,164.9          1,254.7        1,340.8         1,426.0           1,528.5          1,661.9             7.4%
            Baking Mixes                                         235.7            261.4           285.4          309.1             336.7            369.5              9.4%
            Baking Ingredients                                   162.9            182.4           200.5          217.9             238.3            262.4            10.0%
            Overall                                            15,825.5      17,291.5          18,784.8     20,299.7             22,059.3      24,166.3                8.8%
           Source: Canadean                                                                                                                                  © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                     Page 34

   © Canadean. This product is licensed and is not to be photocopied                                                                                   Published: April 2012
 BRAZIL BAKERY & CEREALS MARKET OVERVIEW


        Table 12: Brazil Bakery & Cereals Market Value (BRL m) by Category, 2011–16
                                                                                                                           CAGR
         Category                            2011               2012       2013       2014       2015       2016         2011–16
         Bread & Rolls                     7,955.5         8,700.7       9,587.6   10,634.2   11,890.0   13,637.8           11.4%
         Breakfast Cereals                 3,094.0         3,367.0       3,693.7    4,089.5    4,534.6    5,115.3           10.6%
         Cakes, Pastries &
         Sweet Pies                        3,103.9         3,424.9       3,832.7    4,334.4    4,933.5    5,753.2           13.1%
         Dough Products                      725.9              807.5     910.8     1,035.6    1,180.4    1,361.5           13.4%
         Cereal Bars                         862.8              956.2    1,059.3    1,180.7    1,316.3    1,481.5           11.4%
         Energy Bars                       1,584.8         1,773.2       1,985.1    2,217.8    2,479.3    2,792.9           12.0%
         Cookies (Sweet
         Biscuits)                         3,600.3         3,976.9       4,456.3    5,087.8    5,942.2    7,169.9           14.8%
         Savory Biscuits                     945.4         1,042.9       1,158.7    1,293.2    1,456.1    1,660.5           11.9%
         Morning Goods                     1,661.9         1,822.5       2,016.2    2,246.0    2,529.9    2,936.8           12.1%
         Baking Mixes                        369.5              408.0     453.6      510.3      582.1      679.4            13.0%
         Baking Ingredients                  262.4              290.7     325.7      369.8      426.3      512.0            14.3%
         Overall                         24,166.3         26,570.5      29,479.6   32,999.3   37,270.5   43,100.8           12.3%
        Source: Canadean                                                                                            © Canadean



        Table 13: Brazil Bakery & Cereals Market Value (USD m) by Category, 2006–11
                                                                                                                           CAGR
         Category                            2006               2007       2008       2009       2010       2011         2006–11
         Bread & Rolls                     2404.4              2945.7    3454.9     3407.1     4156.2     4778.7            14.7%
         Breakfast Cereals                   907.2             1129.1    1336.7     1321.0     1613.6     1858.5            15.4%
         Cakes, Pastries &
         Sweet Pies                          931.9             1136.4    1331.8     1317.6     1612.6     1864.4            14.9%
         Dough Products                      204.8              255.0     303.6      303.2      374.4      436.0            16.3%
         Cereal Bars                         261.3              315.3     368.4      365.0      448.0      518.2            14.7%
         Energy Bars                         446.6              547.6     649.7      654.3      812.4      951.9            16.3%
         Cookies (Sweet
         Biscuits)                         1147.3              1387.1    1605.6     1560.5     1885.3     2162.6            13.5%
         Savory Biscuits                     267.3              334.5     397.6      396.4      488.6      567.9            16.3%
         Morning Goods                       536.7              647.8     747.0      724.8      872.5      998.3            13.2%
         Baking Mixes                        108.6              135.0     159.0      157.1      192.2      221.9            15.4%
         Baking Ingredients                   75.0               94.2     111.7      110.7      136.0      157.6            16.0%
         Overall                           7291.1              8927.6   10466.1    10317.7    12591.7    14516.2            14.8%
        Source: Canadean                                                                                            © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                               Page 35

© Canadean. This product is licensed and is not to be photocopied                                             Published: April 2012
 BRAZIL BAKERY & CEREALS MARKET OVERVIEW


        Table 14: Brazil Bakery & Cereals Market Value (USD m) by Category, 2011–16
                                                                                                                       CAGR
         Category                            2011               2012      2013      2014      2015      2016         2011–16
         Bread & Rolls                     4778.7              5226.3    5759.1    6387.7    7142.1    8192.0           11.4%
         Breakfast Cereals                 1858.5              2022.5    2218.7    2456.5    2723.8    3072.7           10.6%
         Cakes, Pastries &
         Sweet Pies                        1864.4              2057.3    2302.2    2603.6    2963.5    3455.8           13.1%
         Dough Products                      436.0              485.1     547.1     622.1     709.0     817.8           13.4%
         Cereal Bars                         518.2              574.3     636.3     709.2     790.7     889.9           11.4%
         Energy Bars                         951.9             1065.1    1192.4    1332.2    1489.3    1677.6           12.0%
         Cookies (Sweet
         Biscuits)                         2162.6              2388.8    2676.8    3056.1    3569.3    4306.8           14.8%
         Savory Biscuits                     567.9              626.5     696.0     776.8     874.6     997.4           11.9%
         Morning Goods                       998.3             1094.7    1211.1    1349.1    1519.7    1764.1           12.1%
         Baking Mixes                        221.9              245.1     272.4     306.5     349.6     408.1           13.0%
         Baking Ingredients                  157.6              174.6     195.7     222.1     256.1     307.6           14.3%
         Overall                          14516.2         15960.4       17707.8   19822.0   22387.7   25889.8           12.3%
        Source: Canadean                                                                                        © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                           Page 36

© Canadean. This product is licensed and is not to be photocopied                                         Published: April 2012
    BRAZIL BAKERY & CEREALS MARKET OVERVIEW

2.2.4      Bakery & Cereals Market Value - Trends and Forecasts, 2006 Vs. 2011 Vs. 2016

           Figure 10: Brazil Bakery & Cereals Market Value (BRL m) by Category – Trends & Forecasts, 2006 Vs.
                              2011 Vs. 2016



                                                      1%
                                                     2%
                                              7%
                                                                                                  Bread & Rolls
                                                    1%
                                     4%         7% 1%                                             Breakf ast Cereals
                                          4%           1%
                                                   7% 1%                         32%              Cakes, Pastries & Sweet Pies
                                              4%                           33%
                                                                                                  Dough Products
                                                                        33%
                           17% 15%                                                                Cereal Bars
                                        16%
                                                                                                  Energy Bars
                                                                                                  Cookies (Sweet Biscuits)
                                    6%
                                    6%
                                      4%                                                          Savory Biscuits
                                                                    12%
                               6% 4% 3% 13%                                                       Morning Goods
                                     3%                                 13%
                                 3%                                           12%                 Baking Mixes
                                         13%
                                    3%                                                            Baking Ingredients
                                           13%




           Source: Canadean                                                                                            © Canadean



           Table 15: Brazil Bakery & Cereals Market Value (BRL m) by Category – Trends & Forecasts, 2006 Vs.
                              2011 Vs. 2016
            Category                                              Market Value 2006    Market Value 2011            Market Value 2016
            Bread & Rolls                                                   5,218.7              7,955.5                       13,637.8
            Breakfast Cereals                                               1,969.1              3,094.0                        5,115.3
            Cakes, Pastries & Sweet Pies                                    2,022.7              3,103.9                        5,753.2
            Dough Products                                                    444.5                725.9                        1,361.5
            Cereal Bars                                                       567.3                862.8                        1,481.5
            Energy Bars                                                       969.2              1,584.8                        2,792.9
            Cookies (Sweet Biscuits)                                        2,490.3              3,600.3                        7,169.9
            Savory Biscuits                                                   580.2                945.4                        1,660.5
            Morning Goods                                                   1,164.9              1,661.9                        2,936.8
            Baking Mixes                                                      235.7                369.5                          679.4
            Baking Ingredients                                                162.9                262.4                          512.0
            Overall                                                        15,825.5             24,166.3                       43,100.8
           Source: Canadean                                                                                            © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                  Page 37

   © Canadean. This product is licensed and is not to be photocopied                                                Published: April 2012
 BRAZIL BAKERY & CEREALS MARKET OVERVIEW


        Table 16: Brazil Bakery & Cereals Market Value (USD m) by Category – Trends & Forecasts, 2006 Vs.
                           2011 Vs. 2016
         Category                                              Market Value 2006   Market Value 2011   Market Value 2016
         Bread & Rolls                                                   2404.4              4778.7                 8192.0
         Breakfast Cereals                                                 907.2             1858.5                 3072.7
         Cakes, Pastries & Sweet Pies                                      931.9             1864.4                 3455.8
         Dough Products                                                    204.8               436.0                 817.8
         Cereal Bars                                                       261.3               518.2                 889.9
         Energy Bars                                                       446.6               951.9                1677.6
         Cookies (Sweet Biscuits)                                        1147.3              2162.6                 4306.8
         Savory Biscuits                                                   267.3               567.9                 997.4
         Morning Goods                                                     536.7               998.3                1764.1
         Baking Mixes                                                      108.6               221.9                 408.1
         Baking Ingredients                                                 75.0               157.6                 307.6
         Overall                                                         7291.1             14516.2                25889.8
        Source: Canadean                                                                                  © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                        Page 38

© Canadean. This product is licensed and is not to be photocopied                                      Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3             Brazil Bread & Rolls Market Analysis
3.1           Market Growth Dynamics-Bread & Rolls, 2006–16
3.1.1         Bread & Rolls Market Growth Dynamics by Volume, 2006–16

              Figure 11: Brazil Bread & Rolls Market Growth Dynamics by Volume 2006–16

                                   12.0%

                                   10.0%
                    CAGR 2006-11




                                    8.0%

                                    6.0%

                                    4.0%

                                    2.0%

                                    0.0%
                                        0.0%      2.0%        4.0%          6.0%      8.0%        10.0%      12.0%      14.0%           16.0%


                                                                          CAGR 2011-16

                                    Sandwich Slices         Rolls                        Loaves                    Ciabatta

                                    Baguettes               Burger Buns                  Other Breads              Frozen Bread & Rolls


              Source: Canadean                                                                                                   © Canadean



              Table 17: Brazil Bread & Rolls Market Dynamics: past and future growth rates (2006–11 & 2011–16) and
                                       future market size (2016), by Volume (Kg m), by Segments
               Segment                                               CAGR(2011-16)                CAGR(2006-11)                Market Size 2016
               Loaves                                                        13.00%                       7.33%                           2118.66
               Baguettes                                                      9.33%                       8.67%                           1440.08
               Rolls                                                         12.33%                       8.00%                           2497.36
               Burger Buns                                                   10.67%                       10.00%                          1347.21
               Sandwich Slices                                               13.33%                       9.00%                           2857.46
               Ciabatta                                                      11.33%                       8.33%                           1468.17
               Other Breads                                                  11.00%                       8.00%                            643.43
               Frozen Bread & Rolls                                          11.00%                       8.00%                            147.07
              Source: Canadean                                                                                                   © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                         Page 39

      © Canadean. This product is licensed and is not to be photocopied                                                       Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.1.2      Bread & Rolls Market Growth Dynamics by Value, 2006-16

           Figure 12: Brazil Bread & Rolls Market Growth Dynamics by Value, 2006–16

                              14.0%

                              12.0%

                              10.0%
               CAGR 2006-11




                               8.0%

                               6.0%

                               4.0%

                               2.0%

                               0.0%
                                  0.0%         2.0%       4.0%          6.0%      8.0%      10.0%       12.0%      14.0%        16.0%

                                                                       CAGR 2011-16


                                Sandwich Slices           Rolls                       Loaves                    Baguettes

                                Burger Buns               Ciabatta                    Other Breads              Frozen Bread & Rolls


           Source: Canadean                                                                                                 © Canadean



           Table 18: Brazil Bread & Rolls Market Dynamics: past and future growth rates (2006–11 & 2011–16) and
                                      future market size (2016), by Value (BRL m), by Segments
            Segment                                               CAGR(2011-16)                CAGR(2006-11)            Market Size 2016
            Loaves                                                       11.33%                       9.00%                        2342.34
            Baguettes                                                    12.00%                       8.33%                        1832.26
            Rolls                                                        12.00%                       8.67%                        2769.86
            Burger Buns                                                  11.00%                       9.00%                        1660.35
            Sandwich Slices                                              11.67%                       8.67%                        2802.81
            Ciabatta                                                     10.67%                       9.33%                        1496.08
            Other Breads                                                  8.00%                       8.33%                         557.02
            Frozen Bread & Rolls                                         13.33%                      10.33%                         177.09
           Source: Canadean                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                     Page 40

   © Canadean. This product is licensed and is not to be photocopied                                                   Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3.2           Bread & Rolls Consumption Analysis, 2006–16
3.2.1         Bread & Rolls Market by Volume, 2006–16

              Figure 13: Brazil Bread & Rolls Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                           14,000.0                                                                                     18.0%
                     Bread & Rolls Consumption by Volume




                                                                                                                                                        16.0%
                                                           12,000.0
                                                                                                                                                        14.0%
                                                           10,000.0




                                                                                                                                                                  Growth % (Y-O-Y)
                                                                                                                                                        12.0%
                                                            8,000.0
                                     (Kg m)




                                                                                                                                                        10.0%

                                                            6,000.0                                                                                     8.0%

                                                                                                                                                        6.0%
                                                            4,000.0
                                                                                                                                                        4.0%
                                                            2,000.0
                                                                                                                                                        2.0%

                                                                   0.0                                                                                  0.0%
                                                                          2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                         Overall Volume           Y-O-Y growth


              Source: Canadean                                                                                                                      © Canadean



              Table 19: Brazil Bread & Rolls Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                            2006         2007    2008     2009    2010    2011        2012       2013     2014      2015        2016
               Overall
               Volume                                      4,758         5,183   5,614   6,045    6,542   7,135       7,792      8,607   9,610    10,862      12,519
               Y-o-Y
               growth                                                    8.9%    8.3%     7.7%    8.2%    9.1%        9.2%    10.5%      11.7%     13.0%       15.3%
              Source: Canadean                                                                                                                      © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                            Page 41

      © Canadean. This product is licensed and is not to be photocopied                                                                          Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.2.2      Bread & Rolls Consumption by Segments, 2006–16

           Figure 14: Brazil Bread & Rolls Consumption (Kg m) by Segments, 2006–16
                Bread & Rolls Consumption by Segments



                                                        14000.0

                                                        12000.0

                                                        10000.0

                                                         8000.0
                                (Kg m)




                                                         6000.0

                                                         4000.0

                                                         2000.0

                                                             0.0
                                                                   2006      2007    2008     2009     2010    2011       2012   2013      2014     2015      2016

                                                        Loaves                    Baguettes                   Rolls                        Burger Buns
                                                        Sandwich Slices           Ciabatta                    Other Breads                 Frozen Bread & Rolls



           Source: Canadean                                                                                                                                 © Canadean



           Table 20: Brazil Bread & Rolls Consumption (Kg m) by Segments, 2006–11
                                                                                                                                                                   CAGR
            Segment                                                       2006        2007           2008             2009         2010             2011         2006–11
            Loaves                                                        807.2       850.3          905.2            968.9      1,049.0          1,149.9           7.33%
            Baguettes                                                     608.3       671.0          729.3            785.7       849.3            921.8            8.67%
            Rolls                                                         950.2     1,038.4      1,120.8         1,199.2         1,289.7          1,396.2           8.00%
            Burger Buns                                                   504.0       554.4          609.8            670.7       737.4            811.6          10.00%
            Sandwich Slices                                               993.3     1,093.7      1,193.5         1,288.9         1,397.3          1,528.2           9.00%
            Ciabatta                                                      575.2       628.1          680.6            730.7       788.1            858.3            8.33%
            Other Breads                                                  259.9       282.6          305.1            326.6       351.3            381.8            8.00%
            Frozen Bread & Rolls                                           59.4        64.6           69.7             74.6        80.3             87.3            8.00%
            Overall                                                   4,757.5       5,183.0      5,614.2         6,045.4         6,542.4          7,135.2           8.44%
           Source: Canadean                                                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                    Page 42

   © Canadean. This product is licensed and is not to be photocopied                                                                                  Published: April 2012
 Brazil BREAD & ROLLS MARKET ANALYSIS


        Table 21: Brazil Bread & Rolls Consumption (Kg m) by Segments, 2011–16
                                                                                                                             CAGR
         Segment                             2011               2012       2013       2014        2015        2016         2011–16
         Loaves                          1,149.92         1,279.69      1,437.49   1,627.99    1,849.48    2,118.66         13.00%
         Baguettes                         921.77              996.54   1,080.74   1,175.01    1,281.23    1,440.08           9.33%
         Rolls                           1,396.17         1,512.07      1,680.22   1,883.51    2,129.30    2,497.36         12.33%
         Burger Buns                       811.62              893.71    986.04    1,090.98    1,208.98    1,347.21         10.67%
         Sandwich Slices                 1,528.24         1,675.15      1,864.55   2,107.21    2,433.90    2,857.46         13.33%
         Ciabatta                          858.32              928.30   1,008.91   1,118.57    1,272.35    1,468.17         11.33%
         Other Breads                      381.84              411.14    445.20     492.11      558.38      643.43          11.00%
         Frozen Bread & Rolls                87.28              94.87    104.12     114.82      128.57      147.07          11.00%
         Overall                         7,135.16         7,791.47      8,607.28   9,610.19   10,862.19   12,519.43         11.90%
        Source: Canadean                                                                                              © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                 Page 43

© Canadean. This product is licensed and is not to be photocopied                                               Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3.3           Bread & Rolls Market Value Analysis, 2006–16
3.3.1         Bread & Rolls Market by Value, 2006–16

              Figure 15: Brazil Bread & Rolls Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                          16,000.0                                                                                        16.0%
                     Bread & Rolls Consumption by Value




                                                          14,000.0                                                                                        14.0%

                                                          12,000.0                                                                                        12.0%




                                                                                                                                                                      Growth % (Y-O-Y)
                                                          10,000.0                                                                                        10.0%
                                   (BRL m)




                                                            8,000.0                                                                                       8.0%

                                                            6,000.0                                                                                       6.0%

                                                            4,000.0                                                                                       4.0%

                                                            2,000.0                                                                                       2.0%

                                                                    0.0                                                                                   0.0%
                                                                            2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                             Overall Value           Y-O-Y growth


              Source: Canadean                                                                                                                             © Canadean



              Table 22: Brazil Bread & Rolls Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                            2006           2007     2008      2009      2010      2011      2012      2013      2014       2015             2016
               Overall
               Value                                       5,219          5,705    6,201     6,703     7,281     7,956     8,701     9,588    10,634     11,890      13,638
               Y-o-Y
               growth                                                     9.3%      8.7%      8.1%      8.6%      9.3%      9.4%     10.2%     10.9%      11.8%      14.7%
              Source: Canadean                                                                                                                             © Canadean



              Table 23: Brazil Bread & Rolls Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                            2006           2007     2008      2009      2010      2011      2012      2013      2014       2015             2016
               Overall
               Value                                      2,404.4     2,945.7     3,454.9   3,407.1   4,156.2   4,778.7   5,226.3   5,759.1   6,387.7   7,142.1     8,192.0
               Y-o-Y
               growth                                                     22.5%    17.3%     -1.4%     22.0%     15.0%      9.4%     10.2%     10.9%      11.8%      14.7%
              Source: Canadean                                                                                                                             © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                   Page 44

      © Canadean. This product is licensed and is not to be photocopied                                                                                 Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.3.2      Average Consumer Price/Kg - Bread & Rolls, 2006-2016

           Figure 16: Brazil Bread & Rolls Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16

                                                       1.1                                                                            0.6%
                 Average Consumer Price/ Kg -Bread &




                                                       1.1                                                                            0.4%

                                                       1.1                                                                            0.2%




                                                                                                                                                 Growth % (Y-O-Y)
                                                       1.1                                                                            0.0%
                             Rolls (BRL)




                                                       1.1                                                                            -0.2%

                                                       1.1                                                                            -0.4%

                                                       1.1                                                                            -0.6%

                                                       1.1                                                                            -0.8%

                                                       1.1                                                                            -1.0%

                                                       1.1                                                                            -1.2%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Avg Price      Y-O-Y growth


           Source: Canadean                                                                                                           © Canadean



           Table 24: Brazil Bread & Rolls Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                        2006      2007    2008    2009    2010    2011    2012    2013     2014       2015             2016
            Avg.
            Price                                      1.097     1.101   1.105   1.109   1.113   1.115   1.117    1.114    1.107     1.095         1.089
            Y-o-Y
            growth                                               0.35%   0.34%   0.39%   0.37%   0.18%   0.15%   -0.25%   -0.66%    -1.08%      -0.48%
           Source: Canadean                                                                                                           © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 45

   © Canadean. This product is licensed and is not to be photocopied                                                               Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.3.3      Bread & Rolls Market Value by Segments, 2006-2016

           Figure 17: Brazil Bread & Rolls Market Value (BRL m) by Segments, 2006–16
                                                               16000.0
                    Bread & Rolls Market Value by Segments



                                                               14000.0

                                                               12000.0

                                                               10000.0

                                                                8000.0
                                   (BRL m)




                                                                6000.0

                                                                4000.0

                                                                2000.0

                                                                   0.0
                                                                         2006      2007    2008     2009     2010   2011    2012   2013      2014   2015       2016

                                                             Loaves                    Baguettes                    Rolls                      Burger Buns
                                                             Sandwich Slices           Ciabatta                     Other Breads               Frozen Bread & Rolls



           Source: Canadean                                                                                                                                   © Canadean



           Table 25: Brazil Bread & Rolls Market Value (BRL m) by Segments, 2006–11
                                                                                                                                                                      CAGR
            Segment                                                            2006         2007           2008         2009         2010             2011         2006–11
            Loaves                                                             890.0       957.2      1,037.5         1,127.7      1,238.5          1,369.4            9.0%
            Baguettes                                                          696.8       764.6           829.0       890.5        959.1           1,039.7            8.3%
            Rolls                                                         1,037.3         1,143.0     1,242.4         1,337.3      1,445.6          1,571.7            8.7%
            Burger Buns                                                        640.4       688.7           746.5       814.7        893.5            985.3             9.0%
            Sandwich Slices                                               1,065.4         1,170.5     1,272.6         1,370.1      1,481.3          1,614.3            8.7%
            Ciabatta                                                           576.9       639.9           700.5       758.6        824.3            901.3             9.3%
            Other Breads                                                       254.1       276.6           300.4       325.7        352.8            379.1             8.3%
            Frozen Bread & Rolls                                                57.9        65.0            72.0        78.7         86.2             94.7            10.3%
            Overall                                                       5,218.7         5,705.4     6,201.0         6,703.3      7,281.3          7,955.5            8.8%
           Source: Canadean                                                                                                                                   © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                       Page 46

   © Canadean. This product is licensed and is not to be photocopied                                                                                    Published: April 2012
 Brazil BREAD & ROLLS MARKET ANALYSIS




        Table 26: Brazil Bread & Rolls Market Value (BRL m) by Segments, 2011–16
                                                                                                                          CAGR
         Segment                             2011               2012      2013       2014       2015       2016         2011–16
         Loaves                            1,369.4         1,514.0      1,676.7    1,867.6    2,080.9    2,342.3         11.33%
         Baguettes                         1,039.7         1,130.4      1,241.7    1,383.6    1,556.1    1,832.3         12.00%
         Rolls                             1,571.7         1,712.0      1,898.5    2,112.8    2,373.8    2,769.9         12.00%
         Burger Buns                         985.3         1,081.4      1,193.7    1,326.1    1,477.3    1,660.4         11.00%
         Sandwich Slices                   1,614.3         1,772.2      1,955.2    2,166.9    2,426.4    2,802.8         11.67%
         Ciabatta                            901.3              980.1   1,070.1    1,176.2    1,314.8    1,496.1         10.67%
         Other Breads                        379.1              406.6    435.6      469.8      510.0      557.0            8.00%
         Frozen Bread & Rolls                 94.7              104.0    116.0      131.3      150.6      177.1          13.33%
         Overall                           7,955.5         8,700.7      9,587.6   10,634.2   11,890.0   13,637.8         11.38%
        Source: Canadean                                                                                           © Canadean



        Table 27: Brazil Bread & Rolls Market Value (USD m) by Segments, 2006–11
                                                                                                                          CAGR
         Segment                             2006               2007      2008       2009       2010       2011         2006–11
         Loaves                              410.0              494.2    578.0      573.2      706.9      822.6            14.9%
         Baguettes                           321.0              394.8    461.9      452.6      547.4      624.5            14.2%
         Rolls                               477.9              590.1    692.2      679.7      825.2      944.1            14.6%
         Burger Buns                         295.0              355.6    415.9      414.1      510.0      591.9            14.9%
         Sandwich Slices                     490.8              604.3    709.0      696.4      845.6      969.7            14.6%
         Ciabatta                            265.8              330.4    390.3      385.6      470.5      541.4            15.3%
         Other Breads                        117.1              142.8    167.4      165.6      201.4      227.7            14.2%
         Frozen Bread & Rolls                 26.7               33.6     40.1       40.0       49.2       56.9            16.3%
         Overall                           2404.4              2945.7   3454.9     3407.1     4156.2     4778.7            14.7%
        Source: Canadean                                                                                           © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                              Page 47

© Canadean. This product is licensed and is not to be photocopied                                            Published: April 2012
 Brazil BREAD & ROLLS MARKET ANALYSIS


        Table 28: Brazil Bread & Rolls Market Value (USD m) by Segments, 2011–16
                                                                                                                   CAGR
         Segment                             2011               2012     2013     2014     2015     2016         2011–16
         Loaves                              822.6              909.4   1007.2   1121.8   1250.0   1407.0         11.33%
         Baguettes                           624.5              679.0    745.9    831.1    934.7   1100.6         12.00%
         Rolls                               944.1             1028.4   1140.4   1269.1   1425.9   1663.8         12.00%
         Burger Buns                         591.9              649.6    717.1    796.6    887.4    997.3         11.00%
         Sandwich Slices                     969.7             1064.5   1174.4   1301.6   1457.5   1683.6         11.67%
         Ciabatta                            541.4              588.7    642.8    706.5    789.8    898.7         10.67%
         Other Breads                        227.7              244.2    261.7    282.2    306.3    334.6           8.00%
         Frozen Bread & Rolls                 56.9               62.5     69.7     78.8     90.5    106.4         13.33%
         Overall                           4778.7              5226.3   5759.1   6387.7   7142.1   8192.0         11.38%
        Source: Canadean                                                                                    © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                       Page 48

© Canadean. This product is licensed and is not to be photocopied                                     Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3.4           Loaves Market Analysis, 2006–16
3.4.1         Loaves Market by Volume, 2006–16

              Figure 18: Brazil Loaves Market by Volume (Kg m), 2006–16

                                                     2,500.0                                                                                   16.0%
                    Loaves Market by Volume (Kg m)




                                                                                                                                               14.0%
                                                     2,000.0
                                                                                                                                               12.0%




                                                                                                                                                           Growth % (Y-O-Y)
                                                                                                                                               10.0%
                                                     1,500.0

                                                                                                                                               8.0%

                                                     1,000.0
                                                                                                                                               6.0%

                                                                                                                                               4.0%
                                                      500.0
                                                                                                                                               2.0%

                                                         0.0                                                                                   0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value           Y-o-Y Growth %


              Source: Canadean                                                                                                                 © Canadean



              Table 29: Brazil Loaves Market by Volume (Kg m), 2006–16
                                                        2006     2007    2008     2009      2010      2011      2012      2013      2014       2015        2016
               Overall
               Volume                                   807.2    850.3   905.2    968.9   1,049.0   1,149.9   1,279.7   1,437.5   1,628.0   1,849.5     2,118.7
               Y-o-Y
               growth                                            5.3%    6.5%     7.0%      8.3%      9.6%     11.3%     12.3%     13.3%      13.6%      14.6%
              Source: Canadean                                                                                                                 © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 49

      © Canadean. This product is licensed and is not to be photocopied                                                                     Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.4.2      Loaves Market by Value, 2006–16

           Figure 19: Brazil Loaves Market by Value (BRL m), 2006–16

                                                   2,500.0                                                                                    14.0%
                  Loaves Market by Value (BRL m)




                                                                                                                                              12.0%
                                                   2,000.0
                                                                                                                                              10.0%




                                                                                                                                                          Growth % (Y-O-Y)
                                                   1,500.0
                                                                                                                                              8.0%

                                                                                                                                              6.0%
                                                   1,000.0

                                                                                                                                              4.0%
                                                    500.0
                                                                                                                                              2.0%

                                                       0.0                                                                                    0.0%
                                                              2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value            Y-o-Y Growth %


           Source: Canadean                                                                                                                    © Canadean



           Table 30: Brazil Loaves Market by Value (BRL m), 2006–16
                                                    2006       2007     2008      2009      2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                   890.0     957.2   1,037.5   1,127.7   1,238.5   1,369.4   1,514.0   1,676.7   1,867.6   2,080.9     2,342.3
            Y-o-Y
            growth                                           7.55%     8.39%     8.70%     9.82%    10.57%    10.56%    10.75%    11.38%    11.42%      12.56%
           Source: Canadean                                                                                                                    © Canadean



           Table 31: Brazil Loaves Market by Value (USD m), 2006–16
                                                    2006       2007     2008      2009      2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                   410.0     494.2    578.0     573.2     706.9     822.6     909.4    1,007.2   1,121.8   1,250.0     1,407.0
            Y-o-Y
            growth                                           20.52%   16.97%    -0.84%    23.33%    16.36%    10.56%    10.75%    11.38%    11.42%      12.56%
           Source: Canadean                                                                                                                    © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 50

   © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3.5           Baguettes Market Analysis, 2006–16
3.5.1         Baguettes Market by Volume, 2006–16

              Figure 20: Brazil Baguettes Market by Volume (Kg m), 2006–16

                                                         1,600.0                                                                            14.0%
                     Baguettes Market by Volume (Kg m)




                                                         1,400.0                                                                            12.0%

                                                         1,200.0
                                                                                                                                            10.0%




                                                                                                                                                        Growth % (Y-O-Y)
                                                         1,000.0
                                                                                                                                            8.0%
                                                          800.0
                                                                                                                                            6.0%
                                                          600.0
                                                                                                                                            4.0%
                                                          400.0

                                                          200.0                                                                             2.0%

                                                             0.0                                                                            0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                               © Canadean



              Table 32: Brazil Baguettes Market by Volume (Kg m), 2006–16
                                                            2006      2007   2008     2009     2010   2011    2012       2013     2014       2015             2016
               Overall
               Volume                                       608.3    671.0   729.3    785.7   849.3   921.8   996.5   1,080.7   1,175.0   1,281.2     1,440.1
               Y-o-Y
               growth                                                10.3%   8.7%     7.7%    8.1%    8.5%    8.1%       8.5%     8.7%       9.0%      12.4%
              Source: Canadean                                                                                                               © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 51

      © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.5.2      Baguettes Market by Value, 2006–16

           Figure 21: Brazil Baguettes Market by Value (BRL m), 2006–16

                                                      2,000.0                                                                                20.0%
                  Baguettes Market by Value (BRL m)



                                                      1,800.0                                                                                18.0%

                                                      1,600.0                                                                                16.0%

                                                      1,400.0                                                                                14.0%




                                                                                                                                                         Growth % (Y-O-Y)
                                                      1,200.0                                                                                12.0%

                                                      1,000.0                                                                                10.0%

                                                       800.0                                                                                 8.0%

                                                       600.0                                                                                 6.0%

                                                       400.0                                                                                 4.0%

                                                       200.0                                                                                 2.0%

                                                          0.0                                                                                0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                                   © Canadean



           Table 33: Brazil Baguettes Market by Value (BRL m), 2006–16
                                                         2006      2007    2008    2009    2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                        696.8    764.6   829.0   890.5    959.1   1,039.7   1,130.4   1,241.7   1,383.6   1,556.1     1,832.3
            Y-o-Y
            growth                                                9.7%    8.4%     7.4%    7.7%      8.4%      8.7%      9.8%     11.4%      12.5%      17.7%
           Source: Canadean                                                                                                                   © Canadean



           Table 34: Brazil Baguettes Market by Value (USD m), 2006–16
                                                         2006      2007    2008    2009    2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                        321.0    394.8   461.9   452.6    547.4    624.5     679.0     745.9     831.1      934.7     1,100.6
            Y-o-Y
            growth                                                23.0%   17.0%   -2.0%   21.0%     14.1%      8.7%      9.8%     11.4%      12.5%      17.7%
           Source: Canadean                                                                                                                   © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 52

   © Canadean. This product is licensed and is not to be photocopied                                                                       Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3.6           Rolls Market Analysis, 2006–16
3.6.1         Rolls Market by Volume, 2006–16

              Figure 22: Brazil Rolls Market by Volume (Kg m), 2006–16

                                                     3,000.0                                                                                      20.0%
                     Rolls Market by Volume (Kg m)




                                                                                                                                                  18.0%
                                                     2,500.0
                                                                                                                                                  16.0%

                                                                                                                                                  14.0%




                                                                                                                                                              Growth % (Y-O-Y)
                                                     2,000.0
                                                                                                                                                  12.0%

                                                     1,500.0                                                                                      10.0%

                                                                                                                                                  8.0%
                                                     1,000.0
                                                                                                                                                  6.0%

                                                                                                                                                  4.0%
                                                      500.0
                                                                                                                                                  2.0%

                                                         0.0                                                                                      0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Market Value            Y-o-Y Growth %


              Source: Canadean                                                                                                                     © Canadean




              Table 35: Brazil Rolls Market by Volume (kg m), 2006–16
                                                        2006      2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
               Overall
               Volume                                   950.2   1,038.4   1,120.8   1,199.2   1,289.7   1,396.2   1,512.1   1,680.2   1,883.5   2,129.3     2,497.4
               Y-o-Y
               growth                                            9.28%     7.94%     6.99%     7.54%     8.25%     8.30%    11.12%    12.10%    13.05%      17.29%
              Source: Canadean                                                                                                                     © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                           Page 53

      © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.6.2      Rolls Market by Value, 2006–16

           Figure 23: Brazil Rolls Market by Value (BRL m), 2006–16

                                                 3,000.0                                                                                       18.0%
                 Rolls Market by Value (BRL m)




                                                                                                                                               16.0%
                                                 2,500.0
                                                                                                                                               14.0%




                                                                                                                                                           Growth % (Y-O-Y)
                                                 2,000.0                                                                                       12.0%

                                                                                                                                               10.0%
                                                 1,500.0
                                                                                                                                               8.0%

                                                 1,000.0                                                                                       6.0%

                                                                                                                                               4.0%
                                                  500.0
                                                                                                                                               2.0%

                                                     0.0                                                                                       0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value            Y-o-Y Growth %


           Source: Canadean                                                                                                                     © Canadean



           Table 36: Brazil Rolls Market by Value (BRL m), 2006–16
                                                     2006      2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                  1,037.3   1,143.0   1,242.4   1,337.3   1,445.6   1,571.7   1,712.0   1,898.5   2,112.8   2,373.8     2,769.9
            Y-o-Y
            growth                                            10.2%      8.7%      7.6%      8.1%      8.7%      8.9%     10.9%     11.3%      12.4%      16.7%
           Source: Canadean                                                                                                                     © Canadean



           Table 37: Brazil Rolls Market by Value (USD m), 2006–16
                                                     2006      2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                   477.9     590.1     692.2     679.7     825.2     944.1    1,028.4   1,140.4   1,269.1   1,425.9     1,663.8
            Y-o-Y
            growth                                            23.5%     17.3%     -1.8%     21.4%     14.4%      8.9%     10.9%     11.3%      12.4%      16.7%
           Source: Canadean                                                                                                                     © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                           Page 54

   © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3.7           Burger Buns Market Analysis, 2006–16
3.7.1         Burger Buns Market by Volume, 2006–16

              Figure 24: Brazil Burger Buns Market by Volume (kg m), 2006–16

                                                           1,600.0                                                                             12.00%
                     Burger Buns Market by Volume (Kg m)




                                                           1,400.0
                                                                                                                                               11.50%
                                                           1,200.0




                                                                                                                                                             Growth % (Y-O-Y)
                                                                                                                                               11.00%
                                                           1,000.0

                                                            800.0                                                                              10.50%

                                                            600.0
                                                                                                                                               10.00%
                                                            400.0
                                                                                                                                               9.50%
                                                            200.0

                                                               0.0                                                                             9.00%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                        Market Value        Y-o-Y Growth %


              Source: Canadean                                                                                                                    © Canadean



              Table 38: Brazil Burger Buns Market by Volume (kg m), 2006–16
                                                              2006      2007     2008    2009     2010     2011     2012     2013      2014       2015             2016
               Overall
               Volume                                         504.0    554.4    609.8    670.7   737.4    811.6    893.7     986.0   1,091.0   1,209.0     1,347.2
               Y-o-Y
               growth                                                 10.01%   10.00%   9.98%    9.94%   10.07%   10.11%   10.33%    10.64%    10.82%      11.43%
              Source: Canadean                                                                                                                    © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 55

      © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.7.2      Burger Buns Market by Value, 2006–16

           Figure 25: Brazil Burger Buns Market by Value (BRL m), 2006–16

                                                        1,800.0                                                                              14.0%
                  Burger Buns Market by Value (BRL m)



                                                        1,600.0
                                                                                                                                             12.0%
                                                        1,400.0
                                                                                                                                             10.0%




                                                                                                                                                         Growth % (Y-O-Y)
                                                        1,200.0

                                                        1,000.0                                                                              8.0%

                                                         800.0                                                                               6.0%
                                                         600.0
                                                                                                                                             4.0%
                                                         400.0
                                                                                                                                             2.0%
                                                         200.0

                                                            0.0                                                                              0.0%
                                                                   2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Market Value        Y-o-Y Growth %


           Source: Canadean                                                                                                                   © Canadean



           Table 39: Brazil Burger Buns Market by Value (BRL m), 2006–16
                                                           2006      2007    2008    2009    2010     2011     2012      2013      2014       2015             2016
            Market
            Value                                          640.4    688.7   746.5   814.7    893.5   985.3   1,081.4   1,193.7   1,326.1   1,477.3     1,660.4
            Y-o-Y
            growth                                                  7.5%    8.4%     9.1%    9.7%    10.3%     9.8%     10.4%     11.1%      11.4%      12.4%
           Source: Canadean                                                                                                                   © Canadean



           Table 40: Brazil Burger Buns Market by Value (USD m), 2006–16
                                                           2006      2007    2008    2009    2010     2011     2012      2013      2014       2015             2016
            Market
            Value                                          295.0    355.6   415.9   414.1    510.0   591.9    649.6     717.1     796.6      887.4         997.3
            Y-o-Y
            growth                                                  20.5%   17.0%   -0.4%   23.2%    16.0%     9.8%     10.4%     11.1%      11.4%      12.4%
           Source: Canadean                                                                                                                   © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 56

   © Canadean. This product is licensed and is not to be photocopied                                                                       Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3.8           Sandwich Slices Market Analysis, 2006–16
3.8.1         Sandwich Slices Market by Volume, 2006–16

              Figure 26: Brazil Sandwich Slices Market by Volume (Kg m), 2006–16

                                                              3,500.0                                                                                      20.0%
                    Sandwich Slices Market by Volume (Kg m)




                                                                                                                                                           18.0%
                                                              3,000.0
                                                                                                                                                           16.0%
                                                              2,500.0                                                                                      14.0%




                                                                                                                                                                       Growth % (Y-O-Y)
                                                                                                                                                           12.0%
                                                              2,000.0
                                                                                                                                                           10.0%
                                                              1,500.0
                                                                                                                                                           8.0%

                                                              1,000.0                                                                                      6.0%

                                                                                                                                                           4.0%
                                                               500.0
                                                                                                                                                           2.0%

                                                                  0.0                                                                                      0.0%
                                                                         2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                             Market Value            Y-o-Y Growth %


              Source: Canadean                                                                                                                              © Canadean




              Table 41: Brazil Sandwich Slices Market by Volume (Kg m), 2006–16
                                                                 2006      2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
               Overall
               Volume                                            993.3   1,093.7   1,193.5   1,288.9   1,397.3   1,528.2   1,675.1   1,864.5   2,107.2   2,433.9     2,857.5
               Y-o-Y
               growth                                                     10.1%      9.1%      8.0%      8.4%      9.4%      9.6%     11.3%     13.0%      15.5%      17.4%
              Source: Canadean                                                                                                                              © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                    Page 57

      © Canadean. This product is licensed and is not to be photocopied                                                                                  Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.8.2      Sandwich Slices Market by Value, 2006–16

           Figure 27: Brazil Sandwich Slices Market by Value (BRL m), 2006–16

                                                   3,000.0                                                                                      18.0%
                 Sandwich Slices Market by Value




                                                                                                                                                16.0%
                                                   2,500.0
                                                                                                                                                14.0%




                                                                                                                                                            Growth % (Y-O-Y)
                            (BRL m)




                                                   2,000.0                                                                                      12.0%

                                                                                                                                                10.0%
                                                   1,500.0
                                                                                                                                                8.0%

                                                   1,000.0                                                                                      6.0%

                                                                                                                                                4.0%
                                                     500.0
                                                                                                                                                2.0%

                                                        0.0                                                                                     0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Market Value            Y-o-Y Growth %


           Source: Canadean                                                                                                                      © Canadean



           Table 42: Brazil Sandwich Slices Market by Value (BRL m), 2006–16
                                                     2006       2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                  1,065.4    1,170.5   1,272.6   1,370.1   1,481.3   1,614.3   1,772.2   1,955.2   2,166.9   2,426.4     2,802.8
            Y-o-Y
            growth                                              9.9%      8.7%      7.7%      8.1%      9.0%      9.8%     10.3%     10.8%      12.0%      15.5%
           Source: Canadean                                                                                                                      © Canadean



           Table 43: Brazil Sandwich Slices Market by Value (USD m), 2006–16
                                                     2006       2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                   490.8      604.3     709.0     696.4     845.6     969.7    1,064.5   1,174.4   1,301.6   1,457.5     1,683.6
            Y-o-Y
            growth                                             23.1%     17.3%     -1.8%     21.4%     14.7%      9.8%     10.3%     10.8%      12.0%      15.5%
           Source: Canadean                                                                                                                      © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                            Page 58

   © Canadean. This product is licensed and is not to be photocopied                                                                          Published: April 2012
       Brazil BREAD & ROLLS MARKET ANALYSIS


3.9           Ciabatta Market Analysis, 2006–16
3.9.1         Ciabatta Market by Volume, 2006–16

              Figure 28: Brazil Ciabatta Market by Volume (Kg m), 2006–16

                                                       1,600.0                                                                            18.0%
                    Ciabatta Market by Volume (Kg m)




                                                       1,400.0                                                                            16.0%

                                                                                                                                          14.0%
                                                       1,200.0




                                                                                                                                                      Growth % (Y-O-Y)
                                                                                                                                          12.0%
                                                       1,000.0
                                                                                                                                          10.0%
                                                        800.0
                                                                                                                                          8.0%
                                                        600.0
                                                                                                                                          6.0%
                                                        400.0
                                                                                                                                          4.0%

                                                        200.0                                                                             2.0%

                                                           0.0                                                                            0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                             © Canadean



              Table 44: Brazil Ciabatta Market by Volume (Kg m), 2006–16
                                                          2006      2007   2008     2009    2010    2011    2012       2013     2014       2015             2016
               Overall
               Volume                                     575.2    628.1   680.6    730.7   788.1   858.3   928.3   1,008.9   1,118.6   1,272.4     1,468.2
               Y-o-Y
               growth                                              9.2%    8.4%     7.4%    7.9%    8.9%    8.2%       8.7%    10.9%      13.7%      15.4%
              Source: Canadean                                                                                                             © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                   Page 59

      © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.9.2      Ciabatta Market by Value, 2006–16

           Figure 29: Brazil Ciabatta Market by Value (BRL m), 2006–16

                                                     1,600.0                                                                             16.0%
                  Ciabatta Market by Value (BRL m)




                                                     1,400.0                                                                             14.0%

                                                     1,200.0                                                                             12.0%




                                                                                                                                                     Growth % (Y-O-Y)
                                                     1,000.0                                                                             10.0%

                                                      800.0                                                                              8.0%

                                                      600.0                                                                              6.0%

                                                      400.0                                                                              4.0%

                                                      200.0                                                                              2.0%

                                                         0.0                                                                             0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value        Y-o-Y Growth %


           Source: Canadean                                                                                                               © Canadean



           Table 45: Brazil Ciabatta Market by Value (BRL m), 2006–16
                                                        2006      2007    2008    2009    2010     2011    2012       2013     2014       2015             2016
            Market
            Value                                       576.9    639.9   700.5   758.6    824.3   901.3   980.1   1,070.1    1,176.2   1,314.8     1,496.1
            Y-o-Y
            growth                                               10.9%   9.5%     8.3%    8.7%    9.3%     8.7%       9.2%     9.9%      11.8%      13.8%
           Source: Canadean                                                                                                               © Canadean



           Table 46: Brazil Ciabatta Market by Value (USD m), 2006–16
                                                        2006      2007    2008    2009    2010     2011    2012       2013     2014       2015             2016
            Market
            Value                                       265.8    330.4   390.3   385.6    470.5   541.4   588.7    642.8      706.5      789.8         898.7
            Y-o-Y
            growth                                               24.3%   18.1%   -1.2%   22.0%    15.1%    8.7%       9.2%     9.9%      11.8%      13.8%
           Source: Canadean                                                                                                               © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 60

   © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS


3.10       Other Breads Market Analysis, 2006–16
3.10.1     Other Breads Market by Volume, 2006–16

           Figure 30: Brazil Other Breads Market by Volume (Kg m), 2006–16

                                                        700.0                                                                              16.0%
                 Other Breads Market by Volume (Kg m)




                                                        600.0                                                                              14.0%

                                                                                                                                           12.0%
                                                        500.0




                                                                                                                                                       Growth % (Y-O-Y)
                                                                                                                                           10.0%
                                                        400.0
                                                                                                                                           8.0%
                                                        300.0
                                                                                                                                           6.0%
                                                        200.0
                                                                                                                                           4.0%

                                                        100.0                                                                              2.0%

                                                          0.0                                                                              0.0%
                                                                   2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                                 © Canadean



           Table 47: Brazil Other Breads Market by Volume (Kg m), 2006–16
                                                           2006       2007   2008     2009     2010   2011    2012       2013     2014      2015             2016
            Overall
            Volume                                         259.9     282.6   305.1    326.6   351.3   381.8   411.1      445.2   492.1     558.4         643.4
            Y-o-Y
            growth                                                    8.7%   8.0%     7.0%    7.6%    8.7%    7.7%       8.3%    10.5%     13.5%      15.2%
           Source: Canadean                                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 61

   © Canadean. This product is licensed and is not to be photocopied                                                                     Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.10.2    Other Breads Market by Value, 2006–16

          Figure 31: Brazil Other Breads Market by Value (BRL m), 2006–16

                                                600.0                                                                          10.0%
                 Other Breads Market by Value



                                                                                                                               9.0%
                                                500.0
                                                                                                                               8.0%

                                                                                                                               7.0%




                                                                                                                                           Growth % (Y-O-Y)
                                                400.0
                           (BRL m)




                                                                                                                               6.0%

                                                300.0                                                                          5.0%

                                                                                                                               4.0%
                                                200.0
                                                                                                                               3.0%

                                                                                                                               2.0%
                                                100.0
                                                                                                                               1.0%

                                                  0.0                                                                          0.0%
                                                        2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                         Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                      © Canadean



          Table 48: Brazil Other Breads Market by Value (BRL m), 2006–16
                                                 2006    2007     2008    2009     2010    2011   2012       2013    2014       2015             2016
           Market
           Value                                254.1    276.6   300.4    325.7   352.8   379.1   406.6      435.6   469.8     510.0         557.0
           Y-o-Y
           growth                                        8.9%    8.6%     8.4%    8.3%    7.4%    7.2%       7.1%    7.8%       8.6%            9.2%
          Source: Canadean                                                                                                      © Canadean



          Table 49: Brazil Other Breads Market by Value (USD m), 2006–16
                                                 2006    2007     2008    2009     2010    2011   2012       2013    2014       2015             2016
           Market
           Value                                117.1    142.8   167.4    165.6   201.4   227.7   244.2      261.7   282.2     306.3         334.6
           Y-o-Y
           growth                                       22.0%    17.2%   -1.1%    21.7%   13.1%   7.2%       7.1%    7.8%       8.6%            9.2%
          Source: Canadean                                                                                                      © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 62

  © Canadean. This product is licensed and is not to be photocopied                                                          Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS


3.11       Frozen Bread & Rolls Market Analysis, 2006–16
3.11.1     Frozen Bread & Rolls Market by Volume, 2006–16

           Figure 32: Brazil Frozen Bread & Rolls Market by Volume (Kg m), 2006–16

                                                         160.0                                                                              16.0%
                 Frozen Bread & Rolls Market by Volume




                                                         140.0                                                                              14.0%

                                                         120.0                                                                              12.0%




                                                                                                                                                        Growth % (Y-O-Y)
                                                         100.0                                                                              10.0%
                                (Kg m)




                                                          80.0                                                                              8.0%

                                                          60.0                                                                              6.0%

                                                          40.0                                                                              4.0%

                                                          20.0                                                                              2.0%

                                                           0.0                                                                              0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                                © Canadean



           Table 50: Brazil Frozen Bread & Rolls Market by Volume (Kg m), 2006–16
                                                           2006     2007    2008    2009     2010    2011    2012      2013      2014      2015        2016
            Overall
            Volume                                         59.4     64.6    69.7    74.6     80.3    87.3    94.9      104.1    114.8     128.6       147.1
            Y-o-Y
            growth                                                 8.73%   7.98%   7.03%    7.58%   8.68%   8.70%   9.75%      10.27%   11.98%      14.38%
           Source: Canadean                                                                                                                © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                      Page 63

   © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS

3.11.2    Frozen Bread & Rolls Market by Value, 2006–16

          Figure 33: Brazil Frozen Bread & Rolls Market by Value (BRL m), 2006–16

                                                             200.0                                                                         20.0%
                 Frozen Bread & Rolls Market by Value (BRL



                                                             180.0                                                                         18.0%

                                                             160.0                                                                         16.0%

                                                             140.0                                                                         14.0%




                                                                                                                                                       Growth % (Y-O-Y)
                                                             120.0                                                                         12.0%

                                                             100.0                                                                         10.0%
                                    m)




                                                              80.0                                                                         8.0%

                                                              60.0                                                                         6.0%

                                                              40.0                                                                         4.0%

                                                              20.0                                                                         2.0%

                                                               0.0                                                                         0.0%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Market Value        Y-o-Y Growth %


          Source: Canadean                                                                                                                  © Canadean



          Table 51: Brazil Frozen Bread & Rolls Market by Value (BRL m), 2006–16
                                                              2006    2007    2008    2009    2010     2011    2012       2013    2014      2015             2016
           Market
           Value                                              57.9    65.0    72.0    78.7     86.2    94.7   104.0   116.0      131.3     150.6         177.1
           Y-o-Y
           growth                                                    12.3%   10.8%    9.3%    9.5%    9.9%     9.8%   11.5%      13.2%     14.7%      17.6%
          Source: Canadean                                                                                                                  © Canadean



          Table 52: Brazil Frozen Bread & Rolls Market by Value (USD m), 2006–16
                                                              2006    2007    2008    2009    2010     2011    2012       2013    2014      2015             2016
           Market
           Value                                              26.7    33.6    40.1    40.0     49.2    56.9    62.5       69.7    78.8       90.5        106.4
           Y-o-Y
           growth                                                    25.8%   19.5%   -0.3%   22.9%    15.6%    9.8%   11.5%      13.2%     14.7%      17.6%
          Source: Canadean                                                                                                                  © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                        Page 64

  © Canadean. This product is licensed and is not to be photocopied                                                                      Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS


3.12       Bread & Rolls Market Volume Analysis by Brands, 2008-11

           Figure 34: Brazil Bread & Rolls Market Volume by Brands (Kg m), 2008–11
                 Bread & Rolls Market Volume by Brands



                                                  4000.0

                                                  3500.0

                                                  3000.0

                                                  2500.0
                                 (Kg m)




                                                  2000.0

                                                  1500.0

                                                  1000.0

                                                         500.0

                                                           0.0
                                                                      2008              2009        2010                 2011
                                                             Bimbo                      Panrico              Silueta
                                                             Semilla De Oro             Maheso               Lyons


           Source: Canadean                                                                                                      © Canadean



           Table 53: Brazil Bread & Rolls Market Volume by Brands (Kg m), 2008–11
                                                                                                                                           CAGR
            Brand Name                                                          2008       2009      2010              2011              2008–11
            Bimbo                                                             1,409.1    1,517.2   1,641.8        1,790.4                  8.31%
            Panrico                                                            601.7      648.6     702.6          767.0                   8.43%
            Silueta                                                            298.1      320.9     347.3          378.7                   8.31%
            Semilla De Oro                                                     192.6      207.5     224.8          245.3                   8.41%
            Maheso                                                              51.5       55.5      60.0              65.4                8.30%
            Lyons                                                               36.9       39.8      43.0              46.9                8.33%
            Banette                                                             26.4       28.4      30.7              33.5                8.31%
            Lespigas                                                            24.5       26.4      28.6              31.2                8.32%
            Primer Precio                                                       13.8       14.8      16.0              17.4                8.04%
            Brook's American
            Burguer                                                             12.7       13.6      14.7              16.0                8.06%
            Others                                                            2,946.9    3,172.7   3,432.9        3,743.3                  8.30%
            Overall                                                           5,614.2    6,045.4   6,542.4        7,135.2                  8.32%

           Source: Canadean                                                                                                      © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 65

   © Canadean. This product is licensed and is not to be photocopied                                                          Published: April 2012
    Brazil BREAD & ROLLS MARKET ANALYSIS


3.13       Bread & Rolls Market Value by Distribution Channel, 2008-11

           Figure 35: Brazil Bread & Rolls Market Value by Distribution Channel (BRL m), 2008–11

                                                9000.0
                                                8000.0
                  Bread & Rolls Market Value-




                                                7000.0
                     Distribution (BRL m)




                                                6000.0
                                                5000.0
                                                4000.0
                                                3000.0
                                                2000.0
                                                1000.0
                                                   0.0
                                                               2008                2009              2010                     2011


                                                     Cash & Carries & Warehouse Clubs            “Dollar Stores”, Variety Stores

                                                     Hypermarkets & Supermarkets                 Convenience Stores

                                                     Food & drinks specialists                   Others


           Source: Canadean                                                                                                      © Canadean



           Table 54: Brazil Bread & Rolls Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                                                           CAGR
            Distribution Channel                                          2008            2009        2010            2011               2008–11
            Cash & Carries & Warehouse Clubs                               39.3           41.6         44.3            47.3                 6.35%
            “Dollar Stores”, Variety Stores &
            General Merchandise Retailers                                  65.1           70.8         77.6            85.4                 9.46%
            Hypermarkets & Supermarkets                                 1,151.3       1,266.8       1,400.4         1,554.7               10.53%
            Convenience Stores                                          2,556.2       2,731.9       2,932.0         3,162.4                 7.35%
            Food & drinks specialists                                   2,361.7       2,545.0       2,752.0         2,985.9                 8.13%
            Department Stores                                               0.0            0.0            0.0           0.0                 0.00%
            Vending machines                                                0.0            0.0            0.0           0.0                 0.00%
            Drug stores & Pharmacies                                        0.0            0.0            0.0           0.0                 0.00%
            eRetailers                                                      0.0            0.0            0.0           0.0                 0.00%
            Others                                                         27.4           47.1         75.0           119.8               63.60%
            Overall                                                     6,201.0       6,703.3       7,281.3         7,955.5                 8.66%

           Source: Canadean                                                                                                      © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 66

   © Canadean. This product is licensed and is not to be photocopied                                                          Published: April 2012
 Brazil BREAD & ROLLS MARKET ANALYSIS


        Table 55: Brazil Bread & Rolls Market Value by Distribution Channel (USD m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                        21.9       21.2      25.3      28.4                  9.05%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           36.3       36.0      44.3      51.3                12.24%
         Hypermarkets & Supermarkets                            641.5      643.9     799.4     933.9                13.34%
         Convenience Stores                                    1,424.2    1,388.5   1,673.6   1,899.6               10.08%
         Food & drinks specialists                             1,315.8    1,293.5   1,570.9   1,793.6               10.88%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                           0.0       0.0       0.0       0.0                 0.00%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                  15.2       24.0      42.8      72.0                67.75%
         Overall                                               3,454.9    3,407.1   4,156.2   4,778.7               11.42%

        Source: Canadean                                                                                   © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 67

© Canadean. This product is licensed and is not to be photocopied                                       Published: April 2012
       Brazil BREAKFAST CEREALS MARKET ANALYSIS


4             Brazil Breakfast Cereals Market Analysis
4.1           Market Growth Dynamics-Breakfast Cereals, 2006–16
4.1.1         Breakfast Cereals Market Growth Dynamics by Volume, 2006–16

              Figure 36: Brazil Breakfast Cereals Market Growth Dynamics by Volume, 2006–16

                                10.0%

                                 9.8%

                                 9.6%
                 CAGR 2006-11




                                 9.4%

                                 9.2%

                                 9.0%

                                 8.8%

                                 8.6%

                                 8.4%
                                    11.8%        12.0%         12.2%         12.4%       12.6%         12.8%      13.0%         13.2%
                                                                          CAGR 2011-16

                                                    Ready-to-Eat Cereals                            Hot Cereals


              Source: Canadean                                                                                             © Canadean



              Table 56: Brazil Breakfast Cereals Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                                        and future market size (2016), by Volume (Kg m), by Segments
               Segment                                               CAGR(2011-16)               CAGR(2006-11)            Market Size 2016
               Hot Cereals                                                  13.00%                      8.67%                      615.81
               Ready-to-Eat Cereals                                         12.00%                      9.67%                      801.96
              Source: Canadean                                                                                             © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                 Page 68

      © Canadean. This product is licensed and is not to be photocopied                                               Published: April 2012
    Brazil BREAKFAST CEREALS MARKET ANALYSIS

4.1.2      Breakfast Cereals Market Growth Dynamics by Value, 2006-16

           Figure 37: Brazil Breakfast Cereals Market Growth Dynamics by Value, 2006–16

                             16.0%

                             14.0%

                             12.0%
              CAGR 2006-11




                             10.0%

                              8.0%

                              6.0%

                              4.0%

                              2.0%

                              0.0%
                                 9.5%              10.0%               10.5%           11.0%              11.5%            12.0%

                                                                        CAGR 2011-16
                                                    Ready-to-Eat Cereals                        Hot Cereals


           Source: Canadean                                                                                          © Canadean



           Table 57: Brazil Breakfast Cereals Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                                     and future market size (2016), by Value (BRL m), by Segments
            Segment                                               CAGR(2011-16)           CAGR(2006-11)            Market Size 2016
            Hot Cereals                                                 11.67%                  12.67%                        1828.19
            Ready-to-Eat Cereals                                        10.00%                   8.00%                        3287.15
           Source: Canadean                                                                                          © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                Page 69

   © Canadean. This product is licensed and is not to be photocopied                                              Published: April 2012
       Brazil BREAKFAST CEREALS MARKET ANALYSIS


4.2           Breakfast Cereals Consumption Analysis, 2006–16
4.2.1         Breakfast Cereals Market by Volume, 2006–16

              Figure 38: Brazil Breakfast Cereals Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                               1,600.0                                                                               18.0%
                     Breakfast Cereals Consumption by Volume




                                                               1,400.0                                                                               16.0%

                                                                                                                                                     14.0%
                                                               1,200.0




                                                                                                                                                                 Growth % (Y-O-Y)
                                                                                                                                                     12.0%
                                                               1,000.0
                                                                                                                                                     10.0%
                                                                800.0
                                       (Kg m)




                                                                                                                                                     8.0%
                                                                600.0
                                                                                                                                                     6.0%
                                                                400.0
                                                                                                                                                     4.0%

                                                                200.0                                                                                2.0%

                                                                   0.0                                                                               0.0%
                                                                         2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                         Overall Volume           Y-O-Y growth


              Source: Canadean                                                                                                                        © Canadean



              Table 58: Brazil Breakfast Cereals Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                                2006      2007   2008     2009    2010    2011        2012       2013      2014       2015             2016
               Overall
               Value                                           507.5     559.9   612.6   663.0    720.1   789.3       864.3      962.1   1,086.7   1,229.6     1,417.8
               Y-o-Y
               growth                                                    10.3%   9.4%     8.2%    8.6%    9.6%        9.5%    11.3%       13.0%      13.2%      15.3%
              Source: Canadean                                                                                                                        © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                              Page 70

      © Canadean. This product is licensed and is not to be photocopied                                                                            Published: April 2012
    Brazil BREAKFAST CEREALS MARKET ANALYSIS

4.2.2      Breakfast Cereals Consumption by Segments, 2006–16

           Figure 39: Brazil Breakfast Cereals Consumption (Kg m) by Segments, 2006–16

                                                  1600.0
                  Breakfast Cereals Consumption




                                                  1400.0
                       by Segments (Kg m)




                                                  1200.0

                                                  1000.0

                                                   800.0

                                                   600.0

                                                   400.0

                                                   200.0

                                                     0.0
                                                           2006     2007   2008      2009    2010   2011    2012   2013      2014     2015      2016


                                                                    Hot Cereals                        Ready-to-Eat Cereals



           Source: Canadean                                                                                                                   © Canadean



           Table 59: Brazil Breakfast Cereals Consumption (Kg m) by Segments, 2006–11
                                                                                                                                                     CAGR
            Segment                                               2006       2007           2008        2009         2010             2011         2006–11
            Hot Cereals                                           220.6      241.6          262.8      283.0        306.0            334.2            8.67%
            Ready-to-Eat Cereals                                  286.9      318.3          349.8      380.0        414.1            455.1            9.67%
            Overall                                               507.5      559.9          612.6      663.0        720.1            789.3            9.24%

           Source: Canadean                                                                                                                   © Canadean



           Table 60: Brazil Breakfast Cereals Consumption (Kg m) by Segments, 2011–16
                                                                                                                                                     CAGR
            Segment                                               2011       2012           2013        2014         2015             2016         2011–16
            Hot Cereals                                           334.2      365.3          409.8      465.6        529.3            615.8          13.00%
            Ready-to-Eat Cereals                                  455.1      499.0          552.3      621.1        700.3            802.0          12.00%
            Overall                                               789.3      864.3          962.1     1,086.7      1,229.6          1,417.8         12.43%

           Source: Canadean                                                                                                                   © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                      Page 71

   © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
       Brazil BREAKFAST CEREALS MARKET ANALYSIS


4.3           Breakfast Cereals Market Value Analysis, 2006–16
4.3.1         Breakfast Cereals Market by Value, 2006–16

              Figure 40: Brazil Breakfast Cereals Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                         6,000.0                                                                                      14.0%
                     Breakfast Cereals Market by Value




                                                         5,000.0                                                                                      12.0%

                                                                                                                                                      10.0%




                                                                                                                                                                  Growth % (Y-O-Y)
                                  (BRL m)




                                                         4,000.0
                                                                                                                                                      8.0%
                                                         3,000.0
                                                                                                                                                      6.0%
                                                         2,000.0
                                                                                                                                                      4.0%

                                                         1,000.0                                                                                      2.0%

                                                              0.0                                                                                     0.0%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                         Overall Value           Y-O-Y growth


              Source: Canadean                                                                                                                         © Canadean



              Table 61: Brazil Breakfast Cereals Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                           2006       2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
               Market
               Value                                     1,969.1    2,186.9   2,399.1   2,599.0   2,826.8   3,094.0   3,367.0   3,693.7   4,089.5   4,534.6     5,115.3
               Y-o-Y
               growth                                                11.1%      9.7%      8.3%      8.8%      9.5%      8.8%      9.7%     10.7%      10.9%      12.8%
              Source: Canadean                                                                                                                         © Canadean



              Table 62: Brazil Breakfast Cereals Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                           2006       2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
               Market
               Value                                      907.2     1,129.1   1,336.7   1,321.0   1,613.6   1,858.5   2,022.5   2,218.7   2,456.5   2,723.8     3,072.7
               Y-o-Y
               growth                                                24.5%     18.4%     -1.2%     22.1%     15.2%      8.8%      9.7%     10.7%      10.9%      12.8%
              Source: Canadean                                                                                                                         © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                               Page 72

      © Canadean. This product is licensed and is not to be photocopied                                                                             Published: April 2012
    Brazil BREAKFAST CEREALS MARKET ANALYSIS

4.3.2      Average Consumer Price/Kg - Breakfast Cereals, 2006–2016

           Figure 41: Brazil Breakfast Cereals Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16

                                                        4.0                                                                              1.0%
                Average Consumer Price/ Kg -Breakfast




                                                        3.9                                                                              0.5%

                                                                                                                                         0.0%




                                                                                                                                                    Growth % (Y-O-Y)
                                                        3.8
                           Cereals (BRL)




                                                                                                                                         -0.5%
                                                        3.7
                                                                                                                                         -1.0%
                                                        3.6
                                                                                                                                         -1.5%

                                                        3.5                                                                              -2.0%

                                                        3.4                                                                              -2.5%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Avg Price       Y-O-Y growth


           Source: Canadean                                                                                                              © Canadean



           Table 63: Brazil Breakfast Cereals Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                         2006      2007    2008    2009    2010    2011     2012     2013     2014       2015             2016
            Avg.
            Price                                       3.880     3.906   3.916   3.920   3.926    3.920    3.895    3.839    3.763     3.688                 3.61
            Y-o-Y
            growth                                                0.66%   0.27%   0.10%   0.14%   -0.14%   -0.63%   -1.45%   -1.98%    -2.00%      -2.16%
           Source: Canadean                                                                                                              © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                    Page 73

   © Canadean. This product is licensed and is not to be photocopied                                                                  Published: April 2012
    Brazil BREAKFAST CEREALS MARKET ANALYSIS

4.3.3      Breakfast Cereals Market Value by Segments, 2006–2016

           Figure 42: Brazil Breakfast Cereals Market Value (BRL m) by Segments, 2006–16

                                                      6000.0
                  Breakfast Cereals Market Value by




                                                      5000.0
                         Segments (BRL m)




                                                      4000.0


                                                      3000.0


                                                      2000.0


                                                      1000.0


                                                         0.0
                                                               2006     2007   2008       2009     2010    2011     2012   2013       2014   2015       2016

                                                                         Hot Cereals                         Ready-to-Eat Cereals


           Source: Canadean                                                                                                                            © Canadean



           Table 64: Brazil Breakfast Cereals Market Value (BRL m) by Segments, 2006–11
                                                                                                                                                               CAGR
            Segment                                                   2006        2007             2008           2009        2010             2011         2006–11
            Hot Cereals                                               580.0      671.9            761.9       847.2          942.7           1,052.9           12.67%
            Ready-to-Eat Cereals                                 1,389.1        1,515.0          1,637.2     1,751.8        1,884.1          2,041.1           8.00%
            Overall                                              1,969.1        2,186.9          2,399.1     2,599.0        2,826.8          3,094.0           9.46%
           Source: Canadean                                                                                                                            © Canadean



           Table 65: Brazil Breakfast Cereals Market Value (BRL m) by Segments, 2011–16
                                                                                                                                                               CAGR
            Segment                                                   2011        2012             2013           2014        2015             2016         2011–16
            Hot Cereals                                          1,052.9        1,162.6          1,290.6     1,439.9        1,609.4          1,828.2           11.67%
            Ready-to-Eat Cereals                                 2,041.1        2,204.3          2,403.1     2,649.6        2,925.2          3,287.1           10.00%
            Overall                                              3,094.0        3,367.0          3,693.7     4,089.5        4,534.6          5,115.3           10.58%
           Source: Canadean                                                                                                                            © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                Page 74

   © Canadean. This product is licensed and is not to be photocopied                                                                             Published: April 2012
 Brazil BREAKFAST CEREALS MARKET ANALYSIS


        Table 66: Brazil Breakfast Cereals Market Value (USD m) by Segments, 2006–11
                                                                                                                      CAGR
         Segment                             2006              2007      2008      2009      2010      2011         2006–11
         Hot Cereals                         267.2             346.9    424.5     430.6     538.1     632.5            18.8%
         Ready-to-Eat Cereals                640.0             782.2    912.2     890.4    1,075.4   1,226.0           13.9%
         Overall                             907.2         1,129.1     1,336.7   1,321.0   1,613.6   1,858.5           15.4%
        Source: Canadean                                                                                       © Canadean



        Table 67: Brazil Breakfast Cereals Market Value (USD m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Hot Cereals                         632.5             698.4    775.2     864.9     966.7    1,098.2           11.7%
         Ready-to-Eat Cereals              1,226.0         1,324.1     1,443.5   1,591.6   1,757.1   1,974.5           10.0%
         Overall                           1,858.5         2,022.5     2,218.7   2,456.5   2,723.8   3,072.7           10.6%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                          Page 75

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
       Brazil BREAKFAST CEREALS MARKET ANALYSIS


4.4           Hot Cereals Market Analysis, 2006–16
4.4.1         Hot Cereals Market by Volume, 2006–16

              Figure 43: Brazil Hot Cereals Market by Volume (Kg m), 2006–16

                                                           700.0                                                                              18.0%
                     Hot Cereals Market by Volume (Kg m)




                                                                                                                                              16.0%
                                                           600.0
                                                                                                                                              14.0%
                                                           500.0




                                                                                                                                                          Growth % (Y-O-Y)
                                                                                                                                              12.0%
                                                           400.0                                                                              10.0%

                                                           300.0                                                                              8.0%

                                                                                                                                              6.0%
                                                           200.0
                                                                                                                                              4.0%
                                                           100.0
                                                                                                                                              2.0%

                                                             0.0                                                                              0.0%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                        Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                                 © Canadean



              Table 68: Brazil Hot Cereals Market by Volume (Kg m), 2006–16
                                                              2006       2007   2008     2009     2010   2011    2012       2013     2014      2015             2016
               Overall
               Volume                                         220.6     241.6   262.8    283.0   306.0   334.2   365.3      409.8   465.6     529.3         615.8
               Y-o-Y
               growth                                                    9.5%   8.8%     7.7%    8.1%    9.2%    9.3%    12.2%      13.6%     13.7%      16.3%
              Source: Canadean                                                                                                                 © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 76

      © Canadean. This product is licensed and is not to be photocopied                                                                     Published: April 2012
    Brazil BREAKFAST CEREALS MARKET ANALYSIS

4.4.2      Hot Cereals Market by Value, 2006–16

           Figure 44: Brazil Hot Cereals Market by Value (BRL m), 2006–16

                                                       2,000.0                                                                                18.0%
                 Hot Cereals Market by Value (BRL m)




                                                       1,800.0                                                                                16.0%
                                                       1,600.0                                                                                14.0%
                                                       1,400.0




                                                                                                                                                          Growth % (Y-O-Y)
                                                                                                                                              12.0%
                                                       1,200.0
                                                                                                                                              10.0%
                                                       1,000.0
                                                                                                                                              8.0%
                                                        800.0
                                                                                                                                              6.0%
                                                        600.0

                                                        400.0                                                                                 4.0%

                                                        200.0                                                                                 2.0%

                                                           0.0                                                                                0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                                    © Canadean



           Table 69: Brazil Hot Cereals Market by Value (BRL m), 2006–16
                                                          2006      2007    2008    2009     2010     2011      2012      2013      2014       2015             2016
            Market
            Value                                         580.0    671.9   761.9    847.2   942.7   1,052.9   1,162.6   1,290.6   1,439.9   1,609.4     1,828.2
            Y-o-Y
            growth                                                 15.8%   13.4%   11.2%    11.3%    11.7%     10.4%     11.0%     11.6%      11.8%      13.6%
           Source: Canadean                                                                                                                    © Canadean



           Table 70: Brazil Hot Cereals Market by Value (USD m), 2006–16
                                                          2006      2007    2008    2009     2010     2011      2012      2013      2014       2015             2016
            Market
            Value                                         267.2    346.9   424.5    430.6   538.1    632.5     698.4     775.2     864.9      966.7     1,098.2
            Y-o-Y
            growth                                                 29.8%   22.4%    1.4%    25.0%    17.5%     10.4%     11.0%     11.6%      11.8%      13.6%
           Source: Canadean                                                                                                                    © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 77

   © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
       Brazil BREAKFAST CEREALS MARKET ANALYSIS


4.5           Ready to Eat Cereals Market Analysis, 2006–16
4.5.1         Ready to Eat Cereals Market by Volume, 2006–16

              Figure 45: Brazil Ready to Eat Cereals Market by Volume (Kg m), 2006–16

                                                            900.0                                                                             16.0%
                    Ready-to-Eat Cereals Market by Volume




                                                            800.0                                                                             14.0%
                                                            700.0
                                                                                                                                              12.0%




                                                                                                                                                          Growth % (Y-O-Y)
                                                            600.0
                                                                                                                                              10.0%
                                    (Kg m)




                                                            500.0
                                                                                                                                              8.0%
                                                            400.0
                                                                                                                                              6.0%
                                                            300.0
                                                                                                                                              4.0%
                                                            200.0

                                                            100.0                                                                             2.0%

                                                              0.0                                                                             0.0%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                      Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                               © Canadean



              Table 71: Brazil Ready to Eat Cereals Market by Volume (Kg m), 2006–16
                                                             2006     2007    2008     2009     2010   2011    2012       2013     2014      2015        2016
               Overall
               Volume                                        286.9    318.3   349.8    380.0   414.1   455.1   499.0      552.3   621.1     700.3       802.0
               Y-o-Y
               growth                                                10.9%    9.9%     8.6%    9.0%    9.9%    9.7%    10.7%      12.4%     12.7%      14.5%
              Source: Canadean                                                                                                               © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 78

      © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
    Brazil BREAKFAST CEREALS MARKET ANALYSIS

4.5.2      Ready to Eat Cereals Market by Value, 2006–16

           Figure 46: Brazil Ready to Eat Cereals Market by Value (BRL m), 2006–16

                                                              3,500.0                                                                                      14.0%
                 Ready-to-Eat Cereals Market by Value (BRL




                                                              3,000.0                                                                                      12.0%

                                                              2,500.0                                                                                      10.0%




                                                                                                                                                                       Growth % (Y-O-Y)
                                                              2,000.0                                                                                      8.0%
                                     m)




                                                              1,500.0                                                                                      6.0%

                                                              1,000.0                                                                                      4.0%

                                                                500.0                                                                                      2.0%

                                                                   0.0                                                                                     0.0%
                                                                           2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                             Market Value            Y-o-Y Growth %


           Source: Canadean                                                                                                                                 © Canadean



           Table 72: Brazil Ready to Eat Cereals Market by Value (BRL m), 2006–16
                                                               2006        2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                            1,389.1     1,515.0   1,637.2   1,751.8   1,884.1   2,041.1   2,204.3   2,403.1   2,649.6   2,925.2     3,287.1
            Y-o-Y
            growth                                                         9.1%      8.1%      7.0%      7.6%      8.3%      8.0%      9.0%     10.3%      10.4%      12.4%
           Source: Canadean                                                                                                                                 © Canadean



           Table 73: Brazil Ready to Eat Cereals Market by Value (USD m), 2006–16
                                                               2006        2007      2008      2009      2010      2011      2012      2013      2014       2015             2016
            Market
            Value                                             640.0       782.2     912.2     890.4    1,075.4   1,226.0   1,324.1   1,443.5   1,591.6   1,757.1     1,974.5
            Y-o-Y
            growth                                                        22.2%     16.6%     -2.4%     20.8%     14.0%      8.0%      9.0%     10.3%      10.4%      12.4%
           Source: Canadean                                                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                       Page 79

   © Canadean. This product is licensed and is not to be photocopied                                                                                     Published: April 2012
       Brazil BREAKFAST CEREALS MARKET ANALYSIS


4.6           Ready to Eat Cereals Market Volume Analysis by Brands, 2008-11

              Figure 47: Brazil Ready to Eat Cereals Market Volume by Brands (Kg m), 2008–11

                                                          600.0
                     Breakfast Cereals Market Volume by




                                                          500.0


                                                          400.0
                                Brands (Kg m)




                                                          300.0


                                                          200.0


                                                          100.0


                                                            0.0
                                                                         2008                 2009               2010               2011
                                                                  Kellogg's              Nestlé              Kellogg's Frosties   Golden Grahams
                                                                  Pascual                Weetabix            Quaker               Jordan's
                                                                  Primer Precio          Sun-Sol



              Source: Canadean                                                                                                                   © Canadean



              Table 74: Brazil Ready to Eat Cereals Market Volume by Brands (Kg m), 2008–11
                                                                                                                                                           CAGR
               Brand Name                                                     2008                   2009            2010             2011               2008–11
               Kellogg's                                                      228.5                  247.3          268.5             294.3                8.80%
               Nestlé                                                             67.9                73.6           80.0              87.8                8.92%
               Kellogg's Frosties                                                 31.4                34.0           36.9              40.5                8.80%
               Golden Grahams                                                     23.6                25.5           27.7              30.4                8.90%
               Pascual                                                            14.8                16.0           17.3              19.0                8.79%
               Weetabix                                                           10.5                11.3           12.3              13.5                8.83%
               Quaker                                                              6.1                 6.6            7.1               7.8                8.80%
               Jordan's                                                            3.7                 4.0            4.4               4.8                8.81%
               Primer Precio                                                       1.5                 1.6            1.7               1.9                8.53%
               Sun-Sol                                                             1.3                 1.4            1.5               1.7                8.55%
               Others                                                         223.4                  241.7          262.5             287.7                8.79%
               Overall                                                        612.6                  663.0          720.1             789.3                8.81%

              Source: Canadean                                                                                                                   © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 80

      © Canadean. This product is licensed and is not to be photocopied                                                                       Published: April 2012
       Brazil BREAKFAST CEREALS MARKET ANALYSIS


4.7           Ready to Eat Cereals Market Value by Distribution Channel, 2008-11

              Figure 48: Brazil Ready to Eat Cereals Market Value by Distribution Channel (BRL m), 2008–11

                                                       3000.0
                   Breakfast Cereals Market Value by
                     Distribution Channel (BRL m)




                                                       2500.0

                                                       2000.0

                                                       1500.0

                                                       1000.0

                                                        500.0

                                                          0.0
                                                                      2008                2009       2010                 2011


                                                            Cash & Carries & Warehouse Clubs     “Dollar Stores”, Variety Stores
                                                            Hypermarkets & Supermarkets          Convenience Stores
                                                            Food & drinks specialists            Others


              Source: Canadean                                                                                                     © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                        Page 81

      © Canadean. This product is licensed and is not to be photocopied                                                      Published: April 2012
 Brazil BREAKFAST CEREALS MARKET ANALYSIS


        Table 75: Brazil Ready to Eat Cereals Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                        12.5       13.7      14.8      15.7                  7.98%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           19.6       21.9      24.1      26.3                10.40%
         Hypermarkets & Supermarkets                           1,474.2    1,639.7   1,805.9   1,961.5                 9.99%
         Convenience Stores                                     190.1      212.2     233.9     254.8                10.26%
         Food & drinks specialists                              162.6      181.4     199.5     217.9                10.25%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                           0.0       0.0       0.0       0.0                 0.00%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                 110.2      118.0     120.8     122.7                  3.65%
         Overall                                               1,969.1    2,186.9   2,399.1   2,599.0                 9.69%

        Source: Canadean                                                                                   © Canadean



        Table 76: Brazil Ready to Eat Cereals Market Value by Distribution Channel (USD m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                           6.9       6.9       8.4       9.4               10.72%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           10.9       11.1      13.8      15.8                13.20%
         Hypermarkets & Supermarkets                            821.4      833.4    1,030.8   1,178.3               12.78%
         Convenience Stores                                     105.9      107.8     133.5     153.1                13.06%
         Food & drinks specialists                               90.6       92.2     113.9     130.9                13.04%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                           0.0       0.0       0.0       0.0                 0.00%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                  61.4       60.0      69.0      73.7                  6.28%
         Overall                                               1,097.1    1,111.5   1,369.4   1,561.1               12.48%

        Source: Canadean                                                                                   © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 82

© Canadean. This product is licensed and is not to be photocopied                                       Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS

5             Brazil Cakes, Pastries & Sweet Pies Market Analysis
5.1           Market Growth Dynamics-Cakes, Pastries & Sweet Pies, 2006–16
5.1.1         Cakes, Pastries & Sweet Pies Market Growth Dynamics by Volume, 2006–16

              Figure 49: Brazil Cakes, Pastries & Sweet Pies Market Growth Dynamics by Volume, 2006–16

                                  14.0%

                                  12.0%

                                  10.0%
                   CAGR 2006-11




                                   8.0%

                                   6.0%

                                   4.0%

                                   2.0%

                                   0.0%
                                      12.0%        12.5%              13.0%          13.5%        14.0%        14.5%            15.0%
                                                                                CAGR 2011-16


                                          Cakes              Frozen Cakes & Pastries             Pastries        Sweet Pies


              Source: Canadean                                                                                            © Canadean



              Table 77: Brazil Cakes, Pastries & Sweet Pies Market Dynamics: past and future growth rates (2006–11
                                      & 2011–16) and future market size (2016), by Volume (Kg m), by Segments
               Segment                                               CAGR(2011-16)             CAGR(2006-11)            Market Size 2016
               Cakes                                                       14.33%                    11.00%                         682.90
               Pastries                                                    12.67%                     9.00%                         564.73
               Frozen Cakes & Pastries                                     14.00%                    11.00%                         678.85
               Sweet Pies                                                  13.67%                     9.00%                         501.42
              Source: Canadean                                                                                            © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                  Page 83

      © Canadean. This product is licensed and is not to be photocopied                                                Published: April 2012
    Brazil CAKES, PASTRIES & SWEET PIES MARKET
    ANALYSIS

5.1.2      Cakes, Pastries & Sweet Pies Market Growth Dynamics by Value, 2006–16

           Figure 50: Brazil Cakes, Pastries & Sweet Pies Market Growth Dynamics by Value, 2006–16

                               14.0%

                               12.0%

                               10.0%
                CAGR 2006-11




                                8.0%

                                6.0%

                                4.0%

                                2.0%

                                0.0%
                                   0.0%    2.0%      4.0%         6.0%    8.0%      10.0%    12.0%    14.0%     16.0%   18.0%     20.0%
                                                                             CAGR 2011-16



                                       Frozen Cakes & Pastries                    Pastries           Cakes          Sweet Pies


           Source: Canadean                                                                                                 © Canadean



           Table 78: Brazil Cakes, Pastries & Sweet Pies Market Dynamics: past and future growth rates (2006–11
                                   & 2011–16) and future market size (2016), by Value (BRL m), by Segments
            Segment                                               CAGR(2011-16)                CAGR(2006-11)              Market Size 2016
            Cakes                                                        11.00%                         7.33%                        1411.98
            Pastries                                                     15.67%                         9.00%                        1564.85
            Frozen Cakes & Pastries                                      13.33%                        10.67%                        1734.09
            Sweet Pies                                                   12.33%                         8.67%                        1042.23
           Source: Canadean                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                       Page 84

   © Canadean. This product is licensed and is not to be photocopied                                                     Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS

5.2           Cakes, Pastries & Sweet Pies Consumption Analysis, 2006–16
5.2.1         Cakes, Pastries & Sweet Pies Market by Volume, 2006–16

              Figure 51: Brazil Cakes, Pastries & Sweet Pies Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                             3,000.0                                                                                  18.0%
                  Cakes, Pastries & Sweet Pies Consumption




                                                                                                                                                      16.0%
                                                             2,500.0
                                                                                                                                                      14.0%




                                                                                                                                                                  Growth % (Y-O-Y)
                               by Volume (Kg m)




                                                             2,000.0                                                                                  12.0%

                                                                                                                                                      10.0%
                                                             1,500.0
                                                                                                                                                      8.0%

                                                             1,000.0                                                                                  6.0%

                                                                                                                                                      4.0%
                                                              500.0
                                                                                                                                                      2.0%

                                                                 0.0                                                                                  0.0%
                                                                       2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                       Overall Volume               Y-O-Y growth


              Source: Canadean                                                                                                                         © Canadean



              Table 79: Brazil Cakes, Pastries & Sweet Pies Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                               2006    2007    2008      2009      2010      2011       2012       2013     2014       2015              2016
               Overall
               Volume                                         790.6    866.7   951.6   1,046.4   1,152.2   1,277.4    1,426.2   1,606.8   1,826.4   2,092.1     2,427.9
               Y-o-Y
               growth                                                  9.6%    9.8%     10.0%     10.1%     10.9%      11.6%     12.7%     13.7%      14.5%      16.1%
              Source: Canadean                                                                                                                         © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                               Page 85

      © Canadean. This product is licensed and is not to be photocopied                                                                             Published: April 2012
    Brazil CAKES, PASTRIES & SWEET PIES MARKET
    ANALYSIS

5.2.2      Cakes, Pastries & Sweet Pies Consumption by Segments, 2006–16

           Figure 52: Brazil Cakes, Pastries & Sweet Pies Consumption (Kg m) by Segments, 2006–16

                                                             3000.0
                  Cakes, Pastries & Sweet Pies Consumption




                                                             2500.0

                                                             2000.0
                             by Segments (Kg m)




                                                             1500.0

                                                             1000.0

                                                              500.0

                                                                0.0
                                                                      2006     2007    2008      2009    2010   2011     2012   2013       2014    2015       2016


                                                                 Cakes              Pastries             Frozen Cakes & Pastries                  Sweet Pies



           Source: Canadean                                                                                                                                  © Canadean



           Table 80: Brazil Cakes, Pastries & Sweet Pies Consumption (Kg m) by Segments, 2006–11
                                                                                                                                                                     CAGR
            Segment                                                          2006        2007           2008           2009        2010              2011         2006–11
            Cakes                                                        207.4           229.0          253.6      281.7           313.0            349.5            11.00%
            Pastries                                                     202.2           217.4          235.7      257.2           281.5            311.1            9.00%
            Frozen Cakes &
            Pastries                                                     209.2           231.0          255.8      284.2           315.7            352.6            11.00%
            Sweet Pies                                                   171.8           189.3          206.6      223.3           242.0            264.3            9.00%
            Overall                                                      790.6           866.7          951.6     1,046.4        1,152.2           1,277.4           10.07%
           Source: Canadean                                                                                                                                  © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                      Page 86

   © Canadean. This product is licensed and is not to be photocopied                                                                                   Published: April 2012
 Brazil CAKES, PASTRIES & SWEET PIES MARKET
 ANALYSIS



        Table 81: Brazil Cakes, Pastries & Sweet Pies Consumption (Kg m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Cakes                               349.5             394.5    449.9     515.6     591.7     682.9          14.33%
         Pastries                            311.1             344.6    385.7     435.5     494.2     564.7          12.67%
         Frozen Cakes &
         Pastries                            352.6             397.9    451.9     516.1     590.8     678.8          14.00%
         Sweet Pies                          264.3             289.1    319.3     359.2     415.4     501.4          13.67%
         Overall                           1,277.4         1,426.2     1,606.8   1,826.4   2,092.1   2,427.9         13.70%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                          Page 87

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS

5.3           Cakes, Pastries & Sweet Pies Market Value Analysis, 2006–16
5.3.1         Cakes, Pastries & Sweet Pies Market by Value, 2006–16

              Figure 53: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                                7,000.0                                                                                           18.0%
                    Cakes, Pastries & Sweet Pies Consumption




                                                                                                                                                                  16.0%
                                                                6,000.0
                                                                                                                                                                  14.0%
                                                                5,000.0




                                                                                                                                                                             Growth % (Y-O-Y)
                                                                                                                                                                  12.0%
                                 by Value (BRL m)




                                                                4,000.0                                                                                           10.0%

                                                                3,000.0                                                                                           8.0%

                                                                                                                                                                  6.0%
                                                                2,000.0
                                                                                                                                                                  4.0%
                                                                1,000.0
                                                                                                                                                                  2.0%

                                                                        0.0                                                                                       0.0%
                                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                                   Overall Value           Y-O-Y growth


              Source: Canadean                                                                                                                                   © Canadean



              Table 82: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                                 2006           2007      2008      2009      2010      2011      2012      2013      2014       2015        2016
               Overall
               Value                                           2,022.7        2,201.1   2,390.3   2,592.4   2,825.0   3,103.9   3,424.9   3,832.7   4,334.4   4,933.5     5,753.2
               Y-o-Y
               growth                                                           8.8%      8.6%      8.5%      9.0%      9.9%     10.3%     11.9%     13.1%      13.8%      16.6%
              Source: Canadean                                                                                                                                   © Canadean



              Table 83: Brazil Cakes, Pastries & Sweet Pies Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                                 2006           2007      2008      2009      2010      2011      2012      2013      2014       2015        2016
               Overall
               Value                                            931.9         1,136.4   1,331.8   1,317.6   1,612.6   1,864.4   2,057.3   2,302.2   2,603.6   2,963.5     3,455.8
               Y-o-Y
               growth                                                          21.9%     17.2%     -1.1%     22.4%     15.6%     10.3%     11.9%     13.1%      13.8%      16.6%
              Source: Canadean                                                                                                                                   © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                         Page 88

      © Canadean. This product is licensed and is not to be photocopied                                                                                       Published: April 2012
    Brazil CAKES, PASTRIES & SWEET PIES MARKET
    ANALYSIS

5.3.2      Average Consumer Price/ Kg - Cakes, Pastries & Sweet Pies, 2006-2016

           Figure 54: Brazil Cakes, Pastries & Sweet Pies Average Consumer Price (BRL) and Growth (Y-o-Y),
                                                       2006–16

                                                     2.60                                                                         1.0%
                Cakes, Pastries & Sweet Pies (BRL)




                                                     2.55
                  Average Consumer Price/ Kg -




                                                                                                                                  0.5%
                                                     2.50




                                                                                                                                              Growth % (Y-O-Y)
                                                                                                                                  0.0%
                                                     2.45

                                                     2.40
                                                                                                                                  -0.5%

                                                     2.35
                                                                                                                                  -1.0%
                                                     2.30

                                                     2.25                                                                         -1.5%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Avg Price      Y-O-Y growth


           Source: Canadean                                                                                                        © Canadean



           Table 84: Brazil Cakes, Pastries & Sweet Pies Average Consumer Price (BRL) and Growth (Y-o-Y),
                                                       2006–16
                                                      2006     2007     2008    2009    2010    2011    2012    2013    2014       2015               2016
            Avg.
            Price                                     2.56       2.54    2.51    2.48    2.45    2.43    2.40    2.39    2.37       2.36                 2.37
            Y-o-Y
            growth                                            -0.7%     -1.1%   -1.4%   -1.0%   -0.9%   -1.2%   -0.7%   -0.5%     -0.6%              0.5%
           Source: Canadean                                                                                                        © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                              Page 89

   © Canadean. This product is licensed and is not to be photocopied                                                            Published: April 2012
    Brazil CAKES, PASTRIES & SWEET PIES MARKET
    ANALYSIS

5.3.3      Cakes, Pastries & Sweet Pies Market Value by Segments, 2006-2016

           Figure 55: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) by Segments, 2006–16
                                                           7000.0
               Cakes, Pastries & Sweet Pies Market Value




                                                           6000.0
                         by Segments (BRL m)




                                                           5000.0


                                                           4000.0


                                                           3000.0


                                                           2000.0


                                                           1000.0


                                                              0.0
                                                                    2006     2007     2008      2009     2010    2011     2012   2013       2014    2015       2016
                                                               Cakes               Pastries              Frozen Cakes & Pastries                   Sweet Pies


           Source: Canadean                                                                                                                                   © Canadean



           Table 85: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) by Segments, 2006–11
                                                                                                                                                                      CAGR
            Segment                                                        2006         2007             2008           2009        2010              2011         2006–11
            Cakes                                                          588.2        636.3           682.8       726.2          776.9             837.9            7.33%
            Pastries                                                       491.2        542.0           591.4       638.5          692.2             755.8            9.00%
            Frozen Cakes &
            Pastries                                                       558.7        612.3           673.9       746.5          829.4             927.4            10.67%
            Sweet Pies                                                     384.5        410.6           442.3       481.2          526.6             582.7            8.67%
            Overall                                                    2,022.7        2,201.1          2,390.3     2,592.4        2,825.0           3,103.9           8.94%
           Source: Canadean                                                                                                                                   © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                       Page 90

   © Canadean. This product is licensed and is not to be photocopied                                                                                    Published: April 2012
 Brazil CAKES, PASTRIES & SWEET PIES MARKET
 ANALYSIS


        Table 86: Brazil Cakes, Pastries & Sweet Pies Market Value (BRL m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Cakes                               837.9             899.7    984.0    1,092.2   1,218.0   1,412.0         11.00%
         Pastries                            755.8             829.7    936.3    1,078.6   1,264.5   1,564.8         15.67%
         Frozen Cakes &
         Pastries                            927.4         1,046.9     1,185.7   1,345.7   1,528.4   1,734.1         13.33%
         Sweet Pies                          582.7             648.6    726.7     817.8     922.7    1,042.2         12.33%
         Overall                           3,103.9         3,424.9     3,832.7   4,334.4   4,933.5   5,753.2         13.14%
        Source: Canadean                                                                                       © Canadean



        Table 87: Brazil Cakes, Pastries & Sweet Pies Market Value (USD m) by Segments, 2006–11
                                                                                                                      CAGR
         Segment                             2006              2007      2008      2009      2010      2011         2006–11
         Cakes                               271.0             328.5    380.4     369.1     443.5     503.3          13.18%
         Pastries                            226.3             279.8    329.5     324.6     395.1     454.0          14.94%
         Frozen Cakes &
         Pastries                            257.4             316.1    375.5     379.4     473.4     557.1          16.70%
         Sweet Pies                          177.2             212.0    246.4     244.6     300.6     350.0          14.59%
         Overall                             931.9         1,136.4     1,331.8   1,317.6   1,612.6   1,864.4         14.88%
        Source: Canadean                                                                                       © Canadean



        Table 88: Brazil Cakes, Pastries & Sweet Pies Market Value (USD m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Cakes                               503.3             540.4    591.1     656.1     731.6     848.1          11.00%
         Pastries                            454.0             498.4    562.4     647.9     759.5     940.0          15.67%
         Frozen Cakes &
         Pastries                            557.1             628.8    712.2     808.3     918.1    1,041.6         13.33%
         Sweet Pies                          350.0             389.6    436.5     491.3     554.2     626.0          12.33%
         Overall                           1,864.4         2,057.3     2,302.2   2,603.6   2,963.5   3,455.8         13.14%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                          Page 91

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS

5.4           Cakes Market Analysis, 2006–16
5.4.1         Cakes Market by Volume, 2006–16

              Figure 56: Brazil Cakes Market by Volume (Kg m), 2006–16

                                                     800.0                                                                                 18.00%
                     Cakes Market by Volume (Kg m)




                                                     700.0                                                                                 16.00%

                                                                                                                                           14.00%
                                                     600.0




                                                                                                                                                         Growth % (Y-O-Y)
                                                                                                                                           12.00%
                                                     500.0
                                                                                                                                           10.00%
                                                     400.0
                                                                                                                                           8.00%
                                                     300.0
                                                                                                                                           6.00%
                                                     200.0
                                                                                                                                           4.00%

                                                     100.0                                                                                 2.00%

                                                       0.0                                                                                 0.00%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Market Value         Y-o-Y Growth %


              Source: Canadean                                                                                                                © Canadean



              Table 89: Brazil Cakes Market by Volume (Kg m), 2006–16
                                                        2006       2007      2008     2009     2010     2011     2012     2013      2014      2015               2016
               Overall
               Volume                                   207.4      229.0    253.6    281.7    313.0    349.5    394.5     449.9    515.6     591.7           682.9
               Y-o-Y
               growth                                            10.39%    10.75%   11.10%   11.09%   11.68%   12.87%   14.05%    14.59%   14.77%      15.41%
              Source: Canadean                                                                                                                © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                      Page 92

      © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
    Brazil CAKES, PASTRIES & SWEET PIES MARKET
    ANALYSIS

5.4.2      Cakes Market by Value, 2006–16

           Figure 57: Brazil Cakes Market by Value (BRL m), 2006–16

                                                 1,600.0                                                                             18.0%
                 Cakes Market by Value (BRL m)




                                                 1,400.0                                                                             16.0%

                                                                                                                                     14.0%
                                                 1,200.0




                                                                                                                                                 Growth % (Y-O-Y)
                                                                                                                                     12.0%
                                                 1,000.0
                                                                                                                                     10.0%
                                                  800.0
                                                                                                                                     8.0%
                                                  600.0
                                                                                                                                     6.0%
                                                  400.0
                                                                                                                                     4.0%

                                                  200.0                                                                              2.0%

                                                     0.0                                                                             0.0%
                                                            2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                             Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                           © Canadean



           Table 90: Brazil Cakes Market by Value (BRL m), 2006–16
                                                    2006      2007    2008    2009     2010    2011   2012       2013      2014       2015               2016
            Market
            Value                                   588.2    636.3   682.8    726.2   776.9   837.9   899.7      984.0   1,092.2   1,218.0     1,412.0
            Y-o-Y
            growth                                           8.2%    7.3%     6.4%    7.0%    7.9%    7.4%       9.4%     11.0%      11.5%      15.9%
           Source: Canadean                                                                                                           © Canadean



           Table 91: Brazil Cakes Market by Value (USD m), 2006–16
                                                    2006      2007    2008    2009     2010    2011   2012       2013      2014       2015               2016
            Market
            Value                                   271.0    328.5   380.4    369.1   443.5   503.3   540.4      591.1    656.1      731.6           848.1
            Y-o-Y
            growth                                           21.2%   15.8%    -3.0%   20.1%   13.5%   7.4%       9.4%     11.0%      11.5%      15.9%
           Source: Canadean                                                                                                           © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 93

   © Canadean. This product is licensed and is not to be photocopied                                                               Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS

5.5           Pastries Market Analysis, 2006–16
5.5.1         Pastries Market by Volume, 2006–16

              Figure 58: Brazil Pastries Market by Volume (Kg m), 2006–16

                                                       600.0                                                                              16.0%
                    Pastries Market by Volume (Kg m)




                                                                                                                                          14.0%
                                                       500.0
                                                                                                                                          12.0%




                                                                                                                                                      Growth % (Y-O-Y)
                                                       400.0
                                                                                                                                          10.0%

                                                       300.0                                                                              8.0%

                                                                                                                                          6.0%
                                                       200.0
                                                                                                                                          4.0%
                                                       100.0
                                                                                                                                          2.0%

                                                         0.0                                                                              0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                             © Canadean



              Table 92: Brazil Pastries Market by Volume (Kg m), 2006–16
                                                          2006       2007   2008     2009     2010    2011    2012      2013     2014      2015               2016
               Overall
               Volume                                     202.2     217.4   235.7    257.2   281.5   311.1   344.6      385.7   435.5     494.2           564.7
               Y-o-Y
               growth                                                7.5%   8.4%     9.1%    9.5%    10.5%   10.8%   11.9%      12.9%     13.5%      14.3%
              Source: Canadean                                                                                                             © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                   Page 94

      © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
    Brazil CAKES, PASTRIES & SWEET PIES MARKET
    ANALYSIS

5.5.2      Pastries Market by Value, 2006–16

           Figure 59: Brazil Pastries Market by Value (BRL m), 2006–16

                                                     1,800.0                                                                            25.0%
                  Pastries Market by Value (BRL m)




                                                     1,600.0

                                                     1,400.0                                                                            20.0%




                                                                                                                                                    Growth % (Y-O-Y)
                                                     1,200.0
                                                                                                                                        15.0%
                                                     1,000.0

                                                      800.0
                                                                                                                                        10.0%
                                                      600.0

                                                      400.0                                                                             5.0%
                                                      200.0

                                                         0.0                                                                            0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                              © Canadean



           Table 93: Brazil Pastries Market by Value (BRL m), 2006–16
                                                        2006      2007    2008    2009     2010    2011   2012       2013     2014       2015               2016
            Market
            Value                                       491.2    542.0   591.4    638.5   692.2   755.8   829.7   936.3     1,078.6   1,264.5     1,564.8
            Y-o-Y
            growth                                               10.3%   9.1%     8.0%    8.4%    9.2%    9.8%    12.8%      15.2%      17.2%      23.8%
           Source: Canadean                                                                                                              © Canadean



           Table 94: Brazil Pastries Market by Value (USD m), 2006–16
                                                        2006      2007    2008    2009     2010    2011   2012       2013     2014       2015               2016
            Market
            Value                                       226.3    279.8   329.5    324.6   395.1   454.0   498.4   562.4      647.9      759.5           940.0
            Y-o-Y
            growth                                               23.6%   17.7%   -1.5%    21.7%   14.9%   9.8%    12.8%      15.2%      17.2%      23.8%
           Source: Canadean                                                                                                              © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                    Page 95

   © Canadean. This product is licensed and is not to be photocopied                                                                  Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS

5.6           Frozen Cakes & Pastries Market Analysis, 2006–16
5.6.1         Frozen Cakes & Pastries Market by Volume, 2006–16

              Figure 60: Brazil Frozen Cakes & Pastries Market by Volume (Kg m), 2006–16

                                                               800.0                                                                                16.00%
                    Frozen Cakes & Pastries Market by Volume




                                                               700.0                                                                                14.00%

                                                               600.0                                                                                12.00%




                                                                                                                                                                 Growth % (Y-O-Y)
                                                               500.0                                                                                10.00%
                                    (Kg m)




                                                               400.0                                                                                8.00%

                                                               300.0                                                                                6.00%

                                                               200.0                                                                                4.00%

                                                               100.0                                                                                2.00%

                                                                 0.0                                                                                0.00%
                                                                        2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                         Market Value         Y-o-Y Growth %


              Source: Canadean                                                                                                                     © Canadean



              Table 95: Brazil Frozen Cakes & Pastries Market by Volume (Kg m), 2006–16
                                                               2006      2007     2008     2009     2010     2011     2012     2013      2014      2015        2016
               Overall
               Volume                                          209.2    231.0    255.8    284.2    315.7    352.6    397.9     451.9    516.1     590.8       678.8
               Y-o-Y
               growth                                                  10.39%   10.75%   11.10%   11.09%   11.68%   12.87%   13.56%    14.21%   14.48%      14.90%
              Source: Canadean                                                                                                                     © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                           Page 96

      © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
    Brazil CAKES, PASTRIES & SWEET PIES MARKET
    ANALYSIS

5.6.2      Frozen Cakes & Pastries Market by Value, 2006–16

           Figure 61: Brazil Frozen Cakes & Pastries Market by Value (BRL m), 2006–16

                                                           2,000.0                                                                                     16.0%
                 Frozen Cakes & Pastries Market by Value




                                                           1,800.0
                                                                                                                                                       14.0%
                                                           1,600.0
                                                                                                                                                       12.0%
                                                           1,400.0




                                                                                                                                                                  Growth % (Y-O-Y)
                                                                                                                                                       10.0%
                                                           1,200.0
                                (BRL m)




                                                           1,000.0                                                                                     8.0%

                                                            800.0
                                                                                                                                                       6.0%
                                                            600.0
                                                                                                                                                       4.0%
                                                            400.0
                                                                                                                                                       2.0%
                                                            200.0

                                                               0.0                                                                                     0.0%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                       Overall Volume             Y-O-Y growth


           Source: Canadean                                                                                                                           © Canadean



           Table 96: Brazil Frozen Cakes & Pastries Market by Value (BRL m), 2006–16
                                                             2006      2007     2008     2009     2010     2011       2012       2013      2014       2015        2016
            Market
            Value                                            558.7    612.3    673.9    746.5    829.4    927.4     1,046.9   1,185.7    1,345.7   1,528.4     1,734.1
            Y-o-Y
            growth                                                   9.58%    10.06%   10.78%   11.10%   11.83%     12.88%    13.26%     13.49%    13.58%      13.46%
           Source: Canadean                                                                                                                           © Canadean



           Table 97: Brazil Frozen Cakes & Pastries Market by Value (USD m), 2006–16
                                                             2006      2007     2008     2009     2010     2011       2012       2013      2014       2015        2016
            Market
            Value                                            257.4    316.1    375.5    379.4    473.4    557.1       628.8      712.2    808.3      918.1     1,041.6
            Y-o-Y
            growth                                                   22.80%   18.77%   1.06%    24.77%   17.68%     12.88%    13.26%     13.49%    13.58%      13.46%
           Source: Canadean                                                                                                                           © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                 Page 97

   © Canadean. This product is licensed and is not to be photocopied                                                                               Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS

5.7           Sweet Pies Market Analysis, 2006–16
5.7.1         Sweet Pies Market by Volume, 2006–16

              Figure 62: Brazil Sweet Pies Market by Volume (Kg m), 2006–16

                                                         600.0                                                                              25.0%
                    Sweet Pies Market by Volume (Kg m)




                                                         500.0
                                                                                                                                            20.0%




                                                                                                                                                        Growth % (Y-O-Y)
                                                         400.0
                                                                                                                                            15.0%

                                                         300.0

                                                                                                                                            10.0%
                                                         200.0

                                                                                                                                            5.0%
                                                         100.0


                                                           0.0                                                                              0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                      Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                               © Canadean



              Table 98: Brazil Sweet Pies Market by Volume (Kg m), 2006–16
                                                            2006       2007   2008     2009     2010   2011    2012       2013     2014      2015               2016
               Overall
               Volume                                       171.8     189.3   206.6    223.3   242.0   264.3   289.1      319.3   359.2     415.4           501.4
               Y-o-Y
               growth                                                 10.2%   9.1%     8.1%    8.4%    9.2%    9.4%    10.4%      12.5%     15.6%      20.7%
              Source: Canadean                                                                                                               © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 98

      © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
    Brazil CAKES, PASTRIES & SWEET PIES MARKET
    ANALYSIS

5.7.2      Sweet Pies Market by Value, 2006–16

           Figure 63: Brazil Sweet Pies Market by Value (BRL m), 2006–16

                                                       1,200.0                                                                               14.0%
                  Sweet Pies Market by Value (BRL m)




                                                       1,000.0                                                                               12.0%

                                                                                                                                             10.0%




                                                                                                                                                         Growth % (Y-O-Y)
                                                        800.0
                                                                                                                                             8.0%
                                                        600.0
                                                                                                                                             6.0%
                                                        400.0
                                                                                                                                             4.0%

                                                        200.0                                                                                2.0%

                                                           0.0                                                                               0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Overall Volume           Y-O-Y growth


           Source: Canadean                                                                                                                   © Canadean



           Table 99: Brazil Sweet Pies Market by Value (BRL m), 2006–16
                                                          2006      2007    2008    2009    2010     2011       2012       2013     2014      2015               2016
            Market
            Value                                         384.5    410.6   442.3   481.2    526.6   582.7       648.6      726.7   817.8     922.7     1,042.2
            Y-o-Y
            growth                                                 6.8%    7.7%     8.8%    9.4%    10.6%      11.3%    12.0%      12.5%     12.8%      13.0%
           Source: Canadean                                                                                                                   © Canadean



           Table 100: Brazil Sweet Pies Market by Value (USD m), 2006–16
                                                          2006      2007    2008    2009    2010     2011       2012       2013     2014      2015               2016
            Market
            Value                                         177.2    212.0   246.4   244.6    300.6   350.0       389.6      436.5   491.3     554.2           626.0
            Y-o-Y
            growth                                                 19.7%   16.2%   -0.8%   22.9%    16.4%      11.3%    12.0%      12.5%     12.8%      13.0%
           Source: Canadean                                                                                                                   © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 99

   © Canadean. This product is licensed and is not to be photocopied                                                                       Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS

5.8           Cakes, Pastries & Sweet Pies Market Volume Analysis by Brands, 2008-11

              Figure 64: Brazil Cakes, Pastries & Sweet Pies Market Volume by Brands (Kg m), 2008–11
                                                              800.0
                       Cakes, Pastries & Sweet Pies Market




                                                              700.0
                            Volume by Brands (Kg m)




                                                              600.0

                                                              500.0

                                                              400.0

                                                              300.0

                                                              200.0

                                                              100.0

                                                                0.0
                                                                            2008              2009          2010      2011
                                                             Bimbo                  La Bella Easo      Bolleria       Reposteria Martinez
                                                             Panrico                Phoskitos          Maria Dorda    Milka
                                                             Casa Tarradellas       La Cocinera


              Source: Canadean                                                                                                    © Canadean



              Table 101: Brazil Cakes, Pastries & Sweet Pies Market Volume by Brands (Kg m), 2008–11
                                                                                                                                            CAGR
               Brand Name                                                    2008              2009         2010       2011               2008–11
               Bimbo                                                        147.5             162.2         178.6     198.0                10.30%
               La Bella Easo                                                 86.9              95.6         105.4     117.0                10.42%
               Bolleria                                                      74.9              82.4          90.7     100.6                10.30%
               Reposteria Martinez                                           65.1              71.7          79.0      87.6                10.40%
               Panrico                                                       59.1              65.0          71.5      79.3                10.29%
               Phoskitos                                                     26.1              28.7          31.6      35.0                10.32%
               Maria Dorda                                                   26.0              28.6          31.5      34.9                10.30%
               Milka                                                         25.1              27.6          30.4      33.7                10.31%
               Casa Tarradellas                                              16.7              18.3          20.1      22.3                10.03%
               La Cocinera                                                   14.5              15.9          17.4      19.3                10.05%
               Others                                                       409.7             450.5         496.0     549.9                10.30%
               Overall                                                      951.6            1,046.4      1,152.2    1,277.4               10.31%

              Source: Canadean                                                                                                    © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                         Page 100

      © Canadean. This product is licensed and is not to be photocopied                                                        Published: April 2012
       Brazil CAKES, PASTRIES & SWEET PIES MARKET
       ANALYSIS



5.9           Cakes, Pastries & Sweet Pies Market Value by Distribution Channel, 2008-11

              Figure 65: Brazil Cakes, Pastries & Sweet Pies Market Value by Distribution Channel (BRL m), 2008–11

                                                                3000.0
                    Cakes, Pastries & Sweet Pies Market Value




                                                                2500.0
                             by Distribution Channel




                                                                2000.0
                                     (BRL m)




                                                                1500.0


                                                                1000.0


                                                                 500.0


                                                                   0.0
                                                                               2008             2009         2010                 2011
                                                                  Cash & Carries & Warehouse Clubs     “Dollar Stores”, Variety Stores
                                                                  Hypermarkets & Supermarkets          Convenience Stores
                                                                  Food & drinks specialists            Others


              Source: Canadean                                                                                                       © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 101

      © Canadean. This product is licensed and is not to be photocopied                                                           Published: April 2012
 Brazil CAKES, PASTRIES & SWEET PIES MARKET
 ANALYSIS


        Table 102: Brazil Cakes, Pastries & Sweet Pies Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                        11.7       12.9      14.3      15.7                10.49%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           32.8       36.2      39.9      43.9                10.12%
         Hypermarkets & Supermarkets                            306.1      333.1     361.9     392.7                  8.66%
         Convenience Stores                                      83.9       92.0     100.6     109.9                  9.41%
         Food & drinks specialists                             1,571.7    1,712.5   1,863.6   2,026.8                 8.85%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                           0.0       0.0       0.0       0.0                 0.00%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                  16.5       14.3      10.1        3.5              -40.52%
         Overall                                               2,022.7    2,201.1   2,390.3   2,592.4                 8.62%

        Source: Canadean                                                                                   © Canadean



        Table 103: Brazil Cakes, Pastries & Sweet Pies Market Value by Distribution Channel (USD m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                           6.5       6.6       8.1       9.5               13.30%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           18.3       18.4      22.8      26.3                12.91%
         Hypermarkets & Supermarkets                            170.5      169.3     206.5     235.9                11.42%
         Convenience Stores                                      46.7       46.8      57.4      66.0                12.18%
         Food & drinks specialists                              875.7      870.4    1,063.8   1,217.4               11.61%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                           0.0       0.0       0.0       0.0                 0.00%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                     9.2       7.3       5.8       2.1              -39.01%
         Overall                                               1,127.0    1,118.8   1,364.4   1,557.2               11.38%

        Source: Canadean                                                                                   © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                        Page 102

© Canadean. This product is licensed and is not to be photocopied                                       Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6             Brazil Dough Products Market Analysis
6.1           Market Growth Dynamics-Dough Products, 2006–16
6.1.1         Dough Products Market Growth Dynamics by Volume, 2006–16

              Figure 66: Brazil Dough Products Market Growth Dynamics by Volume, 2006–16

                                14.0%

                                12.0%

                                10.0%
                 CAGR 2006-11




                                 8.0%

                                 6.0%

                                 4.0%

                                 2.0%

                                 0.0%
                                    0.0%        2.0%        4.0%          6.0%       8.0%       10.0%     12.0%    14.0%        16.0%
                                                                                 CAGR 2011-16

                                    Prepared Pastry (other)          Pie & Pastry Shells    Pizza Bases      Frozen Dough Products


              Source: Canadean                                                                                             © Canadean



              Table 104: Brazil Dough Products Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                                        and future market size (2016), by Volume (Kg m), by Segments
               Segment                                               CAGR(2011-16)               CAGR(2006-11)          Market Size 2016
               Pie & Pastry Shells                                          11.33%                      8.67%                       132.68
               Prepared Pastry (other)                                      12.67%                      10.67%                      172.14
               Pizza Bases                                                  13.67%                      9.33%                        97.48
               Frozen Dough Products                                        10.33%                      11.33%                       54.76
              Source: Canadean                                                                                             © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                 Page 103

      © Canadean. This product is licensed and is not to be photocopied                                                Published: April 2012
    Brazil DOUGH PRODUCTS MARKET ANALYSIS

6.1.2      Dough Products Market Growth Dynamics by Value, 2006–16

           Figure 67: Brazil Dough Products Market Growth Dynamics by Value, 2006–16
                               14.0%

                               12.0%

                               10.0%
                CAGR 2006-11




                                8.0%

                                6.0%

                                4.0%

                                2.0%

                                0.0%
                                   0.0%     2.0%        4.0%           6.0%    8.0%      10.0%      12.0%    14.0%      16.0%      18.0%
                                                                              CAGR 2011-16
                                  Prepared Pastry (other)         Pizza Bases         Pie & Pastry Shells        Frozen Dough Products


           Source: Canadean                                                                                                  © Canadean




           Table 105: Brazil Dough Products Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                                   and future market size (2016), by Value (BRL m), by Segments
            Segment                                               CAGR(2011-16)                  CAGR(2006-11)             Market Size 2016
            Pie & Pastry Shells                                           11.33%                        9.67%                          273.55
            Prepared Pastry (other)                                       15.00%                       12.00%                          543.33
            Pizza Bases                                                   12.67%                        8.00%                          283.93
            Frozen Dough Products                                         13.33%                       10.67%                          260.70
           Source: Canadean                                                                                                  © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                       Page 104

   © Canadean. This product is licensed and is not to be photocopied                                                      Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6.2           Dough Products Consumption Analysis, 2006–16
6.2.1         Dough Products Market by Volume, 2006–16

              Figure 68: Brazil Dough Products Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                             500.0                                                                                  16.00%
                    Dough Products Market by Volume (Kg m)




                                                             450.0
                                                                                                                                                    14.00%
                                                             400.0
                                                                                                                                                    12.00%
                                                             350.0




                                                                                                                                                                  Growth % (Y-O-Y)
                                                                                                                                                    10.00%
                                                             300.0

                                                             250.0                                                                                  8.00%

                                                             200.0
                                                                                                                                                    6.00%
                                                             150.0
                                                                                                                                                    4.00%
                                                             100.0
                                                                                                                                                    2.00%
                                                              50.0

                                                               0.0                                                                                  0.00%
                                                                        2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                           Overall Volume           Y-O-Y growth


              Source: Canadean                                                                                                                         © Canadean



              Table 106: Brazil Dough Products Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                                2006       2007     2008    2009    2010     2011       2012       2013      2014      2015               2016
               Overall
               Volume                                           160.8      178.1   195.9   214.1    234.3   257.3       282.6      314.3    351.7     397.0           457.1
               Y-o-Y
               growth                                                    10.79%    9.98%   9.28%   9.44%    9.79%      9.84%    11.25%     11.89%   12.87%      15.13%
              Source: Canadean                                                                                                                         © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                              Page 105

      © Canadean. This product is licensed and is not to be photocopied                                                                             Published: April 2012
    Brazil DOUGH PRODUCTS MARKET ANALYSIS

6.2.2      Dough Products Consumption by Segments, 2006–16

           Figure 69: Brazil Dough Products Consumption (Kg m) by Segments, 2006–16
                 Dough Products Market by Segments


                                                     500.0
                                                     450.0
                                                     400.0
                                                     350.0
                              (Kg m)




                                                     300.0
                                                     250.0
                                                     200.0
                                                     150.0
                                                     100.0
                                                      50.0
                                                       0.0
                                                              2006    2007   2008       2009   2010    2011     2012   2013      2014   2015     2016

                                                     Pie & Pastry Shells     Prepared Pastry (other)      Pizza Bases         Frozen Dough Products


           Source: Canadean                                                                                                                     © Canadean



           Table 107: Brazil Dough Products Consumption (Kg m) by Segments, 2006–11
                                                                                                                                                         CAGR
            Segment                                                  2006       2007           2008           2009       2010            2011        2006–11
            Pie & Pastry Shells                                       51.2       55.4           60.0           65.2       71.2           77.6            8.67%
            Prepared Pastry
            (other)                                                   57.1       64.3           71.5           78.4       86.0           94.8           10.67%
            Pizza Bases                                               32.9       36.4           39.9           43.2       47.0           51.4            9.33%
            Frozen Dough
            Products                                                  19.6       22.0           24.6           27.3       30.2           33.5           11.33%
            Overall                                                  160.8      178.1          195.9          214.1      234.3          257.3            9.86%
           Source: Canadean                                                                                                                     © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 106

   © Canadean. This product is licensed and is not to be photocopied                                                                      Published: April 2012
 Brazil DOUGH PRODUCTS MARKET ANALYSIS




        Table 108: Brazil Dough Products Consumption (Kg m) by Segments, 2011–16
                                                                                                              CAGR
         Segment                             2011              2012    2013    2014    2015    2016         2011–16
         Pie & Pastry Shells                  77.6              85.2    93.9   104.7   117.6   132.7         11.33%
         Prepared Pastry
         (other)                              94.8             104.3   116.4   130.6   148.0   172.1         12.67%
         Pizza Bases                          51.4              56.2    63.6    72.1    82.4    97.5         13.67%
         Frozen Dough
         Products                             33.5              36.8    40.5    44.4    49.1    54.8         10.33%
         Overall                             257.3             282.6   314.3   351.7   397.0   457.1         12.18%
        Source: Canadean                                                                               © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                 Page 107

© Canadean. This product is licensed and is not to be photocopied                                Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6.3           Dough Products Market Value Analysis, 2006–16
6.3.1         Dough Products Market by Value, 2006–16

              Figure 70: Brazil Dough Products Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                     1,600.0                                                                          18.0%
                    Dough Products Market by Value




                                                     1,400.0                                                                          16.0%

                                                                                                                                      14.0%
                                                     1,200.0




                                                                                                                                                  Growth % (Y-O-Y)
                              (BRL m)




                                                                                                                                      12.0%
                                                     1,000.0
                                                                                                                                      10.0%
                                                      800.0
                                                                                                                                      8.0%
                                                      600.0
                                                                                                                                      6.0%
                                                      400.0
                                                                                                                                      4.0%

                                                      200.0                                                                           2.0%

                                                         0.0                                                                          0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                               Overall Value       Y-O-Y growth


              Source: Canadean                                                                                                         © Canadean



              Table 109: Brazil Dough Products Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                      2006      2007    2008   2009     2010    2011    2012       2013     2014       2015               2016
               Overall
               Value                                 444.5     493.9   544.9   596.5   655.8   725.9    807.5     910.8   1,035.6   1,180.4     1,361.5
               Y-o-Y
               growth                                          11.1%   10.3%   9.5%     9.9%   10.7%   11.2%      12.8%    13.7%      14.0%      15.3%
              Source: Canadean                                                                                                         © Canadean



              Table 110: Brazil Dough Products Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                      2006      2007    2008   2009     2010    2011    2012       2013     2014       2015               2016
               Overall
               Value                                 204.8     255.0   303.6   303.2   374.4   436.0    485.1     547.1    622.1      709.0           817.8
               Y-o-Y
               growth                                          24.5%   19.1%   -0.1%   23.5%   16.5%   11.2%      12.8%    13.7%      14.0%      15.3%
              Source: Canadean                                                                                                         © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                              Page 108

      © Canadean. This product is licensed and is not to be photocopied                                                             Published: April 2012
    Brazil DOUGH PRODUCTS MARKET ANALYSIS

6.3.2      Average Consumer Price/Kg - Dough Products, 2006-2016

           Figure 71: Brazil Dough Products Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16

                                                     3.0                                                                         1.80%
                 Average Consumer Price/ Kg -Dough




                                                                                                                                 1.60%
                                                     3.0
                                                                                                                                 1.40%
                                                     2.9
                          Products (BRL )




                                                                                                                                             Growth % (Y-O-Y)
                                                                                                                                 1.20%
                                                     2.9                                                                         1.00%

                                                     2.8                                                                         0.80%

                                                                                                                                 0.60%
                                                     2.8
                                                                                                                                 0.40%
                                                     2.7
                                                                                                                                 0.20%

                                                     2.7                                                                         0.00%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Avg Price      Y-O-Y growth


           Source: Canadean                                                                                                       © Canadean



           Table 111: Brazil Dough Products Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                      2006      2007    2008    2009    2010    2011    2012    2013    2014      2015               2016
            Avg.
            Price                                     2.76      2.77    2.78    2.79    2.80    2.82    2.86    2.90    2.94       2.97                 2.98
            Y-o-Y
            growth                                             0.28%   0.31%   0.19%   0.45%   0.81%   1.28%   1.38%   1.62%     0.98%      0.19%
           Source: Canadean                                                                                                       © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 109

   © Canadean. This product is licensed and is not to be photocopied                                                           Published: April 2012
    Brazil DOUGH PRODUCTS MARKET ANALYSIS

6.3.3      Dough Products Market Value by Segments, 2006-2016

           Figure 72: Brazil Dough Products Market Value (BRL m) by Segments, 2006–16

                                                   1600.0
                  Dough Products Market Value by




                                                   1400.0

                                                   1200.0
                        Segments (BRL m)




                                                   1000.0

                                                     800.0

                                                     600.0

                                                     400.0

                                                     200.0

                                                       0.0
                                                              2006     2007     2008     2009     2010   2011   2012   2013      2014   2015      2016


                                                   Pie & Pastry Shells        Prepared Pastry (other)      Pizza Bases        Frozen Dough Products



           Source: Canadean                                                                                                                     © Canadean



           Table 112: Brazil Dough Products Market Value (BRL m) by Segments, 2006–11
                                                                                                                                                       CAGR
            Segment                                               2006           2007           2008        2009         2010           2011         2006–11
            Pie & Pastry Shells                                  100.8           109.0          118.7      130.4         144.0          159.9           9.67%
            Prepared Pastry
            (other)                                              153.3           175.9          198.3      219.1         242.7          270.1         12.00%
            Pizza Bases                                          106.4           116.0          125.3      133.7         143.9          156.4           8.00%
            Frozen Dough
            Products                                                 84.0         92.9          102.5      113.4         125.2          139.4         10.67%
            Overall                                              444.5           493.9          544.9      596.5         655.8          725.9         10.30%
           Source: Canadean                                                                                                                     © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 110

   © Canadean. This product is licensed and is not to be photocopied                                                                      Published: April 2012
 Brazil DOUGH PRODUCTS MARKET ANALYSIS


        Table 113: Brazil Dough Products Market Value (BRL m) by Segments, 2011–16
                                                                                                                    CAGR
         Segment                             2011              2012    2013      2014      2015      2016         2011–16
         Pie & Pastry Shells                 159.9             178.5   199.3    221.9     247.3     273.6          11.33%
         Prepared Pastry
         (other)                             270.1             303.2   347.1    401.4     463.4     543.3          15.00%
         Pizza Bases                         156.4             169.8   189.5    214.8     244.2     283.9          12.67%
         Frozen Dough
         Products                            139.4             155.9   174.9    197.6     225.4     260.7          13.33%
         Overall                             725.9             807.5   910.8   1,035.6   1,180.4   1,361.5         13.40%
        Source: Canadean                                                                                     © Canadean



        Table 114: Brazil Dough Products Market Value (USD m) by Segments, 2006–11
                                                                                                                    CAGR
         Segment                             2006              2007    2008      2009      2010      2011         2006–11
         Pie & Pastry Shells                  46.4              56.3    66.1     66.3      82.2      96.1          15.64%
         Prepared Pastry
         (other)                              70.6              90.8   110.5    111.3     138.5     162.3          18.10%
         Pizza Bases                          49.0              59.9    69.8     68.0      82.1      93.9          13.88%
         Frozen Dough
         Products                             38.7              48.0    57.1     57.6      71.5      83.8          16.70%
         Overall                             204.8             255.0   303.6    303.2     374.4     436.0          16.31%
        Source: Canadean                                                                                     © Canadean



        Table 115: Brazil Dough Products Market Value (USD m) by Segments, 2011–16
                                                                                                                    CAGR
         Segment                             2011              2012    2013      2014      2015      2016         2011–16
         Pie & Pastry Shells                  96.1             107.2   119.7    133.3     148.6     164.3          11.33%
         Prepared Pastry
         (other)                             162.3             182.1   208.5    241.1     278.4     326.4          15.00%
         Pizza Bases                          93.9             102.0   113.8    129.0     146.7     170.6          12.67%
         Frozen Dough
         Products                             83.8              93.6   105.1    118.7     135.4     156.6          13.33%
         Overall                             436.0             485.1   547.1    622.1     709.0     817.8          13.40%
        Source: Canadean                                                                                     © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                       Page 111

© Canadean. This product is licensed and is not to be photocopied                                      Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6.4           Pie & Pastry Shells Market Analysis, 2006–16
6.4.1         Pie & Pastry Shells Market by Volume, 2006–16

              Figure 73: Brazil Pie & Pastry Shells Market by Volume (Kg m), 2006–16

                                                            140.0                                                                      14.00%
                     Pie & Pastry Shells Market by Volume




                                                            120.0                                                                      12.00%

                                                            100.0                                                                      10.00%




                                                                                                                                                     Growth % (Y-O-Y)
                                                             80.0                                                                      8.00%
                                    (Kg m)




                                                             60.0                                                                      6.00%

                                                             40.0                                                                      4.00%

                                                             20.0                                                                      2.00%

                                                              0.0                                                                      0.00%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Market Value      Y-o-Y Growth %


              Source: Canadean                                                                                                            © Canadean



              Table 116: Brazil Pie & Pastry Shells Market by Volume (Kg m), 2006–16
                                                              2006     2007   2008    2009     2010   2011   2012       2013    2014      2015             2016
               Overall
               Volume                                         51.2     55.4   60.0     65.2    71.2   77.6   85.2       93.9   104.7     117.6         132.7
               Y-o-Y
               growth                                                  8.1%   8.4%    8.7%    9.1%    9.0%   9.8%   10.2%      11.5%     12.3%      12.8%
              Source: Canadean                                                                                                            © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 112

      © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
    Brazil DOUGH PRODUCTS MARKET ANALYSIS

6.4.2      Pie & Pastry Shells Market by Value, 2006–16

           Figure 74: Brazil Pie & Pastry Shells Market by Value (BRL m), 2006–16

                                                        300.0                                                                                 14.0%
                  Pie & Pastry Shells Marke tby Value




                                                        250.0                                                                                 12.0%

                                                                                                                                              10.0%




                                                                                                                                                         Growth % (Y-O-Y)
                                                        200.0
                                (BRL m)




                                                                                                                                              8.0%
                                                        150.0
                                                                                                                                              6.0%
                                                        100.0
                                                                                                                                              4.0%

                                                         50.0                                                                                 2.0%

                                                          0.0                                                                                 0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                                  © Canadean



           Table 117: Brazil Pie & Pastry Shells Market by Value (BRL m), 2006–16
                                                          2006     2007     2008    2009      2010     2011     2012     2013      2014      2015        2016
            Market
            Value                                        100.8    109.0    118.7    130.4    144.0    159.9    178.5     199.3    221.9     247.3       273.6
            Y-o-Y
            growth                                                8.16%   8.88%    9.79%    10.51%   11.02%   11.64%   11.61%    11.35%   11.47%      10.60%
           Source: Canadean                                                                                                                  © Canadean



           Table 118: Brazil Pie & Pastry Shells Market by Value (USD m), 2006–16
                                                          2006     2007     2008    2009      2010     2011     2012     2013      2014      2015        2016
            Market
            Value                                         46.4     56.3     66.1     66.3     82.2     96.1    107.2     119.7    133.3     148.6       164.3
            Y-o-Y
            growth                                               21.20%   17.50%   0.16%    24.10%   16.83%   11.64%   11.61%    11.35%   11.47%      10.60%
           Source: Canadean                                                                                                                  © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 113

   © Canadean. This product is licensed and is not to be photocopied                                                                      Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6.5           Prepared Pastry (Others) Market Analysis, 2006–16
6.5.1         Prepared Pastry (Others) Market by Volume, 2006–16

              Figure 75: Brazil Prepared Pastry (Others) Market by Volume (Kg m), 2006–16

                                                              200.0                                                                         18.0%
                   Prepared Pastry (other) Market by Volume




                                                              180.0                                                                         16.0%
                                                              160.0                                                                         14.0%
                                                              140.0




                                                                                                                                                        Growth % (Y-O-Y)
                                                                                                                                            12.0%
                                                              120.0
                                                                                                                                            10.0%
                                    (Kg m)




                                                              100.0
                                                                                                                                            8.0%
                                                               80.0
                                                                                                                                            6.0%
                                                               60.0

                                                               40.0                                                                         4.0%

                                                               20.0                                                                         2.0%

                                                                0.0                                                                         0.0%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                      Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                               © Canadean



              Table 119: Brazil Prepared Pastry (Others) Market by Volume (Kg m), 2006–16
                                                               2006    2007    2008    2009     2010    2011    2012      2013     2014      2015               2016
               Overall
               Volume                                          57.1    64.3    71.5     78.4    86.0    94.8   104.3      116.4   130.6     148.0           172.1
               Y-o-Y
               growth                                                 12.6%   11.1%    9.7%    9.7%    10.3%   10.0%   11.6%      12.2%     13.3%      16.3%
              Source: Canadean                                                                                                               © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                    Page 114

      © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
    Brazil DOUGH PRODUCTS MARKET ANALYSIS

6.5.2      Prepared Pastry (Others) Market by Value, 2006–16

           Figure 76: Brazil Prepared Pastry (Others) Market by Value (BRL m), 2006–16

                                                           600.0                                                                       20.00%
                 Prepared Pastry (other) Market by Value




                                                                                                                                       18.00%
                                                           500.0
                                                                                                                                       16.00%

                                                                                                                                       14.00%




                                                                                                                                                     Growth % (Y-O-Y)
                                                           400.0
                                                                                                                                       12.00%
                                (BRL m)




                                                           300.0                                                                       10.00%

                                                                                                                                       8.00%
                                                           200.0
                                                                                                                                       6.00%

                                                                                                                                       4.00%
                                                           100.0
                                                                                                                                       2.00%

                                                             0.0                                                                       0.00%
                                                                   2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                               © Canadean



           Table 120: Brazil Prepared Pastry (Others) Market by Value (BRL m), 2006–16
                                                            2006    2007     2008    2009     2010    2011    2012      2013    2014      2015               2016
            Market
            Value                                          153.3    175.9   198.3    219.1   242.7   270.1   303.2   347.1     401.4     463.4           543.3
            Y-o-Y
            growth                                                 14.8%    12.7%   10.5%    10.8%   11.3%   12.3%   14.5%     15.6%     15.5%      17.2%
           Source: Canadean                                                                                                               © Canadean



           Table 121: Brazil Prepared Pastry (Others) Market by Value (USD m), 2006–16
                                                            2006    2007     2008    2009     2010    2011    2012      2013    2014      2015               2016
            Market
            Value                                           70.6     90.8   110.5    111.3   138.5   162.3   182.1   208.5     241.1     278.4           326.4
            Y-o-Y
            growth                                                 28.6%    21.6%    0.8%    24.4%   17.1%   12.3%   14.5%     15.6%     15.5%      17.2%
           Source: Canadean                                                                                                               © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                    Page 115

   © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6.6           Pizza Bases Market Analysis, 2006–16
6.6.1         Pizza Bases Market by Volume, 2006–16

              Figure 77: Brazil Pizza Bases Market by Volume (Kg m), 2006–16

                                                           120.0                                                                           20.0%
                     Pizza Bases Market by Volume (Kg m)




                                                                                                                                           18.0%
                                                           100.0
                                                                                                                                           16.0%

                                                                                                                                           14.0%




                                                                                                                                                       Growth % (Y-O-Y)
                                                            80.0
                                                                                                                                           12.0%

                                                            60.0                                                                           10.0%

                                                                                                                                           8.0%
                                                            40.0
                                                                                                                                           6.0%

                                                                                                                                           4.0%
                                                            20.0
                                                                                                                                           2.0%

                                                             0.0                                                                           0.0%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                       Market Value      Y-o-Y Growth %


              Source: Canadean                                                                                                              © Canadean



              Table 122: Brazil Pizza Bases Market by Volume (Kg m), 2006–16
                                                              2006       2007   2008    2009     2010   2011   2012       2013    2014      2015               2016
               Overall
               Volume                                          32.9      36.4   39.9     43.2    47.0   51.4   56.2       63.6    72.1       82.4                 97.5
               Y-o-Y
               growth                                                   10.7%   9.5%    8.4%    8.7%    9.4%   9.4%   13.1%      13.4%     14.3%      18.3%
              Source: Canadean                                                                                                              © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                   Page 116

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    Brazil DOUGH PRODUCTS MARKET ANALYSIS

6.6.2      Pizza Bases Market by Value, 2006–16

           Figure 78: Brazil Pizza Bases Market by Value (BRL m), 2006–16

                                                       300.0                                                                              18.0%
                 Pizza Bases Market by Value (BRL m)




                                                                                                                                          16.0%
                                                       250.0
                                                                                                                                          14.0%




                                                                                                                                                      Growth % (Y-O-Y)
                                                       200.0                                                                              12.0%

                                                                                                                                          10.0%
                                                       150.0
                                                                                                                                          8.0%

                                                       100.0                                                                              6.0%

                                                                                                                                          4.0%
                                                        50.0
                                                                                                                                          2.0%

                                                         0.0                                                                              0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Overall Volume       Y-O-Y growth


           Source: Canadean                                                                                                                © Canadean



           Table 123: Brazil Pizza Bases Market by Value (BRL m), 2006–16
                                                          2006       2007    2008    2009    2010     2011   2012       2013     2014      2015               2016
            Market
            Value                                         106.4     116.0   125.3   133.7    143.9   156.4   169.8      189.5   214.8     244.2           283.9
            Y-o-Y
            growth                                                   9.0%   8.1%     6.7%    7.6%    8.7%    8.6%    11.6%      13.3%     13.7%      16.3%
           Source: Canadean                                                                                                                © Canadean



           Table 124: Brazil Pizza Bases Market by Value (USD m), 2006–16
                                                          2006       2007    2008    2009    2010     2011   2012       2013     2014      2015               2016
            Market
            Value                                          49.0      59.9    69.8    68.0     82.1    93.9   102.0      113.8   129.0     146.7           170.6
            Y-o-Y
            growth                                                  22.1%   16.6%   -2.7%   20.8%    14.4%   8.6%    11.6%      13.3%     13.7%      16.3%
           Source: Canadean                                                                                                                © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 117

   © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6.7           Frozen Dough Products Market Analysis, 2006–16
6.7.1         Frozen Dough Products Market by Volume, 2006–16

              Figure 79: Brazil Frozen Dough Products Market by Volume (Kg m), 2006–16

                                                            60.0                                                                         14.0%
                   Frozen Dough Products Market by Volume




                                                            50.0                                                                         12.0%

                                                                                                                                         10.0%




                                                                                                                                                     Growth % (Y-O-Y)
                                                            40.0
                                                                                                                                         8.0%
                                                            30.0
                                   (Kg m)




                                                                                                                                         6.0%
                                                            20.0
                                                                                                                                         4.0%

                                                            10.0                                                                         2.0%

                                                             0.0                                                                         0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                            © Canadean



              Table 125: Brazil Frozen Dough Products Market by Volume (Kg m), 2006–16
                                                             2006     2007    2008    2009     2010    2011    2012      2013   2014      2015              2016
               Overall
               Volume                                        19.6     22.0    24.6     27.3    30.2    33.5    36.8      40.5   44.4       49.1                 54.8
               Y-o-Y
               growth                                                12.5%   11.5%   11.0%    10.8%   10.9%   10.0%      9.9%   9.6%     10.6%      11.6%
              Source: Canadean                                                                                                            © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 118

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    Brazil DOUGH PRODUCTS MARKET ANALYSIS

6.7.2      Frozen Dough Products Market by Value, 2006–16

           Figure 80: Brazil Frozen Dough Products Market by Value (BRL m), 2006–16

                                                         300.0                                                                         18.0%
                 Frozen Dough Products Market by Value




                                                                                                                                       16.0%
                                                         250.0
                                                                                                                                       14.0%




                                                                                                                                                  Growth % (Y-O-Y)
                                                         200.0                                                                         12.0%
                               (BRL m)




                                                                                                                                       10.0%
                                                         150.0
                                                                                                                                       8.0%

                                                         100.0                                                                         6.0%

                                                                                                                                       4.0%
                                                          50.0
                                                                                                                                       2.0%

                                                           0.0                                                                         0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Overall Volume       Y-O-Y growth


           Source: Canadean                                                                                                             © Canadean



           Table 126: Brazil Frozen Dough Products Market by Value (BRL m), 2006–16
                                                          2006    2007    2008    2009    2010     2011    2012      2013     2014      2015              2016
            Market
            Value                                         84.0    92.9   102.5   113.4    125.2   139.4   155.9      174.9   197.6     225.4          260.7
            Y-o-Y
            growth                                               10.7%   10.3%   10.7%   10.4%    11.3%   11.8%   12.2%      13.0%     14.1%      15.6%
           Source: Canadean                                                                                                             © Canadean



           Table 127: Brazil Frozen Dough Products Market by Value (USD m), 2006–16
                                                          2006    2007    2008    2009    2010     2011    2012      2013     2014      2015              2016
            Market
            Value                                         38.7    48.0    57.1    57.6     71.5    83.8    93.6      105.1   118.7     135.4          156.6
            Y-o-Y
            growth                                               24.0%   19.0%    0.9%   24.0%    17.1%   11.8%   12.2%      13.0%     14.1%      15.6%
           Source: Canadean                                                                                                             © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 119

   © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6.8           Dough Products Market Volume Analysis by Brands, 2008-11

              Figure 81: Brazil Dough Products Market Volume by Brands (Kg m), 2008–11

                                                              120.0
                     Dough Products Market Volume by Brands




                                                              100.0


                                                               80.0


                                                               60.0
                                     (Kg m)




                                                               40.0


                                                               20.0


                                                                0.0
                                                                      2008         2009        2010      2011

                                                                                 La Cocinera




              Source: Canadean                                                                                        © Canadean



              Table 128: Brazil Dough Products Market Volume by Brands (Kg m), 2008–11
                                                                                                                                CAGR
               Brand Name                                                2008          2009       2010     2011               2008–11
               La Cocinera                                               81.74        89.31      97.74    107.30                9.49%
               Others                                                   114.17       124.78     136.57    149.95                9.51%
               Overall                                                  195.91       214.09     234.31    257.25                9.50%

              Source: Canadean                                                                                        © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                             Page 120

      © Canadean. This product is licensed and is not to be photocopied                                            Published: April 2012
       Brazil DOUGH PRODUCTS MARKET ANALYSIS


6.9           Dough Products Market Value by Distribution Channel, 2008-11

              Figure 82: Brazil Dough Products Market Value by Distribution Channel (BRL m), 2008–11
                                                     700.0
                   by Distribution Channel (BRL m)
                    Dough Products Market Value




                                                     600.0

                                                     500.0

                                                     400.0

                                                     300.0

                                                     200.0

                                                     100.0

                                                       0.0
                                                                  2008              2009       2010                  2011
                                                         Cash & Carries & Warehouse Clubs   “Dollar Stores”, Variety Stores
                                                         Hypermarkets & Supermarkets        Convenience Stores
                                                         Food & drinks specialists          Others



              Source: Canadean                                                                                                © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                  Page 121

      © Canadean. This product is licensed and is not to be photocopied                                                 Published: April 2012
 Brazil DOUGH PRODUCTS MARKET ANALYSIS


        Table 129: Brazil Dough Products Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                               CAGR
         Distribution Channel                                  2008       2009    2010    2011               2008–11
         Cash & Carries & Warehouse Clubs                           3.4     3.6     3.9     4.1                 6.54%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                              4.6     5.1     5.7     6.3               11.14%
         Hypermarkets & Supermarkets                           318.3      354.2   392.8   431.6               10.69%
         Convenience Stores                                     19.9       22.3    24.8    27.4               11.20%
         Food & drinks specialists                              72.8       81.2    89.9    98.9               10.76%
         Department Stores                                          0.0     0.0     0.0     0.0                 0.00%
         Vending machines                                           0.0     0.0     0.0     0.0                 0.00%
         Drug stores & Pharmacies                                   0.0     0.0     0.0     0.0                 0.00%
         eRetailers                                                 0.0     0.0     0.0     0.0                 0.00%
         Others                                                 25.6       27.5    27.7    28.3                 3.34%
         Overall                                               444.5      493.9   544.9   596.5               10.30%

        Source: Canadean                                                                             © Canadean



        Table 130: Brazil Dough Products Market Value by Distribution Channel (USD m), 2008–11
                                                                                                               CAGR
         Distribution Channel                                  2008       2009    2010    2011               2008–11
         Cash & Carries & Warehouse Clubs                           1.9     1.8     2.2     2.4                 9.25%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                              2.6     2.6     3.3     3.8               13.96%
         Hypermarkets & Supermarkets                           177.3      180.0   224.2   259.3               13.50%
         Convenience Stores                                     11.1       11.3    14.1    16.4               14.02%
         Food & drinks specialists                              40.6       41.3    51.3    59.4               13.57%
         Department Stores                                          0.0     0.0     0.0     0.0                 0.00%
         Vending machines                                           0.0     0.0     0.0     0.0                 0.00%
         Drug stores & Pharmacies                                   0.0     0.0     0.0     0.0                 0.00%
         eRetailers                                                 0.0     0.0     0.0     0.0                 0.00%
         Others                                                 14.3       14.0    15.8    17.0                 5.97%
         Overall                                               247.7      251.0   311.0   358.3               13.10%

        Source: Canadean                                                                             © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                  Page 122

© Canadean. This product is licensed and is not to be photocopied                                 Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


7             Brazil Cereal Bars Market Analysis
7.1           Market Growth Dynamics-Cereal Bars, 2006–16
7.1.1         Cereal Bars Market Growth Dynamics by Volume, 2006–16

              Figure 83: Brazil Cereal Bars Market Growth Dynamics by Volume, 2006–16




              Source: Canadean                                                                          © Canadean



              Table 131: Brazil Cereal Bars Market Dynamics: past and future growth rates (2006–11 & 2011–16) and
                                future market size (2016), by Volume (Kg m), by Segments
               Segment                                               CAGR(2011-16)   CAGR(2006-11)    Market Size 2016
               Granola/Muesli/Yogurt Bars                                  10.20%           7.50%                  81.02
               Other Cereal Bars                                           12.41%           9.80%                 113.45
              Source: Canadean                                                                          © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                               Page 123

      © Canadean. This product is licensed and is not to be photocopied                              Published: April 2012
    Brazil ENERGY BARS MARKET ANALYSIS

7.1.2      Cereal Bars Market Growth Dynamics by Value, 2006–16

           Figure 84: Brazil Cereal Bars Market Growth Dynamics by Value, 2006–16




           Source: Canadean                                                                          © Canadean



           Table 132: Brazil Cereal Bars Market Dynamics: past and future growth rates (2006–11 & 2011–16) and
                             future market size (2016), by Value (BRL m), by Segments
            Segment                                               CAGR(2011-16)   CAGR(2006-11)    Market Size 2016
            Granola/Muesli/Yogurt Bars                                  10.64%           8.00%                 600.56
            Other Cereal Bars                                           11.97%           9.31%                 880.93
           Source: Canadean                                                                          © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                               Page 124

   © Canadean. This product is licensed and is not to be photocopied                              Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


7.2           Cereal Bars Consumption Analysis, 2006–16
7.2.1         Cereal Bars Market by Volume, 2006–16

              Figure 85: Brazil Cereal Bars Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                        250.0                                                                            14.0%
                    Cereal Bars Consumption by Volume




                                                                                                                                         12.0%
                                                        200.0
                                                                                                                                         10.0%




                                                                                                                                                     Growth % (Y-O-Y)
                                  (Kg m)




                                                        150.0
                                                                                                                                         8.0%

                                                                                                                                         6.0%
                                                        100.0

                                                                                                                                         4.0%
                                                         50.0
                                                                                                                                         2.0%

                                                          0.0                                                                            0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                               Overall Volume           Y-O-Y growth


              Source: Canadean                                                                                                            © Canadean



              Table 133: Brazil Cereal Bars Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                         2006    2007   2008    2009    2010    2011        2012       2013     2014      2015               2016
               Overall
               Volume                                    74.3    80.5   87.2    94.6    103.1   113.1       125.1      138.6   154.6     172.5           194.5
               Y-o-Y
               growth                                            8.3%   8.4%    8.4%    9.0%    9.7%       10.6%    10.8%      11.5%     11.6%      12.7%
              Source: Canadean                                                                                                            © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 125

      © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
    Brazil ENERGY BARS MARKET ANALYSIS

7.2.2      Cereal Bars Consumption by Segments, 2006–16

           Figure 86: Brazil Cereal Bars Consumption (Kg m) by Segments, 2006–16

                                                       250.0
                 Cereal Bars Consumption by Segments




                                                       200.0


                                                       150.0
                                (Kg m)




                                                       100.0


                                                        50.0


                                                         0.0
                                                               2006    2007   2008       2009   2010    2011      2012    2013      2014    2015      2016


                                                                        Granola/Muesli/Yogurt Bars                       Other Cereal Bars



           Source: Canadean                                                                                                                        © Canadean



           Table 134: Brazil Cereal Bars Consumption (Kg m) by Segments, 2006–11
                                                                                                                                                          CAGR
            Segment                                                   2006       2007           2008           2009         2010           2011         2006–11
            Granola/Muesli/
            Yogurt Bars                                                34.7       37.5           40.2          43.1          46.2           49.9           7.50%
            Other Cereal Bars                                          39.6       43.0           47.0          51.5          56.8           63.2           9.80%
            Overall                                                    74.3       80.5           87.2          94.6         103.1          113.1           8.75%
           Source: Canadean                                                                                                                        © Canadean



           Table 135: Brazil Cereal Bars Consumption (Kg m) by Segments, 2011–16
                                                                                                                                                          CAGR
            Segment                                                   2011       2012           2013           2014         2015           2016         2011–16
            Granola/Muesli/
            Yogurt Bars                                                49.9       54.3           59.3          65.4          72.3           81.0         10.20%
            Other Cereal Bars                                          63.2       70.8           79.2          89.1         100.2          113.4         12.41%
            Overall                                                   113.1      125.1          138.6      154.6            172.5          194.5         11.46%
           Source: Canadean                                                                                                                        © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 126

   © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


7.3           Cereal Bars Market Value Analysis, 2006–16
7.3.1         Cereal Bars Market by Value, 2006–16

              Figure 87: Brazil Cereal Bars Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                           1,600.0                                                                                14.0%
                     Cereal Bars Market by Value (BRL m)




                                                           1,400.0                                                                                12.0%

                                                           1,200.0
                                                                                                                                                  10.0%




                                                                                                                                                              Growth % (Y-O-Y)
                                                           1,000.0
                                                                                                                                                  8.0%
                                                            800.0
                                                                                                                                                  6.0%
                                                            600.0
                                                                                                                                                  4.0%
                                                            400.0

                                                            200.0                                                                                 2.0%

                                                               0.0                                                                                0.0%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                         Overall Value         Y-O-Y growth


              Source: Canadean                                                                                                                     © Canadean



              Table 136: Brazil Cereal Bars Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                              2006      2007     2008    2009      2010     2011     2012     2013      2014       2015               2016
               Overall
               Value                                          567.3    610.7    661.3    718.0    784.9    862.8    956.2   1,059.3   1,180.7   1,316.3     1,481.5
               Y-o-Y
               growth                                                  7.66%   8.29%    8.58%    9.31%    9.92%    10.82%   10.79%    11.46%    11.48%      12.55%
              Source: Canadean                                                                                                                     © Canadean



              Table 137: Brazil Cereal Bars Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                              2006      2007     2008    2009      2010     2011     2012     2013      2014       2015               2016
               Overall
               Value                                          261.3    315.3    368.4    365.0    448.0    518.2    574.3     636.3    709.2      790.7           889.9
               Y-o-Y
               growth                                                 20.64%   16.86%   -0.95%   22.76%   15.67%   10.82%   10.79%    11.46%    11.48%      12.55%
              Source: Canadean                                                                                                                     © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 127

      © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
    Brazil ENERGY BARS MARKET ANALYSIS

7.3.2      Average Consumer Price/Kg - Cereal Bars, 2006-2016

           Figure 88: Brazil Cereal Bars Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16

                                                         7.66                                                                           0.4%
                Average Consumer Price/ Kg-Cereal Bars




                                                                                                                                        0.3%
                                                         7.64                                                                           0.2%
                                                                                                                                        0.1%




                                                                                                                                                    Growth % (Y-O-Y)
                                                         7.62
                                                                                                                                        0.0%
                                                                                                                                        -0.1%
                               (BRL)




                                                         7.60
                                                                                                                                        -0.2%
                                                                                                                                        -0.3%
                                                         7.58
                                                                                                                                        -0.4%

                                                         7.56                                                                           -0.5%
                                                                                                                                        -0.6%
                                                         7.54                                                                           -0.7%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                      Avg Price      Y-O-Y growth


           Source: Canadean                                                                                                              © Canadean



           Table 138: Brazil Cereal Bars Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                          2006     2007     2008     2009    2010    2011    2012    2013     2014       2015               2016
            Avg.
            Price                                        7.632     7.588    7.580   7.590   7.614   7.631   7.645    7.644    7.640     7.631           7.618
            Y-o-Y
            growth                                                -0.58%   -0.10%   0.13%   0.31%   0.23%   0.18%   -0.01%   -0.06%    -0.11%      -0.17%
           Source: Canadean                                                                                                              © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                   Page 128

   © Canadean. This product is licensed and is not to be photocopied                                                                  Published: April 2012
    Brazil ENERGY BARS MARKET ANALYSIS

7.3.3      Cereal Bars Market Value by Segments, 2006-2016

           Figure 89: Brazil Cereal Bars Market Value (BRL m) by Segments, 2006–16

                                                      1600.0
               Cereal Bars Market Value by Segments




                                                      1400.0

                                                      1200.0

                                                      1000.0
                             (BRL m)




                                                       800.0

                                                       600.0

                                                       400.0

                                                       200.0

                                                         0.0
                                                               2006    2007   2008     2009    2010   2011      2012   2013    2014     2015      2016


                                                                  Granola/Muesli/Yogurt Bars                     Other Cereal Bars


           Source: Canadean                                                                                                                   © Canadean



           Table 139: Brazil Cereal Bars Market Value (BRL m) by Segments, 2006–11
                                                                                                                                                     CAGR
            Segment                                                   2006      2007          2008       2009           2010          2011         2006–11
            Granola/Muesli
            /Yogurt Bars                                              246.5    264.4          284.7     307.5          333.0          362.2           8.00%
            Other Cereal Bars                                         320.7    346.3          376.6     410.5          451.9          500.5           9.31%
            Overall                                                   567.3    610.7          661.3     718.0          784.9          862.8           8.75%
           Source: Canadean                                                                                                                   © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 129

   © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
 Brazil ENERGY BARS MARKET ANALYSIS


        Table 140: Brazil Cereal Bars Market Value (BRL m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Granola/Muesli
         /Yogurt Bars                        362.2             398.0    436.9     483.6     536.1     600.6          10.64%
         Other Cereal Bars                   500.5             558.2    622.4     697.1     780.2     880.9          11.97%
         Overall                             862.8             956.2   1,059.3   1,180.7   1,316.3   1,481.5         11.42%
        Source: Canadean                                                                                       © Canadean



        Table 141: Brazil Cereal Bars Market Value (USD m) by Segments, 2006–11
                                                                                                                      CAGR
         Segment                             2006              2007      2008      2009      2010      2011         2006–11
         Granola/Muesli
         /Yogurt Bars                        113.6             136.5    158.6     156.3     190.1     217.6          13.88%
         Other Cereal Bars                   147.8             178.8    209.8     208.7     258.0     300.7          15.27%
         Overall                             261.3             315.3    368.4     365.0     448.0     518.2          14.67%
        Source: Canadean                                                                                       © Canadean



        Table 142: Brazil Cereal Bars Market Value (USD m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Granola/Muesli
         /Yogurt Bars                        217.6             239.0    262.4     290.5     322.0     360.7          10.64%
         Other Cereal Bars                   300.7             335.3    373.9     418.8     468.7     529.2          11.97%
         Overall                             518.2             574.3    636.3     709.2     790.7     889.9          11.42%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 130

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


7.4           Granola/Muesli/Yogurt Bars Market Analysis, 2006–16
7.4.1         Granola/Muesli/Yogurt Bars Market by Volume, 2006–16

              Figure 90: Brazil Granola/Muesli/Yogurt Bars Market by Volume (Kg m), 2006–11

                                                 90.0                                                                      14.0%

                                                 80.0
                    Granola/Meusli/Yogurt Bars




                                                                                                                           12.0%
                     Market by Volume(Kg m)




                                                 70.0
                                                                                                                           10.0%




                                                                                                                                       Growth % (Y-O-Y)
                                                 60.0

                                                 50.0                                                                      8.0%

                                                 40.0                                                                      6.0%
                                                 30.0
                                                                                                                           4.0%
                                                 20.0
                                                                                                                           2.0%
                                                 10.0

                                                  0.0                                                                      0.0%
                                                        2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                       Market Value      Y-o-Y Growth %


              Source: Canadean                                                                                              © Canadean



              Table 143: Brazil Granola/Muesli/Yogurt Bars Market by Volume (Kg m), 2006–16
                                                 2006   2007    2008    2009     2010   2011   2012       2013    2014      2015              2016
               Overall
               Volume                            34.7    37.5   40.2     43.1    46.2   49.9   54.3       59.3    65.4       72.3                81.0
               Y-o-Y
               growth                                   7.8%    7.3%    7.2%    7.3%    7.8%   8.9%       9.3%   10.3%     10.5%      12.0%
              Source: Canadean                                                                                              © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                   Page 131

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    Brazil ENERGY BARS MARKET ANALYSIS

7.4.2      Granola/Muesli/Yogurt Bars Market by Value, 2006–16

           Figure 91: Brazil Granola/Muesli/Yogurt Bars Market by Value (BRL m), 2006–16

                                                         700.0                                                                         14.0%
                  Granola/Meusli/Yogurt Bars Market by




                                                         600.0                                                                         12.0%

                                                         500.0                                                                         10.0%




                                                                                                                                                   Growth % (Y-O-Y)
                            Value (BRL m)




                                                         400.0                                                                         8.0%

                                                         300.0                                                                         6.0%

                                                         200.0                                                                         4.0%

                                                         100.0                                                                         2.0%

                                                           0.0                                                                         0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                             © Canadean



           Table 144: Brazil Granola/Muesli/Yogurt Bars Market by Value (BRL m), 2006–16
                                                         2006     2007    2008    2009     2010    2011   2012       2013     2014      2015              2016
            Market
            Value                                        246.5   264.4   284.7    307.5   333.0   362.2   398.0      436.9   483.6     536.1          600.6
            Y-o-Y
            growth                                                7.2%   7.7%     8.0%    8.3%    8.8%    9.9%       9.8%    10.7%     10.9%      12.0%
           Source: Canadean                                                                                                             © Canadean



           Table 145: Brazil Granola/Muesli/Yogurt Bars Market by Value (USD m), 2006–16
                                                         2006     2007    2008    2009     2010    2011   2012       2013     2014      2015              2016
            Market
            Value                                        113.6   136.5   158.6    156.3   190.1   217.6   239.0      262.4   290.5     322.0          360.7
            Y-o-Y
            growth                                               20.2%   16.2%    -1.5%   21.6%   14.5%   9.9%       9.8%    10.7%     10.9%      12.0%
           Source: Canadean                                                                                                             © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 132

   © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


7.5           Other Cereal Bars Market Analysis, 2006–16
7.5.1         Other Cereal Bars Market by Volume, 2006–16

              Figure 92: Brazil Other Cereal Bars Market by Volume (Kg m), 2006–16

                                                        120.0                                                                             14.00%

                                                                                                                                          12.00%
                   Other Cereal Bars Market by Volume




                                                        100.0

                                                                                                                                          10.00%




                                                                                                                                                       Growth % (Y-O-Y)
                                                         80.0
                                                                                                                                         8.00%
                                                         60.0
                                  (Kg m)




                                                                                                                                         6.00%
                                                         40.0
                                                                                                                                         4.00%

                                                         20.0                                                                            2.00%

                                                          0.0                                                                            0.00%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value         Y-o-Y Growth %


              Source: Canadean                                                                                                           © Canadean



              Table 146: Brazil Other Cereal Bars Market by Volume (Kg m), 2006–16
                                                         2006    2007    2008    2009      2010     2011     2012     2013     2014      2015        2016
               Overall
               Volume                                    39.6    43.0    47.0     51.5     56.8     63.2     70.8     79.2     89.1     100.2       113.4
               Y-o-Y
               growth                                           8.66%   9.33%   9.49%    10.38%   11.17%   11.98%   11.96%   12.46%   12.40%      13.27%
              Source: Canadean                                                                                                           © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 133

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    Brazil ENERGY BARS MARKET ANALYSIS

7.5.2      Other Cereal Bars Market by Value, 2006–16

           Figure 93: Brazil Other Cereal Bars Market by Value (BRL m), 2006–16

                                                      1,000.0                                                                           14.00%
                  Other Cereal Bars Market by Value



                                                       900.0
                                                                                                                                        12.00%
                                                       800.0

                                                       700.0                                                                            10.00%




                                                                                                                                                      Growth % (Y-O-Y)
                                                       600.0
                                (BRLm)




                                                                                                                                        8.00%
                                                       500.0
                                                                                                                                        6.00%
                                                       400.0

                                                       300.0                                                                            4.00%
                                                       200.0
                                                                                                                                        2.00%
                                                       100.0

                                                          0.0                                                                           0.00%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                                © Canadean



           Table 147: Brazil Other Cereal Bars Market by Value (BRL m), 2006–16
                                                       2006       2007     2008    2009      2010     2011     2012     2013     2014      2015               2016
            Market
            Value                                     320.7      346.3    376.6    410.5    451.9    500.5    558.2    622.4    697.1     780.2           880.9
            Y-o-Y
            growth                                              7.97%    8.75%    9.00%    10.08%   10.76%   11.52%   11.51%   12.00%   11.92%      12.91%
           Source: Canadean                                                                                                                © Canadean



           Table 148: Brazil Other Cereal Bars Market by Value (USD m), 2006–16
                                                       2006       2007     2008    2009      2010     2011     2012     2013     2014      2015               2016
            Market
            Value                                     147.8      178.8    209.8    208.7    258.0    300.7    335.3    373.9    418.8     468.7           529.2
            Y-o-Y
            growth                                              21.00%   17.36%   -0.56%   23.63%   16.56%   11.52%   11.51%   12.00%   11.92%      12.91%
           Source: Canadean                                                                                                                © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 134

   © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


7.6           Cereal Bars Market Volume Analysis by Brands, 2008-11

              Figure 94: Brazil Cereal Bars Market Volume by Brands (Kg m), 2008–11




              Source: Canadean                                                                         © Canadean



              Table 149: Brazil Cereal Bars Market Volume by Brands (Kg m), 2008–11
                                                                                                                 CAGR
               Brand Name                                 2008            2009     2010     2011               2008–11
               Kellogg's                                 27.56            29.88    32.56    35.70                9.01%
               Nestlé                                    15.00            16.28    17.76    19.49                9.13%
               Hero                                        9.70           10.52    11.46    12.57                9.01%
               Gerlinea                                    2.00            2.17     2.37     2.60                9.11%
               Sacialis                                    1.99            2.16     2.35     2.58                9.00%
               Nackis                                      0.32            0.35     0.38     0.42                9.03%
               Others                                    30.67            33.24    36.21    39.70                8.98%
               Overall                                   87.24            94.60   103.09   113.06                9.02%

              Source: Canadean                                                                         © Canadean




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       Brazil ENERGY BARS MARKET ANALYSIS


7.7           Cereal Bars Market Value by Distribution Channel, 2008-11

              Figure 95: Brazil Cereal Bars Market Value by Distribution Channel (BRL m), 2008–11

                                                   800.0
                     Distribution Channel (BRLm)
                      Cereal Bars Market Size by




                                                   700.0

                                                   600.0

                                                   500.0

                                                   400.0

                                                   300.0

                                                   200.0

                                                   100.0

                                                     0.0
                                                                 2008              2008           2008                 2008
                                                       Cash & Carries & Warehouse Clubs   “Dollar Stores”, Variety Stores
                                                       Hypermarkets & Supermarkets        Convenience Stores
                                                       Food & drinks specialists          Vending machines
                                                       Others


              Source: Canadean                                                                                                © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                  Page 136

      © Canadean. This product is licensed and is not to be photocopied                                                 Published: April 2012
 Brazil ENERGY BARS MARKET ANALYSIS




        Table 150: Brazil Cereal Bars Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                                 CAGR
         Distribution Channel                                  2008       2009    2010    2011                 2008–11
         Cash & Carries & Warehouse Clubs                           3.6     3.9     4.3       4.7                 9.44%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                              7.0     7.6     8.4       9.2                 9.70%
         Hypermarkets & Supermarkets                           417.6      450.6   490.4   534.5                   8.58%
         Convenience Stores                                     28.0       30.3    33.1    36.2                   9.01%
         Food & drinks specialists                              94.7      102.2   111.0   120.8                   8.44%
         Department Stores                                          0.0     0.0     0.0       0.0                 0.00%
         Vending machines                                           9.5    10.2    11.1    12.1                   8.43%
         Drug stores & Pharmacies                                   0.0     0.0     0.0       0.0                 0.00%
         eRetailers                                                 0.0     0.0     0.0       0.0                 0.00%
         Others                                                     6.9     5.7     2.9       0.4              -60.57%
         Overall                                               567.3      610.7   661.3   718.0                   8.17%

        Source: Canadean                                                                               © Canadean




        Table 151: Brazil Cereal Bars Market Value by Distribution Channel (USD m), 2008–11
                                                                                                                 CAGR
         Distribution Channel                                  2008       2009    2010    2011                 2008–11
         Cash & Carries & Warehouse Clubs                           2.0     2.0     2.5       2.8               12.22%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                              3.9     3.9     4.8       5.5               12.49%
         Hypermarkets & Supermarkets                           232.7      229.0   279.9   321.1                 11.33%
         Convenience Stores                                     15.6       15.4    18.9    21.8                 11.77%
         Food & drinks specialists                              52.8       52.0    63.3    72.6                 11.19%
         Department Stores                                          0.0     0.0     0.0       0.0                 0.00%
         Vending machines                                           5.3     5.2     6.3       7.3               11.18%
         Drug stores & Pharmacies                                   0.0     0.0     0.0       0.0                 0.00%
         eRetailers                                                 0.0     0.0     0.0       0.0                 0.00%
         Others                                                     3.8     2.9     1.7       0.3              -59.57%
         Overall                                               316.1      310.4   377.5   431.3                 10.92%

        Source: Canadean                                                                               © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                    Page 137

© Canadean. This product is licensed and is not to be photocopied                                   Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


8             Brazil Energy Bars Market Analysis
8.1           Market Growth Dynamics-Energy Bars, 2006–16
8.1.1         Energy Bars Growth Dynamics by Volume, 2006–16

              Figure 96: Brazil Energy Bars Market Growth Dynamics by Volume, 2006–16

                                     14.0%

                                     12.0%

                                     10.0%
                      CAGR 2006-11




                                      8.0%

                                      6.0%

                                      4.0%

                                      2.0%

                                      0.0%
                                         0.0%    2.0%       4.0%      6.0%     8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0%
                                                                                CAGR 2011-16

                                                                                  Energy Bars


              Source: Canadean                                                                                     © Canadean



              Table 152: Brazil Energy Bars Market Dynamics: past and future growth rates (2006–11 & 2011–16) and
                                       future market size (2016), by Volume (Kg m), by Segments
               Segment                                               CAGR(2011-16)              CAGR(2006-11)    Market Size 2016
               Energy Bars                                                   16.00%                   11.67%                 303.45
              Source: Canadean                                                                                     © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                          Page 138

      © Canadean. This product is licensed and is not to be photocopied                                         Published: April 2012
    Brazil ENERGY BARS MARKET ANALYSIS

8.1.2      Energy Bars Market Growth Dynamics by Value, 2006–16

           Figure 97: Brazil Energy Bars Market Growth Dynamics by Value, 2006–16

                               14.0%

                               12.0%

                               10.0%
                CAGR 2006-11




                                8.0%

                                6.0%

                                4.0%

                                2.0%

                                0.0%
                                   0.0%        2.0%               4.0%       6.0%       8.0%      10.0%    12.0%        14.0%


                                                                         CAGR 2011-16

                                                                          Energy Bars


           Source: Canadean                                                                                        © Canadean



           Table 153: Brazil Energy Bars Market Dynamics: past and future growth rates (2006–11 & 2011–16) and
                                   future market size (2016), by Value (BRL m), by Segments
            Segment                                                CAGR(2011-16)           CAGR(2006-11)       Market Size 2016
            Energy Bars                                                  12.00%                  10.33%                   2792.91
           Source: Canadean                                                                                        © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                           Page 139

   © Canadean. This product is licensed and is not to be photocopied                                          Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


8.2           Energy Bars Consumption Analysis, 2006–16
8.2.1         Energy Bars Market by Volume, 2006–16

              Figure 98: Brazil Energy Bars Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                           350.0                                                                                20.00%
                     Energy Bars Market by Volume (Kg m)




                                                                                                                                                18.00%
                                                           300.0
                                                                                                                                                16.00%
                                                           250.0                                                                                14.00%




                                                                                                                                                              Growth % (Y-O-Y)
                                                                                                                                                12.00%
                                                           200.0
                                                                                                                                                10.00%
                                                           150.0
                                                                                                                                                8.00%

                                                           100.0                                                                                6.00%

                                                                                                                                                4.00%
                                                            50.0
                                                                                                                                                2.00%

                                                             0.0                                                                                0.00%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                          Overall Value         Y-O-Y growth


              Source: Canadean                                                                                                                     © Canadean



              Table 154: Brazil Energy Bars Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                              2006       2007     2008     2009     2010     2011     2012     2013      2014      2015               2016
               Overall
               Volume                                          83.2      92.2    102.9    114.9    128.1    144.5    166.1     192.2    222.2     257.8           303.4
               Y-o-Y
               growth                                                  10.85%   11.61%   11.57%   11.56%   12.76%   14.99%   15.67%    15.62%   16.05%      17.69%
              Source: Canadean                                                                                                                     © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 140

      © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


8.3           Energy Bars Market Value Analysis, 2006–16
8.3.1         Energy Bars Market by Value, 2006–16

              Figure 99: Brazil Energy Bars Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                          3,000.0                                                                                      14.0%
                     Energy Bars Market by Value (BRLm)




                                                          2,500.0                                                                                      12.0%

                                                                                                                                                       10.0%




                                                                                                                                                                   Growth % (Y-O-Y)
                                                          2,000.0
                                                                                                                                                       8.0%
                                                          1,500.0
                                                                                                                                                       6.0%
                                                          1,000.0
                                                                                                                                                       4.0%

                                                           500.0                                                                                       2.0%

                                                              0.0                                                                                      0.0%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                         Market Value            Y-o-Y Growth %


              Source: Canadean                                                                                                                          © Canadean



              Table 155: Brazil Energy Bars Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                             2006      2007      2008      2009      2010      2011      2012      2013      2014       2015              2016
               Overall
               Value                                         969.2   1,060.5   1,166.1   1,287.3   1,423.2   1,584.8   1,773.2   1,985.1   2,217.8   2,479.3     2,792.9
               Y-o-Y
               growth                                                 9.42%     9.96%    10.39%    10.56%    11.35%    11.89%    11.95%    11.73%    11.79%      12.65%
              Source: Canadean                                                                                                                          © Canadean



              Table 156: Brazil Energy Bars Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                             2006      2007      2008      2009      2010      2011      2012      2013      2014       2015              2016
               Overall
               Value                                         446.6    547.6     649.7     654.3     812.4     951.9    1,065.1   1,192.4   1,332.2   1,489.3     1,677.6
               Y-o-Y
               growth                                                22.62%    18.66%     0.70%    24.16%    17.18%    11.89%    11.95%    11.73%    11.79%      12.65%
              Source: Canadean                                                                                                                          © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                               Page 141

      © Canadean. This product is licensed and is not to be photocopied                                                                              Published: April 2012
    Brazil ENERGY BARS MARKET ANALYSIS

8.3.2      Average Consumer Price/Kg - Energy Bars, 2006-2016

           Figure 100: Brazil Energy Bars Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16

                                                             14.0                                                                         0.0%
                    Average Consumer Price/ Kg-Energy Bars



                                                                                                                                          -0.5%
                                                             12.0
                                                                                                                                          -1.0%
                                                             10.0




                                                                                                                                                      Growth % (Y-O-Y)
                                                                                                                                          -1.5%
                                                              8.0                                                                         -2.0%
                                   (BRL)




                                                              6.0                                                                         -2.5%

                                                                                                                                          -3.0%
                                                              4.0
                                                                                                                                          -3.5%
                                                              2.0
                                                                                                                                          -4.0%

                                                              0.0                                                                         -4.5%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                        Avg. Price       Y-O-Y growth


           Source: Canadean                                                                                                                © Canadean



           Table 157: Brazil Energy Bars Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                              2006     2007   2008    2009     2010    2011    2012     2013    2014       2015               2016
            Avg.
            Price                                             11.6     11.5    11.3    11.2     11.1    11.0    10.7     10.3    10.0        9.6                         9.2
            Y-o-Y
            growth                                                    -1.3%   -1.5%   -1.1%   -0.9%    -1.2%   -2.7%    -3.2%   -3.4%     -3.7%         -4.3%
           Source: Canadean                                                                                                                © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 142

   © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
       Brazil ENERGY BARS MARKET ANALYSIS


8.4           Energy Bars Market Volume Analysis by Brands, 2008-11

              Figure 101: Brazil Energy Bars Market Volume by Brands (Kg m), 2008–11




              Source: Canadean                                                                          © Canadean



              Table 158: Brazil Energy Bars Market Volume by Brands (Kg m), 2008–11
                                                                                                                  CAGR
               Brand Name                                 2008             2009     2010     2011               2008–11
               Isostar                                   28.92             32.26    35.99    40.58               11.95%
               Others                                    74.02             82.59    92.14   103.90               11.96%

               Overall                                  102.94            114.85   128.13   144.48               11.96%

              Source: Canadean                                                                          © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                               Page 143

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       Brazil ENERGY BARS MARKET ANALYSIS


8.5           Energy Bars Market Value by Distribution Channel, 2008-11

              Figure 102: Brazil Energy Bars Market Value by Distribution Channel (BRL m), 2008–11

                                                               1400.0
                     Energy Bars Market Size by Distribution




                                                               1200.0

                                                               1000.0
                                Channel (BRLm)




                                                                800.0

                                                                600.0

                                                                400.0

                                                                200.0

                                                                  0.0
                                                                                 2008               2009        2010                 2011

                                                                        Cash & Carries & Warehouse Clubs   “Dollar Stores”, Variety Stores
                                                                        Hypermarkets & Supermarkets        Convenience Stores
                                                                        Food & drinks specialists          Vending machines
                                                                        Others


              Source: Canadean                                                                                                               © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 144

      © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
 Brazil ENERGY BARS MARKET ANALYSIS


        Table 159: Brazil Energy Bars Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                  2008         2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                           4.9       5.7       6.6       7.5               14.74%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                          16.8        18.6      20.7      23.2                11.23%
         Hypermarkets & Supermarkets                           681.2       748.3     828.1     918.7                10.48%
         Convenience Stores                                     42.7        47.4      52.8      59.1                11.39%
         Food & drinks specialists                             176.5       197.3     217.1     246.0                11.70%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                       16.9        18.6      20.6      22.8                10.49%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                 30.1        24.6      20.4      10.2               -30.39%
         Overall                                               969.2      1,060.5   1,166.1   1,287.3                 9.92%

        Source: Canadean                                                                                   © Canadean



        Table 160: Brazil Energy Bars Market Value by Distribution Channel (USD m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                  2008         2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                           2.8       2.9       3.7       4.5               17.65%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                              9.4       9.5     11.8      13.9                14.06%
         Hypermarkets & Supermarkets                           379.6       380.4     472.7     551.8                13.29%
         Convenience Stores                                     23.8        24.1      30.1      35.5                14.22%
         Food & drinks specialists                              98.3       100.3     123.9     147.7                14.54%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                           9.4       9.5     11.7      13.7                13.30%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                 16.8        12.5      11.6        6.1              -28.62%
         Overall                                               540.0       539.0     665.6     773.3                12.71%

        Source: Canadean                                                                                   © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                        Page 145

© Canadean. This product is licensed and is not to be photocopied                                       Published: April 2012
       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9             Brazil Cookies (Sweet Biscuits) Market Analysis
9.1           Market Growth Dynamics-Cookies (Sweet Biscuits), 2006–16
9.1.1         Cookies (Sweet Biscuits) Market Growth Dynamics by Volume, 2006–16

              Figure 103: Brazil Cookies (Sweet Biscuits) Market Growth Dynamics by Volume, 2006–16

                                  14.0%

                                  12.0%

                                  10.0%
                   CAGR 2006-11




                                   8.0%

                                   6.0%

                                   4.0%

                                   2.0%

                                   0.0%
                                      0.0%              5.0%                10.0%         15.0%                20.0%              25.0%
                                                                                CAGR 2011-16
                                   Other Cookies             Egg-Based Cookies       Chocolate Cookies          Waf er Biscuits
                                   Cream Filled              Plain Cookies           Butter-Based Cookies       Assortments
                                   Artisanal Cookies         American Cookies


              Source: Canadean                                                                                             © Canadean



              Table 161: Brazil Cookies (Sweet Biscuits) Market Dynamics: past and future growth rates (2006–11 &
                                      2011–16) and future market size (2016), by Volume (Kg m), by Segments
               Segment                                               CAGR(2011-16)             CAGR(2006-11)             Market Size 2016
               American Cookies                                            10.33%                     6.67%                           39.60
               Artisanal Cookies                                           15.00%                    11.67%                           63.89
               Assortments                                                 13.00%                     7.00%                          119.36
               Butter-Based Cookies                                        13.33%                    11.67%                          121.57
               Chocolate Cookies                                           13.33%                     9.33%                          333.70
               Cream Filled                                                11.00%                     9.67%                          263.15
               Egg-Based Cookies                                           11.67%                     8.33%                          491.70
               Other Cookies                                               11.67%                    10.00%                          518.13
               Plain Cookies                                               15.00%                    11.67%                          189.64
               Wafer Biscuits                                              18.33%                    11.67%                          270.39
              Source: Canadean                                                                                             © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                  Page 146

      © Canadean. This product is licensed and is not to be photocopied                                                 Published: April 2012
    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.1.2      Cookies (Sweet Biscuits) Market Growth Dynamics by Value, 2006–16

           Figure 104: Brazil Cookies (Sweet Biscuits) Market Growth Dynamics by Value, 2006–16

                                14.0%

                                12.0%

                                10.0%
                 CAGR 2006-11




                                 8.0%

                                 6.0%

                                 4.0%

                                 2.0%

                                 0.0%
                                    0.0%             5.0%                10.0%         15.0%                20.0%              25.0%
                                                                             CAGR 2011-16
                                 Other Cookies             Chocolate Cookies      Egg-Based Cookies          Waf er Biscuits
                                 Cream Filled              Plain Cookies          Butter-Based Cookies       Assortments
                                 Artisanal Cookies         American Cookies

           Source: Canadean                                                                                             © Canadean



           Table 162: Brazil Cookies (Sweet Biscuits) Market Dynamics: past and future growth rates (2006–11 &
                                    2011–16) and future market size (2016), by Value (BRL m), by Segments
            Segment                                               CAGR(2011-16)             CAGR(2006-11)             Market Size 2016
            American Cookies                                             8.67%                     6.67%                          123.77
            Artisanal Cookies                                           15.00%                    10.00%                          155.11
            Assortments                                                 15.00%                    11.67%                          368.18
            Butter-Based Cookies                                        16.67%                     5.00%                          438.37
            Chocolate Cookies                                           11.67%                     8.00%                         1065.65
            Cream Filled                                                15.00%                    10.00%                          783.34
            Egg-Based Cookies                                           18.33%                     8.33%                         1011.31
            Other Cookies                                               13.33%                     6.67%                         1836.35
            Plain Cookies                                               15.00%                     5.00%                          547.44
            Wafer Biscuits                                              18.33%                     8.33%                          840.41
           Source: Canadean                                                                                             © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                  Page 147

   © Canadean. This product is licensed and is not to be photocopied                                                 Published: April 2012
       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.2           Cookies (Sweet Biscuits) Consumption Analysis, 2006–16
9.2.1         Cookies (Sweet Biscuits) Market by Volume, 2006–16

              Figure 105: Brazil Cookies (Sweet Biscuits) Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                    3,000.0                                                                                       16.0%
                     Consumption by Volume (Kg m)




                                                                                                                                                  14.0%
                                                    2,500.0
                        Cookies (Sweet Biscuits)




                                                                                                                                                  12.0%




                                                                                                                                                              Growth % (Y-O-Y)
                                                    2,000.0
                                                                                                                                                  10.0%

                                                    1,500.0                                                                                       8.0%

                                                                                                                                                  6.0%
                                                    1,000.0
                                                                                                                                                  4.0%
                                                      500.0
                                                                                                                                                  2.0%

                                                            0.0                                                                                   0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Overall Volume               Y-O-Y growth


              Source: Canadean                                                                                                                    © Canadean



              Table 163: Brazil Cookies (Sweet Biscuits) Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                    2006          2007    2008      2009      2010      2011       2012       2013     2014       2015        2016
               Overall
               Volume                               828.7         907.3   992.5   1,082.8   1,187.7   1,312.9    1,464.9   1,646.6   1,859.8   2,110.3     2,411.1
               Y-o-Y
               growth                                             9.5%    9.4%      9.1%      9.7%     10.5%      11.6%     12.4%     12.9%      13.5%      14.3%
              Source: Canadean                                                                                                                    © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 148

      © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.2.2      Cookies (Sweet Biscuits) Consumption by Segments, 2006–16

           Figure 106: Brazil Cookies (Sweet Biscuits) Consumption (Kg m) by Segments, 2006–16

                                                   3000.0
                  Consumption by Segments (Kg m)




                                                   2500.0
                      Cookies (Sweet Biscuits)




                                                   2000.0

                                                   1500.0

                                                   1000.0

                                                    500.0

                                                      0.0
                                                            2006     2007   2008     2009     2010   2011     2012   2013       2014    2015       2016

                                                       American Cookies                 Artisanal Cookies                   Assortments
                                                       Butter-Based Cookies             Chocolate Cookies                   Cream Filled
                                                       Egg-Based Cookies                Other Cookies                       Plain Cookies
                                                       Waf er Biscuits


           Source: Canadean                                                                                                                       © Canadean



           Table 164: Brazil Cookies (Sweet Biscuits) Consumption (Kg m) by Segments, 2006–11
                                                                                                                                                           CAGR
            Segment                                                2006      2007            2008           2009        2010              2011         2006–11
            American Cookies                                       17.5       18.8            19.9          20.9        22.3              24.2             6.67%
            Artisanal Cookies                                      18.3       20.3            22.6          25.3        28.2              31.8            11.67%
            Assortments                                            46.2       49.5            52.7          55.4        59.3              64.8             7.00%
            Butter-Based Cookies                                   37.4       41.5            46.3          51.7        57.7              65.0            11.67%
            Chocolate Cookies                                   114.2        126.0           137.6      147.7          160.9             178.5             9.33%
            Cream Filled                                           98.4      107.8           118.2      129.4          142.0             156.2             9.67%
            Egg-Based Cookies                                   189.8        204.4           220.9      238.8          259.6             283.2             8.33%
            Other Cookies                                       185.3        203.8           224.2      246.1          270.9             298.4            10.00%
            Plain Cookies                                          54.3       60.5            67.1          74.9        83.6              94.3            11.67%
            Wafer Biscuits                                         67.1       74.8            83.0          92.6       103.3             116.5            11.67%
            Overall                                            828.66       907.27          992.54    1,082.77       1,187.66          1,312.85            9.64%
           Source: Canadean                                                                                                                       © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                           Page 149

   © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
 Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



        Table 165: Brazil Cookies (Sweet Biscuits) Consumption (Kg m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         American Cookies                     24.2              26.4     28.9      32.0      35.4      39.6          10.33%
         Artisanal Cookies                    31.8              36.2     41.4      47.7      55.1      63.9          15.00%
         Assortments                          64.8              71.1     79.3      90.3     103.3     119.4          13.00%
         Butter-Based Cookies                 65.0              73.4     83.0      94.0     106.7     121.6          13.33%
         Chocolate Cookies                   178.5             198.2    223.7     253.2     287.4     333.7          13.33%
         Cream Filled                        156.2             172.4    190.0     210.5     235.0     263.1          11.00%
         Egg-Based Cookies                   283.2             312.4    347.2     387.3     434.7     491.7          11.67%
         Other Cookies                       298.4             332.4    372.6     416.1     465.2     518.1          11.67%
         Plain Cookies                        94.3             107.4    122.6     141.4     163.6     189.6          15.00%
         Wafer Biscuits                      116.5             135.0    157.9     187.4     223.9     270.4          18.33%
         Overall                           1,312.9         1,464.9     1,646.6   1,859.8   2,110.3   2,411.1         12.93%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 150

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.3           Cookies (Sweet Biscuits) Market Value Analysis, 2006–16
9.3.1         Cookies (Sweet Biscuits) Market by Value, 2006–16

              Figure 107: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                                8,000.0                                                                                      25.0%
                     Cookies (Sweet Biscuits) Market by Value




                                                                7,000.0
                                                                                                                                                             20.0%
                                                                6,000.0




                                                                                                                                                                        Growth % (Y-O-Y)
                                                                5,000.0
                                                                                                                                                             15.0%
                                     (BRLm)




                                                                4,000.0

                                                                                                                                                             10.0%
                                                                3,000.0

                                                                2,000.0
                                                                                                                                                             5.0%
                                                                1,000.0

                                                                     0.0                                                                                     0.0%
                                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                                Overall Value           Y-O-Y growth


              Source: Canadean                                                                                                                                © Canadean



              Table 166: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                                  2006       2007      2008      2009      2010      2011      2012      2013      2014       2015              2016
               Overall
               Value                                            2,490.3    2,686.6   2,881.8   3,070.2   3,302.9   3,600.3   3,976.9   4,456.3   5,087.8   5,942.2     7,169.9
               Y-o-Y
               growth                                                        7.9%      7.3%      6.5%      7.6%      9.0%     10.5%     12.1%     14.2%      16.8%      20.7%
              Source: Canadean                                                                                                                                © Canadean



              Table 167: Brazil Cookies (Sweet Biscuits) Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                                  2006       2007      2008      2009      2010      2011      2012      2013      2014       2015              2016
               Overall
               Value                                            1,147.3    1,387.1   1,605.6   1,560.5   1,885.3   2,162.6   2,388.8   2,676.8   3,056.1   3,569.3     4,306.8
               Y-o-Y
               growth                                                       20.9%     15.8%     -2.8%     20.8%     14.7%     10.5%     12.1%     14.2%      16.8%      20.7%
              Source: Canadean                                                                                                                                © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                     Page 151

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.3.2      Average Consumer Price/Kg - Cookies (Sweet Biscuits), 2006-2016

           Figure 108: Brazil Cookies (Sweet Biscuits) Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–
                                                        16

                                                        3.1                                                                        7.0%
                  Average Consumer Price/ Kg -Cookies




                                                        3.0                                                                        6.0%

                                                        3.0                                                                        5.0%
                         (Sweet Biscuits) (BRL)




                                                        2.9                                                                        4.0%




                                                                                                                                              Growth % (Y-O-Y)
                                                        2.9                                                                        3.0%

                                                        2.8                                                                        2.0%

                                                        2.8                                                                        1.0%

                                                        2.7                                                                        0.0%

                                                        2.7                                                                        -1.0%

                                                        2.6                                                                        -2.0%

                                                        2.6                                                                        -3.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Avg Price      Y-O-Y growth


           Source: Canadean                                                                                                       © Canadean



           Table 168: Brazil Cookies (Sweet Biscuits) Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                        2006    2007    2008    2009    2010    2011    2012    2013    2014      2015         2016
            Overall
            Value                                        3.0      3.0     2.9     2.8     2.8     2.7     2.7     2.7    2.7        2.8                   3.0
            Y-o-Y
            growth                                              -1.5%   -2.0%   -2.3%   -1.9%   -1.4%   -1.0%   -0.3%   1.1%      2.9%        5.6%
           Source: Canadean                                                                                                       © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 152

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.3.3      Cookies (Sweet Biscuits) Market Value by Segments, 2006-2016

           Figure 109: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) by Segments, 2006–16

                                                      8000.0
                  Market Value by Segments (BRLm)



                                                      7000.0
                                                      6000.0
                      Cookies (Sweet Biscuits)




                                                      5000.0
                                                      4000.0
                                                      3000.0
                                                      2000.0
                                                      1000.0
                                                          0.0
                                                                2006    2007   2008      2009     2010   2011   2012   2013      2014   2015       2016

                                                    American Cookies       Artisanal Cookies             Assortments               Butter-Based Cookies
                                                    Chocolate Cookies      Cream Filled                  Egg-Based Cookies         Other Cookies
                                                    Plain Cookies          Waf er Biscuits

           Source: Canadean                                                                                                                       © Canadean



           Table 169: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) by Segments, 2006–11
                                                                                                                                                          CAGR
            Segment                                                2006          2007           2008         2009        2010             2011         2006–11
            American Cookies                                        59.2         63.4            67.4        71.2        75.8             81.7            6.67%
            Artisanal Cookies                                       47.9         53.5            59.0        64.1        70.1             77.1            10.00%
            Assortments                                            105.4        116.9           130.4       145.5       162.3            183.1            11.67%
            Butter-Based Cookies                                   158.9        167.0           174.6       181.4       190.5            202.8            5.00%
            Chocolate Cookies                                      417.7        455.1           490.9       524.3       564.7            613.8            8.00%
            Cream Filled                                           241.8        262.2           287.4       316.0       349.3            389.5            10.00%
            Egg-Based Cookies                                      292.1        318.9           344.6       368.6       398.1            435.9            8.33%
            Other Cookies                                          711.3        760.9           807.8       850.9       906.9            982.1            6.67%
            Plain Cookies                                          213.3        223.7           233.4       242.0       254.3            272.2            5.00%
            Wafer Biscuits                                         242.7        265.0           286.4       306.3       330.8            362.2            8.33%
            Overall                                              2,490.3       2,686.6      2,881.8        3,070.2     3,302.9          3,600.3           7.65%
           Source: Canadean                                                                                                                       © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 153

   © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
 Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS




        Table 170: Brazil Cookies (Sweet Biscuits) Market Value (BRL m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         American Cookies                     81.7              87.6     94.0     102.4     111.8     123.8            8.67%
         Artisanal Cookies                    77.1              85.0     95.4     108.7     126.4     155.1          15.00%
         Assortments                         183.1             208.6    238.8     274.7     317.7     368.2          15.00%
         Butter-Based Cookies                202.8             220.0    243.7     273.1     325.4     438.4          16.67%
         Chocolate Cookies                   613.8             668.1    732.1     805.5     910.5    1,065.6         11.67%
         Cream Filled                        389.5             441.7    502.9     578.8     671.7     783.3          15.00%
         Egg-Based Cookies                   435.9             485.0    564.0     678.4     817.2    1,011.3         18.33%
         Other Cookies                       982.1         1,068.6     1,170.4   1,317.5   1,532.8   1,836.4         13.33%
         Plain Cookies                       272.2             299.9    335.2     383.4     451.5     547.4          15.00%
         Wafer Biscuits                      362.2             412.5    479.8     565.3     677.2     840.4          18.33%
         Overall                           3,600.3         3,976.9     4,456.3   5,087.8   5,942.2   7,169.9         14.77%
        Source: Canadean                                                                                       © Canadean



        Table 171: Brazil Cookies (Sweet Biscuits) Market Value (USD m) by Segments, 2006–11
                                                                                                                      CAGR
         Segment                             2006              2007      2008      2009      2010      2011         2006–11
         American Cookies                     27.3              32.7     37.6      36.2      43.3      49.1          12.48%
         Artisanal Cookies                    22.1              27.6     32.8      32.6      40.0      46.3          15.99%
         Assortments                          48.6              60.3     72.7      74.0      92.7     110.0          17.75%
         Butter-Based Cookies                 73.2              86.2     97.3      92.2     108.8     121.8          10.72%
         Chocolate Cookies                   192.4             235.0    273.5     266.5     322.3     368.7          13.88%
         Cream Filled                        111.4             135.4    160.1     160.6     199.4     233.9          15.99%
         Egg-Based Cookies                   134.6             164.7    192.0     187.3     227.2     261.8          14.24%
         Other Cookies                       327.7             392.8    450.1     432.5     517.7     589.9          12.48%
         Plain Cookies                        98.3             115.5    130.0     123.0     145.2     163.5          10.72%
         Wafer Biscuits                      111.8             136.8    159.5     155.7     188.8     217.6          14.24%
         Overall                           1,147.3         1,387.1     1,605.6   1,560.5   1,885.3   2,162.6         13.52%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 154

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
 Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS




        Table 172: Brazil Cookies (Sweet Biscuits) Market Value (USD m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         American Cookies                     49.1              52.6     56.5      61.5      67.2      74.3            8.67%
         Artisanal Cookies                    46.3              51.0     57.3      65.3      75.9      93.2          15.00%
         Assortments                         110.0             125.3    143.4     165.0     190.9     221.2          15.00%
         Butter-Based Cookies                121.8             132.2    146.4     164.0     195.5     263.3          16.67%
         Chocolate Cookies                   368.7             401.3    439.7     483.9     546.9     640.1          11.67%
         Cream Filled                        233.9             265.3    302.1     347.7     403.5     470.5          15.00%
         Egg-Based Cookies                   261.8             291.3    338.8     407.5     490.9     607.5          18.33%
         Other Cookies                       589.9             641.9    703.0     791.4     920.7    1,103.1         13.33%
         Plain Cookies                       163.5             180.2    201.4     230.3     271.2     328.8          15.00%
         Wafer Biscuits                      217.6             247.8    288.2     339.5     406.8     504.8          18.33%
         Overall                           2,162.6         2,388.8     2,676.8   3,056.1   3,569.3   4,306.8         14.77%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 155

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.4           American Cookies Market Analysis, 2006–16
9.4.1         American Cookies Market by Volume, 2006–16

              Figure 110: Brazil American Cookies Market by Volume (Kg m), 2006–16

                                                         45.0                                                                        14.0%
                     American Cookies Market by Volume




                                                         40.0
                                                                                                                                     12.0%
                                                         35.0
                                                                                                                                     10.0%




                                                                                                                                                 Growth % (Y-O-Y)
                                                         30.0
                                                                                                                                     8.0%
                                   (Kg m)




                                                         25.0

                                                         20.0                                                                        6.0%
                                                         15.0
                                                                                                                                     4.0%
                                                         10.0
                                                                                                                                     2.0%
                                                          5.0

                                                          0.0                                                                        0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value      Y-o-Y Growth %


              Source: Canadean                                                                                                        © Canadean



              Table 173: Brazil American Cookies Market by Volume (Kg m), 2006–16
                                                          2006     2007   2008    2009     2010   2011   2012       2013    2014      2015               2016
               Overall
               Volume                                     17.5     18.8   19.9     20.9    22.3   24.2    26.4      28.9    32.0       35.4                 39.6
               Y-o-Y
               growth                                              7.0%   6.2%    4.8%     6.6%   8.8%   8.9%       9.7%   10.5%     10.7%      11.9%
              Source: Canadean                                                                                                        © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                             Page 156

      © Canadean. This product is licensed and is not to be photocopied                                                            Published: April 2012
    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.4.2      American Cookies Market by Value, 2006–16

           Figure 111: Brazil American Cookies Market by Value (BRL m), 2006–16

                                                     140.0                                                                        12.0%
                  American Cookies Market by Value




                                                     120.0                                                                        10.0%

                                                     100.0




                                                                                                                                              Growth % (Y-O-Y)
                                                                                                                                  8.0%
                              (BRLm)




                                                      80.0
                                                                                                                                  6.0%
                                                      60.0
                                                                                                                                  4.0%
                                                      40.0

                                                      20.0                                                                        2.0%


                                                       0.0                                                                        0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                             Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                        © Canadean



           Table 174: Brazil American Cookies Market by Value (BRL m), 2006–16
                                                      2006    2007    2008    2009     2010    2011   2012       2013   2014       2015               2016
            Market
            Value                                     59.2    63.4    67.4     71.2    75.8    81.7   87.6       94.0   102.4     111.8           123.8
            Y-o-Y
            growth                                            7.2%   6.4%     5.5%     6.5%   7.7%    7.2%       7.4%   9.0%       9.2%      10.7%
           Source: Canadean                                                                                                        © Canadean



           Table 175: Brazil American Cookies Market by Value (USD m), 2006–16
                                                      2006    2007    2008    2009     2010    2011   2012       2013   2014       2015               2016
            Market
            Value                                     27.3    32.7    37.6     36.2    43.3    49.1   52.6       56.5    61.5       67.2                 74.3
            Y-o-Y
            growth                                           20.1%   14.8%    -3.7%   19.7%   13.4%   7.2%       7.4%   9.0%       9.2%      10.7%
           Source: Canadean                                                                                                        © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                             Page 157

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       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.5           Artisanal Cookies Market Analysis, 2006–16
9.5.1         Artisanal Cookies Market by Volume, 2006–11

              Figure 112: Brazil Artisanal Cookies Market by Volume (Kg m), 2006–11

                                                          70.00                                                                              18.0%
                     Artisanal Cookies Market by Volume




                                                                                                                                             16.0%
                                                          60.00
                                                                                                                                             14.0%
                                                          50.00




                                                                                                                                                         Growth % (Y-O-Y)
                                                                                                                                             12.0%
                                                          40.00
                                    (Kg m)




                                                                                                                                             10.0%

                                                          30.00                                                                              8.0%

                                                                                                                                             6.0%
                                                          20.00
                                                                                                                                             4.0%
                                                          10.00
                                                                                                                                             2.0%

                                                           0.00                                                                              0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Market Value         Y-o-Y Growth %


              Source: Canadean                                                                                                                © Canadean



              Table 176: Brazil Artisanal Cookies Market by Volume (Kg m), 2006–16
                                                           2006     2007     2008     2009     2010     2011     2012     2013      2014      2015              2016
               Overall
               Volume                                     18.29    20.28    22.63    25.25    28.17    31.76    36.20     41.43    47.67     55.14          63.89
               Y-o-Y
               growth                                             10.85%   11.61%   11.57%   11.56%   12.76%   13.96%   14.45%    15.05%   15.68%      15.87%
              Source: Canadean                                                                                                                © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 158

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.5.2      Artisanal Cookies Market by Value, 2006–16

           Figure 113: Brazil Artisanal Cookies Market by Value (BRL m), 2006–16

                                                      180.0                                                                         25.0%
                  Artisanal Cookies Market by Value




                                                      160.0

                                                      140.0                                                                         20.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                      120.0
                               (GBP m)




                                                                                                                                    15.0%
                                                      100.0

                                                       80.0
                                                                                                                                    10.0%
                                                       60.0

                                                       40.0                                                                         5.0%
                                                       20.0

                                                        0.0                                                                         0.0%
                                                              2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                              Market Value        Y-o-Y Growth %


           Source: Canadean                                                                                                          © Canadean



           Table 177: Brazil Artisanal Cookies Market by Value (BRL m), 2006–16
                                                       2006    2007    2008    2009    2010     2011    2012       2013    2014      2015              2016
            Market
            Value                                      47.9    53.5    59.0    64.1     70.1    77.1    85.0       95.4   108.7     126.4          155.1
            Y-o-Y
            growth                                            11.8%   10.2%    8.7%    9.3%    10.0%   10.2%   12.3%      14.0%     16.2%      22.7%
           Source: Canadean                                                                                                          © Canadean



           Table 178: Brazil Artisanal Cookies Market by Value (USD m), 2006–16
                                                       2006    2007    2008    2009    2010     2011    2012       2013    2014      2015              2016
            Market
            Value                                      22.1    27.6    32.8    32.6     40.0    46.3    51.0       57.3    65.3       75.9                 93.2
            Y-o-Y
            growth                                            25.2%   18.9%   -0.8%   22.8%    15.8%   10.2%   12.3%      14.0%     16.2%      22.7%
           Source: Canadean                                                                                                          © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 159

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       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.6           Assortments Market Analysis, 2006–16
9.6.1         Assortments Market by Volume, 2006–16

              Figure 114: Brazil Assortments Market by Volume (Kg m), 2006–16

                                                           140.0                                                                          18.00%
                     Assortments Market by Volume (Kg m)




                                                                                                                                          16.00%
                                                           120.0
                                                                                                                                          14.00%
                                                           100.0




                                                                                                                                                       Growth % (Y-O-Y)
                                                                                                                                          12.00%
                                                            80.0                                                                          10.00%

                                                            60.0                                                                         8.00%

                                                                                                                                         6.00%
                                                            40.0
                                                                                                                                         4.00%
                                                            20.0
                                                                                                                                         2.00%

                                                             0.0                                                                         0.00%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Market Value      Y-o-Y Growth %


              Source: Canadean                                                                                                           © Canadean



              Table 179: Brazil Assortments Market by Volume (Kg m), 2006–16
                                                            2006     2007    2008    2009     2010   2011   2012       2013    2014      2015        2016
               Overall
               Volume                                        46.2     49.5   52.7     55.4    59.3   64.8   71.1       79.3    90.3     103.3       119.4
               Y-o-Y
               growth                                                7.1%    6.6%    5.2%    6.9%    9.3%   9.8%   11.6%      13.8%     14.5%      15.5%
              Source: Canadean                                                                                                           © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 160

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.6.2      Assortments Market by Value, 2006–16

           Figure 115: Brazil Assortments Market by Value (BRL m), 2006–16

                                                     400.0                                                                                  18.0%
                  Assortments Market Value (GBP m)




                                                     350.0                                                                                  16.0%

                                                                                                                                            14.0%
                                                     300.0




                                                                                                                                                       Growth % (Y-O-Y)
                                                                                                                                            12.0%
                                                     250.0
                                                                                                                                            10.0%
                                                     200.0
                                                                                                                                            8.0%
                                                     150.0
                                                                                                                                            6.0%
                                                     100.0
                                                                                                                                            4.0%

                                                      50.0                                                                                  2.0%

                                                       0.0                                                                                  0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                                  © Canadean



           Table 180: Brazil Assortments Market by Value (BRL m), 2006–16
                                                        2006       2007     2008     2009     2010     2011     2012     2013      2014      2015              2016
            Market
            Value                                       105.4     116.9    130.4    145.5    162.3    183.1    208.6     238.8    274.7     317.7          368.2
            Y-o-Y
            growth                                               10.85%   11.61%   11.57%   11.56%   12.76%   13.96%   14.45%    15.05%   15.68%      15.87%
           Source: Canadean                                                                                                                  © Canadean



           Table 181: Brazil Assortments Market by Value (USD m), 2006–16
                                                        2006       2007     2008     2009     2010     2011     2012     2013      2014      2015              2016
            Market
            Value                                        48.6      60.3     72.7     74.0     92.7    110.0    125.3     143.4    165.0     190.9          221.2
            Y-o-Y
            growth                                                24.2%   20.4%     1.8%    25.3%    18.7%    14.0%    14.5%     15.0%      15.7%      15.9%
           Source: Canadean                                                                                                                  © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 161

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       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.7           Butter- Based Cookies Market Analysis, 2006–16
9.7.1         Butter- Based Cookies Market by Volume, 2006–16

              Figure 116: Brazil Butter- Based Cookies Market by Volume (Kg m), 2006–16

                                                             140.0                                                                             16.0%
                     Butter-Based Cookies Market by Volume




                                                             120.0                                                                             14.0%

                                                                                                                                               12.0%
                                                             100.0




                                                                                                                                                           Growth % (Y-O-Y)
                                                                                                                                               10.0%
                                                              80.0
                                     (Kg m)




                                                                                                                                               8.0%
                                                              60.0
                                                                                                                                               6.0%
                                                              40.0
                                                                                                                                               4.0%

                                                              20.0                                                                             2.0%

                                                               0.0                                                                             0.0%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                       Market Value         Y-o-Y Growth %


              Source: Canadean                                                                                                                  © Canadean



              Table 182: Brazil Butter- Based Cookies Market by Volume (Kg m), 2006–16
                                                              2006     2007     2008     2009     2010     2011     2012     2013     2014      2015               2016
               Overall
               Volume                                         37.4     41.5     46.3     51.7     57.7     65.0     73.4     83.0     94.0     106.7           121.6
               Y-o-Y
               growth                                                10.85%   11.61%   11.57%   11.56%   12.76%   12.88%   13.15%   13.17%   13.51%      13.96%
              Source: Canadean                                                                                                                  © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 162

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS




9.7.2      Butter- Based Cookies Market by Value, 2006–16

           Figure 117: Brazil Butter- Based Cookies Market by Value(BRL m), 2006–16

                                                         500.0                                                                          40.0%
                  Butter-Based Cookies Market by Value




                                                         450.0
                                                                                                                                        35.0%
                                                         400.0
                                                                                                                                        30.0%
                                                         350.0




                                                                                                                                                    Growth % (Y-O-Y)
                                                                                                                                        25.0%
                                                         300.0
                                 (BRLm)




                                                         250.0                                                                          20.0%

                                                         200.0
                                                                                                                                        15.0%
                                                         150.0
                                                                                                                                        10.0%
                                                         100.0
                                                                                                                                        5.0%
                                                          50.0

                                                           0.0                                                                          0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Market Value        Y-o-Y Growth %


           Source: Canadean                                                                                                              © Canadean



           Table 183: Brazil Butter- Based Cookies Market by Value (BRL m), 2006–16
                                                          2006    2007     2008    2009     2010    2011    2012       2013    2014      2015              2016
            Market
            Value                                        158.9    167.0   174.6    181.4   190.5   202.8   220.0   243.7      273.1     325.4          438.4
            Y-o-Y
            growth                                                5.1%    4.5%     3.9%    5.1%    6.4%     8.5%   10.8%      12.0%     19.2%      34.7%
           Source: Canadean                                                                                                              © Canadean



           Table 184: Brazil Butter- Based Cookies Market by Value (USD m), 2006–16
                                                          2006    2007     2008    2009     2010    2011    2012       2013    2014      2015              2016
            Market
            Value                                         73.2     86.2    97.3     92.2   108.8   121.8   132.2   146.4      164.0     195.5          263.3
            Y-o-Y
            growth                                               17.8%    12.8%   -5.2%    18.0%   12.0%    8.5%   10.8%      12.0%     19.2%      34.7%
           Source: Canadean                                                                                                              © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                   Page 163

   © Canadean. This product is licensed and is not to be photocopied                                                                  Published: April 2012
       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.8           Chocolate Cookies Market Analysis, 2006–16
9.8.1         Chocolate Cookies Market by Volume, 2006–16

              Figure 118: Brazil Chocolate Cookies Market by Volume (Kg m), 2006–16

                                                          400.0                                                                          18.0%
                     Chocolate Cookies Market by Volume




                                                          350.0                                                                          16.0%

                                                                                                                                         14.0%
                                                          300.0




                                                                                                                                                    Growth % (Y-O-Y)
                                                                                                                                         12.0%
                                                          250.0
                                                                                                                                         10.0%
                                   (Kg m)




                                                          200.0
                                                                                                                                         8.0%
                                                          150.0
                                                                                                                                         6.0%
                                                          100.0
                                                                                                                                         4.0%

                                                           50.0                                                                          2.0%

                                                            0.0                                                                          0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                            © Canadean



              Table 185: Brazil Chocolate Cookies Market by Volume (Kg m), 2006–16
                                                           2006    2007    2008     2009     2010    2011    2012      2013     2014      2015              2016
               Overall
               Volume                                     114.2    126.0   137.6    147.7   160.9   178.5   198.2      223.7   253.2     287.4          333.7
               Y-o-Y
               growth                                             10.3%    9.2%     7.4%     8.9%   10.9%   11.1%   12.8%      13.2%     13.5%      16.1%
              Source: Canadean                                                                                                            © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 164

      © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.8.2      Chocolate Cookies Market by Value, 2006–16

           Figure 119: Brazil Chocolate Cookies Market by Value (BRL m), 2006–16

                                                      1,200.0                                                                         18.0%
                  Chocolate Cookies Market by Value




                                                                                                                                      16.0%
                                                      1,000.0
                                                                                                                                      14.0%




                                                                                                                                                 Growth % (Y-O-Y)
                                                       800.0                                                                          12.0%
                               (BRLm)




                                                                                                                                      10.0%
                                                       600.0
                                                                                                                                      8.0%

                                                       400.0                                                                          6.0%

                                                                                                                                      4.0%
                                                       200.0
                                                                                                                                      2.0%

                                                          0.0                                                                         0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                            © Canadean



           Table 186: Brazil Chocolate Cookies Market by Value (BRL m), 2006–16
                                                       2006      2007    2008    2009     2010    2011   2012       2013     2014      2015              2016
            Market
            Value                                     417.7     455.1   490.9    524.3   564.7   613.8   668.1      732.1   805.5     910.5     1,065.6
            Y-o-Y
            growth                                              9.0%    7.9%     6.8%     7.7%   8.7%    8.8%       9.6%    10.0%     13.0%      17.0%
           Source: Canadean                                                                                                            © Canadean



           Table 187: Brazil Chocolate Cookies Market by Value (USD m), 2006–16
                                                       2006      2007    2008    2009     2010    2011   2012       2013     2014      2015              2016
            Market
            Value                                     192.4     235.0   273.5    266.5   322.3   368.7   401.3      439.7   483.9     546.9          640.1
            Y-o-Y
            growth                                              22.1%   16.4%    -2.6%   20.9%   14.4%   8.8%       9.6%    10.0%     13.0%      17.0%
           Source: Canadean                                                                                                            © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 165

   © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
       Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.9           Cream Filled Market Analysis, 2006–16
9.9.1         Cream Filled Market by Volume, 2006–16

              Figure 120: Brazil Cream Filled Market by Volume (Kg m), 2006–16

                                                     300.0                                                                          14.0%
                     Cream Filled Market by Volume




                                                     250.0                                                                          12.0%

                                                                                                                                    10.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                     200.0
                                 (Kg m)




                                                                                                                                    8.0%
                                                     150.0
                                                                                                                                    6.0%
                                                     100.0
                                                                                                                                    4.0%

                                                      50.0                                                                          2.0%

                                                       0.0                                                                          0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                              Market Value       Y-o-Y Growth %


              Source: Canadean                                                                                                       © Canadean



              Table 188: Brazil Cream Filled Market by Volume (Kg m), 2006–16
                                                      2006    2007    2008     2009     2010    2011    2012      2013     2014      2015              2016
               Overall
               Volume                                 98.4    107.8   118.2    129.4   142.0   156.2   172.4      190.0   210.5     235.0          263.1
               Y-o-Y
               growth                                         9.5%    9.6%     9.4%    9.8%    10.0%   10.4%   10.2%      10.8%     11.6%      12.0%
              Source: Canadean                                                                                                       © Canadean




      The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 166

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.9.2      Cream Filled Market by Value, 2006–16

           Figure 121: Brazil Cream Filled Market by Value (BRL m), 2006–16

                                                        900.0                                                                              18.0%
                  Cream Filled Market by Value (BRLm)




                                                        800.0                                                                              16.0%

                                                        700.0                                                                              14.0%




                                                                                                                                                       Growth % (Y-O-Y)
                                                        600.0                                                                              12.0%

                                                        500.0                                                                              10.0%

                                                        400.0                                                                              8.0%

                                                        300.0                                                                              6.0%

                                                        200.0                                                                              4.0%

                                                        100.0                                                                              2.0%

                                                          0.0                                                                              0.0%
                                                                   2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Market Value        Y-o-Y Growth %


           Source: Canadean                                                                                                                 © Canadean



           Table 189: Brazil Cream Filled Market by Value (BRL m), 2006–16
                                                           2006       2007    2008    2009    2010     2011    2012       2013    2014      2015              2016
            Market
            Value                                          241.8     262.2   287.4   316.0    349.3   389.5   441.7   502.9      578.8     671.7          783.3
            Y-o-Y
            growth                                                    8.4%   9.6%     9.9%   10.6%    11.5%   13.4%   13.8%      15.1%     16.0%      16.6%
           Source: Canadean                                                                                                                 © Canadean



           Table 190: Brazil Cream Filled Market by Value (USD m), 2006–16
                                                           2006       2007    2008    2009    2010     2011    2012       2013    2014      2015              2016
            Market
            Value                                          111.4     135.4   160.1   160.6    199.4   233.9   265.3   302.1      347.7     403.5          470.5
            Y-o-Y
            growth                                                   21.5%   18.3%    0.3%   24.2%    17.3%   13.4%   13.8%      15.1%     16.0%      16.6%
           Source: Canadean                                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                      Page 167

   © Canadean. This product is licensed and is not to be photocopied                                                                     Published: April 2012
    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.10       Egg- Based Cookies Market Analysis, 2006–16
9.10.1     Egg- Based Cookies Market by Volume, 2006–16

           Figure 122: Brazil Egg- Based Cookies Market by Volume (Kg m), 2006–16

                                                      600.0                                                                               14.0%
                  Egg-Based Market by Volume (Kg m)




                                                      500.0                                                                               12.0%

                                                                                                                                          10.0%




                                                                                                                                                     Growth % (Y-O-Y)
                                                      400.0
                                                                                                                                          8.0%
                                                      300.0
                                                                                                                                          6.0%
                                                      200.0
                                                                                                                                          4.0%

                                                      100.0                                                                               2.0%

                                                        0.0                                                                               0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                                © Canadean



           Table 191: Brazil Egg- Based Cookies Market by Volume (Kg m), 2006–16
                                                         2006       2007    2008    2009     2010    2011     2012     2013      2014      2015              2016
            Overall
            Volume                                       189.8     204.4   220.9    238.8   259.6   283.2    312.4     347.2    387.3     434.7          491.7
            Y-o-Y
            growth                                                 7.69%   8.06%   8.13%    8.69%   9.10%   10.31%   11.13%    11.57%   12.23%      13.12%
           Source: Canadean                                                                                                                © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 168

   © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.10.2    Egg- Based Cookies Market by Value, 2006–16

          Figure 123: Brazil Egg- Based Cookies Market by Value (BRL m), 2006–16

                                                    1,200.0                                                                           25.0%
                 Egg-Based Market by Value (BRLm)




                                                    1,000.0
                                                                                                                                      20.0%




                                                                                                                                                  Growth % (Y-O-Y)
                                                     800.0
                                                                                                                                      15.0%

                                                     600.0

                                                                                                                                      10.0%
                                                     400.0

                                                                                                                                      5.0%
                                                     200.0


                                                        0.0                                                                           0.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                             © Canadean



          Table 192: Brazil Egg- Based Cookies Market by Value (BRL m), 2006–16
                                                       2006      2007    2008    2009     2010    2011    2012      2013     2014      2015               2016
           Market
           Value                                       292.1    318.9   344.6    368.6   398.1   435.9   485.0      564.0   678.4     817.2     1,011.3
           Y-o-Y
           growth                                               9.2%    8.0%     7.0%     8.0%   9.5%    11.3%   16.3%      20.3%     20.5%      23.8%
          Source: Canadean                                                                                                             © Canadean



          Table 193: Brazil Egg- Based Cookies Market by Value (USD m), 2006–16
                                                       2006      2007    2008    2009     2010    2011    2012      2013     2014      2015               2016
           Market
           Value                                       134.6    164.7   192.0    187.3   227.2   261.8   291.3      338.8   407.5     490.9           607.5
           Y-o-Y
           growth                                               22.4%   16.6%    -2.4%   21.3%   15.2%   11.3%   16.3%      20.3%     20.5%      23.8%
          Source: Canadean                                                                                                             © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 169

  © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.11       Other Cookies Market Analysis, 2006–16
9.11.1     Other Cookies Market by Volume, 2006–16

           Figure 124: Brazil Other Cookies Market by Volume (Kg m), 2006–16

                                                   600.0                                                                              14.0%
                  Other Cookies Market by Volume




                                                   500.0                                                                              12.0%

                                                                                                                                      10.0%




                                                                                                                                                  Growth % (Y-O-Y)
                                                   400.0
                              (Kg m)




                                                                                                                                      8.0%
                                                   300.0
                                                                                                                                      6.0%
                                                   200.0
                                                                                                                                      4.0%

                                                   100.0                                                                              2.0%

                                                     0.0                                                                              0.0%
                                                           2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                             Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                            © Canadean



           Table 194: Brazil Other Cookies Market by Volume (Kg m), 2006–16
                                                    2006     2007     2008    2009      2010     2011     2012     2013      2014      2015              2016
            Overall
            Volume                                 185.3    203.8    224.2    246.1    270.9    298.4    332.4     372.6    416.1     465.2          518.1
            Y-o-Y
            growth                                         10.01%   10.00%   9.76%    10.07%   10.16%   11.38%   12.10%    11.68%   11.79%      11.38%
           Source: Canadean                                                                                                            © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 170

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.11.2    Other Cookies Market by Value, 2006–16

          Figure 125: Brazil Other Cookies Market by Value (BRL m), 2006–16

                                                 2,000.0                                                                            25.0%
                 Other Cookies Market by Value




                                                 1,800.0

                                                 1,600.0                                                                            20.0%

                                                 1,400.0




                                                                                                                                                Growth % (Y-O-Y)
                            (BRLm)




                                                 1,200.0                                                                            15.0%

                                                 1,000.0

                                                  800.0                                                                             10.0%

                                                  600.0

                                                  400.0                                                                             5.0%

                                                  200.0

                                                     0.0                                                                            0.0%
                                                            2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                           Market Value        Y-o-Y Growth %


          Source: Canadean                                                                                                           © Canadean



          Table 195: Brazil Other Cookies Market by Value (BRL m), 2006–16
                                                  2006      2007    2008    2009    2010     2011     2012      2013      2014       2015              2016
           Market
           Value                                 711.3     760.9   807.8   850.9    906.9   982.1   1,068.6   1,170.4   1,317.5   1,532.8     1,836.4
           Y-o-Y
           growth                                          7.0%    6.2%     5.3%    6.6%    8.3%      8.8%      9.5%     12.6%      16.3%      19.8%
          Source: Canadean                                                                                                           © Canadean



          Table 196: Brazil Other Cookies Market by Value (USD m), 2006–16
                                                  2006      2007    2008    2009    2010     2011     2012      2013      2014       2015              2016
           Market
           Value                                 327.7     392.8   450.1   432.5    517.7   589.9    641.9     703.0     791.4      920.7     1,103.1
           Y-o-Y
           growth                                          19.9%   14.6%   -3.9%   19.7%    14.0%     8.8%      9.5%     12.6%      16.3%      19.8%
          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 171

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.12       Plain Cookies Market Analysis, 2006–16
9.12.1     Plain Cookies Market by Volume, 2006–16

           Figure 126: Brazil Plain Cookies Market by Volume (Kg m), 2006–16

                                                   200.0                                                                              18.0%
                  Plain Cookies Market by Volume




                                                   180.0                                                                              16.0%
                                                   160.0                                                                              14.0%
                                                   140.0




                                                                                                                                                  Growth % (Y-O-Y)
                                                                                                                                      12.0%
                              (Kg m)




                                                   120.0
                                                                                                                                      10.0%
                                                   100.0
                                                                                                                                      8.0%
                                                    80.0
                                                                                                                                      6.0%
                                                    60.0

                                                    40.0                                                                              4.0%

                                                    20.0                                                                              2.0%

                                                     0.0                                                                              0.0%
                                                           2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                             Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                            © Canadean



           Table 197: Brazil Plain Cookies Market by Volume (Kg m), 2006–16
                                                    2006     2007     2008     2009     2010     2011     2012     2013      2014      2015              2016
            Overall
            Volume                                  54.3     60.5     67.1     74.9     83.6     94.3    107.4     122.6    141.4     163.6          189.6
            Y-o-Y
            growth                                         11.38%   11.00%   11.58%   11.57%   12.81%   13.96%   14.10%    15.33%   15.69%      15.94%
           Source: Canadean                                                                                                            © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 172

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.12.2    Plain Cookies Market by Value, 2006–16

          Figure 127: Brazil Plain Cookies Market by Value (BRL m), 2006–16

                                                 600.0                                                                          25.0%
                 Plain Cookies Market by Value




                                                 500.0
                                                                                                                                20.0%




                                                                                                                                            Growth % (Y-O-Y)
                                                 400.0
                            (BRLm)




                                                                                                                                15.0%

                                                 300.0

                                                                                                                                10.0%
                                                 200.0

                                                                                                                                5.0%
                                                 100.0


                                                   0.0                                                                          0.0%
                                                         2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                          Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                       © Canadean



          Table 198: Brazil Plain Cookies Market by Value (BRL m), 2006–16
                                                  2006    2007     2008    2009     2010    2011    2012      2013     2014      2015              2016
           Market
           Value                                 213.3    223.7   233.4    242.0   254.3   272.2   299.9      335.2   383.4     451.5          547.4
           Y-o-Y
           growth                                         4.9%    4.3%     3.7%    5.1%    7.0%    10.2%   11.8%      14.4%     17.8%      21.2%
          Source: Canadean                                                                                                       © Canadean



          Table 199: Brazil Plain Cookies Market by Value (USD m), 2006–16
                                                  2006    2007     2008    2009     2010    2011    2012      2013     2014      2015              2016
           Market
           Value                                  98.3    115.5   130.0    123.0   145.2   163.5   180.2      201.4   230.3     271.2          328.8
           Y-o-Y
           growth                                        17.6%    12.6%    -5.4%   18.0%   12.6%   10.2%   11.8%      14.4%     17.8%      21.2%
          Source: Canadean                                                                                                       © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 173

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.13       Wafer Biscuits Market Analysis, 2006–16
9.13.1     Wafer Biscuits Market by Volume, 2006–16

           Figure 128: Brazil Wafer Biscuits Market by Volume (Kg m), 2006–16

                                                    300.0                                                                              25.0%
                  Wafer Biscuits Market by Volume




                                                    250.0
                                                                                                                                       20.0%




                                                                                                                                                   Growth % (Y-O-Y)
                                                    200.0
                                                                                                                                       15.0%
                               (Kg m)




                                                    150.0

                                                                                                                                       10.0%
                                                    100.0

                                                                                                                                       5.0%
                                                     50.0


                                                      0.0                                                                              0.0%
                                                            2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                              Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                             © Canadean



           Table 200: Brazil Wafer Biscuits Market by Volume (Kg m), 2006–16
                                                     2006     2007     2008     2009     2010     2011     2012     2013      2014      2015              2016
            Overall
            Volume                                   67.1     74.8     83.0     92.6    103.3    116.5    135.0     157.9    187.4     223.9          270.4
            Y-o-Y
            growth                                          11.38%   11.00%   11.58%   11.57%   12.81%   15.86%   16.94%    18.66%   19.53%      20.74%
           Source: Canadean                                                                                                             © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 174

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.13.2    Wafer Biscuits Market by Value, 2006–16

          Figure 129: Brazil Wafer Biscuits Market by Value (BRL m), 2006–16

                                                  900.0                                                                          30.0%
                 Wafer Biscuits Market by Value




                                                  800.0
                                                                                                                                 25.0%
                                                  700.0




                                                                                                                                             Growth % (Y-O-Y)
                                                  600.0                                                                          20.0%
                            (BRLm)




                                                  500.0
                                                                                                                                 15.0%
                                                  400.0

                                                  300.0                                                                          10.0%

                                                  200.0
                                                                                                                                 5.0%
                                                  100.0

                                                    0.0                                                                          0.0%
                                                          2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                           Market Value        Y-o-Y Growth %


          Source: Canadean                                                                                                        © Canadean



          Table 201: Brazil Wafer Biscuits Market by Value (BRL m), 2006–16
                                                   2006    2007     2008    2009    2010     2011    2012       2013    2014      2015              2016
           Market
           Value                                  242.7    265.0   286.4   306.3    330.8   362.2   412.5   479.8      565.3     677.2          840.4
           Y-o-Y
           growth                                          9.2%    8.0%     7.0%    8.0%    9.5%    13.9%   16.3%      17.8%     19.8%      24.1%
          Source: Canadean                                                                                                        © Canadean



          Table 202: Brazil Wafer Biscuits Market by Value (USD m), 2006–16
                                                   2006    2007     2008    2009    2010     2011    2012       2013    2014      2015              2016
           Market
           Value                                  111.8    136.8   159.5   155.7    188.8   217.6   247.8   288.2      339.5     406.8          504.8
           Y-o-Y
           growth                                         22.4%    16.6%   -2.4%   21.3%    15.2%   13.9%   16.3%      17.8%     19.8%      24.1%
          Source: Canadean                                                                                                        © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                             Page 175

  © Canadean. This product is licensed and is not to be photocopied                                                            Published: April 2012
    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.14       Cookies (Sweet Biscuits) Market Volume Analysis by Brands, 2008-11

           Figure 130: Brazil Cookies (Sweet Biscuits) Market Volume by Brands (Kg m), 2008–11




           Source: Canadean                                                                                © Canadean



           Table 203: Brazil Cookies (Sweet Biscuits) Market Volume by Brands (Kg m), 2008–11
                                                                                                                     CAGR
            Brand Name                                 2008               2009       2010       2011               2008–11
            Fontaneda                                188.35             205.45     225.33     249.06                 9.76%
            Cuetara                                  177.97             194.34     213.38     236.11                 9.88%
            Artiach                                  127.99             139.61     153.12     169.25                 9.76%
            Gullon                                   104.32             113.90     125.03     138.32                 9.86%
            Lu                                        74.13              80.86      88.67      98.00                 9.75%
            Bahlsen                                     8.43              9.20      10.09      11.16                 9.78%
            Others                                   311.34             339.41     372.03     410.96                 9.70%
            Overall                                  992.54            1,082.77   1,187.66   1,312.85                9.77%

           Source: Canadean                                                                                © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                     Page 176

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    Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS



9.15       Cookies (Sweet Biscuits) Market Value by Distribution Channel, 2008-11

           Figure 131: Brazil Cookies (Sweet Biscuits) Market Value by Distribution Channel (BRL m), 2008–11

                                                         3500.0
                  Cookies (Sweet Biscuits) Market Size




                                                         3000.0
                    by Distribution Channel (BRLm)




                                                         2500.0

                                                         2000.0

                                                         1500.0

                                                         1000.0

                                                          500.0

                                                            0.0
                                                                       2008              2009           2010                 2011

                                                            Cash & Carries & Warehouse Clubs    “Dollar Stores”, Variety Stores
                                                            Hypermarkets & Supermarkets         Convenience Stores
                                                            Food & drinks specialists           Vending machines
                                                            Others


           Source: Canadean                                                                                                       © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                          Page 177

   © Canadean. This product is licensed and is not to be photocopied                                                         Published: April 2012
 Brazil COOKIES (SWEET BISCUITS) MARKET ANALYSIS




        Table 204: Brazil Cookies (Sweet Biscuits) Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                        13.8       15.2      16.6      18.0                  9.06%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           40.0       43.4      46.9      50.4                  8.03%
         Hypermarkets & Supermarkets                           1,486.2    1,605.3   1,729.3   1,847.2                 7.52%
         Convenience Stores                                     488.0      529.9     570.5     611.8                  7.83%
         Food & drinks specialists                              385.5      418.4     450.1     482.7                  7.78%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                        39.0       42.2      45.4      48.5                  7.57%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                  37.8       32.2      23.0      11.5               -32.67%
         Overall                                               2,490.3    2,686.6   2,881.8   3,070.2                 7.23%

        Source: Canadean                                                                                   © Canadean




        Table 205: Brazil Cookies (Sweet Biscuits) Market Value by Distribution Channel (USD m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                           7.7       7.7       9.5     10.8                11.83%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           22.3       22.1      26.8      30.3                10.78%
         Hypermarkets & Supermarkets                            828.1      815.9     987.1    1,109.6               10.25%
         Convenience Stores                                     271.9      269.3     325.7     367.5                10.57%
         Food & drinks specialists                              214.8      212.7     256.9     289.9                10.52%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                        21.7       21.5      25.9      29.2                10.30%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                  21.0       16.4      13.1        6.9              -30.96%
         Overall                                               1,387.5    1,365.5   1,644.9   1,844.2                 9.95%

        Source: Canadean                                                                                   © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                        Page 178

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      Brazil SAVORY BISCUITS MARKET ANALYSIS


10           Brazil Savory Biscuits Market Analysis
10.1         Market Growth Dynamics- Savory Biscuits, 2006–16
10.1.1       Savory Biscuits Market Growth Dynamics by Volume, 2006–16

             Figure 132: Brazil Savory Biscuits Market Growth Dynamics by Volume, 2006–16

                               14.0%

                               12.0%

                               10.0%
                CAGR 2006-11




                                8.0%

                                6.0%

                                4.0%

                                2.0%

                                0.0%
                                   0.0%        2.0%       4.0%           6.0%       8.0%       10.0%     12.0%     14.0%       16.0%
                                                                                CAGR 2011-16

                                       Plain Crackers     Cheese-Flavoured Crackers            Bread Substitutes    Other Crackers


             Source: Canadean                                                                                              © Canadean



             Table 206: Brazil Savory Biscuits Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                                       and future market size (2016), by Volume (Kg m), by Segments
              Segment                                               CAGR(2011-16)               CAGR(2006-11)           Market Size 2016
              Bread Substitutes                                            13.00%                      11.67%                      133.92
              Cheese-Flavoured Crackers                                    11.33%                      8.00%                       155.96
              Other Crackers                                               10.33%                      7.00%                        34.53
              Plain Crackers                                               10.67%                      7.33%                       282.24
             Source: Canadean                                                                                              © Canadean




     The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                 Page 179

     © Canadean. This product is licensed and is not to be photocopied                                                Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS

10.1.2    Savory Biscuits Market Growth Dynamics by Value, 2006-16

          Figure 133: Brazil Savory Biscuits Market Growth Dynamics by Value, 2006–16

                              14.0%

                              12.0%

                              10.0%
               CAGR 2006-11




                               8.0%

                               6.0%

                               4.0%

                               2.0%

                               0.0%
                                  0.0%       2.0%         4.0%        6.0%       8.0%       10.0%      12.0%   14.0%       16.0%
                                                                             CAGR 2011-16


                                 Plain Crackers       Cheese-Flavoured Crackers         Bread Substitutes      Other Crackers


          Source: Canadean                                                                                             © Canadean



          Table 207: Brazil Savory Biscuits Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                                  and future market size (2016), by Value (BRL m), by Segments
           Segment                                               CAGR(2011-16)              CAGR(2006-11)          Market Size 2016
           Bread Substitutes                                           10.33%                       10.33%                     312.06
           Cheese-Flavoured Crackers                                   13.67%                       12.00%                     368.97
           Other Crackers                                              13.33%                       9.67%                       96.97
           Plain Crackers                                              11.67%                       9.67%                      882.48
          Source: Canadean                                                                                             © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                Page 180

  © Canadean. This product is licensed and is not to be photocopied                                               Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS


10.2       Savory Biscuits Consumption Analysis, 2006–16
10.2.1     Savory Biscuits Market by Volume, 2006–16

           Figure 134: Brazil Savory Biscuits Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                700.0                                                                          16.0%
                  Savory Biscuits Consumption




                                                600.0                                                                          14.0%
                       by Volume (Kg m)




                                                                                                                               12.0%
                                                500.0




                                                                                                                                          Growth % (Y-O-Y)
                                                                                                                               10.0%
                                                400.0
                                                                                                                               8.0%
                                                300.0
                                                                                                                               6.0%
                                                200.0
                                                                                                                               4.0%

                                                100.0                                                                          2.0%

                                                  0.0                                                                          0.0%
                                                        2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                         Overall Volume       Y-O-Y growth


           Source: Canadean                                                                                                     © Canadean



           Table 208: Brazil Savory Biscuits Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                 2006    2007    2008     2009    2010    2011    2012       2013     2014      2015              2016
            Overall
            Volume                              238.3    259.1   279.3    299.1   323.5   355.0   389.4      429.9   477.6     534.3          606.6
            Y-o-Y
            growth                                       8.7%    7.8%     7.1%    8.1%    9.7%    9.7%    10.4%      11.1%     11.9%      13.5%
           Source: Canadean                                                                                                     © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                          Page 181

   © Canadean. This product is licensed and is not to be photocopied                                                         Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS

10.2.2    Savory Biscuits Consumption by Segments, 2006–16

          Figure 135: Brazil Savory Biscuits Consumption (Kg m) by Segments, 2006–16

                                               700.0
                 Savory Biscuits Consumption




                                               600.0
                     by Segments (Kg m)




                                               500.0

                                               400.0

                                               300.0

                                               200.0

                                               100.0

                                                 0.0
                                                       2006     2007   2008      2009    2010   2011     2012     2013      2014   2015     2016



                                               Bread Substitutes       Cheese-Flavoured Crackers              Other Crackers       Plain Crackers


          Source: Canadean                                                                                                                 © Canadean



          Table 209: Brazil Savory Biscuits Consumption (Kg m) by Segments, 2006–11
                                                                                                                                                   CAGR
           Segment                                            2006       2007           2008           2009          2010           2011        2006–11
           Bread Substitutes                                   41.9       46.6           51.8          57.8          64.4           72.7           11.67%
           Cheese-Flavoured
           Crackers                                            62.1       67.3           72.4          77.0          82.9           91.2           8.00%
           Other Crackers                                      15.1       16.2           17.3          18.2          19.5           21.1           7.00%
           Plain Crackers                                     119.4      129.0          137.9      146.2            156.6          170.0           7.33%
           Overall                                            238.3      259.1          279.3      299.1            323.5          355.0           8.30%
          Source: Canadean                                                                                                                 © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                   Page 182

  © Canadean. This product is licensed and is not to be photocopied                                                                  Published: April 2012
 Brazil SAVORY BISCUITS MARKET ANALYSIS




        Table 210: Brazil Savory Biscuits Consumption (Kg m) by Segments, 2011–16
                                                                                                              CAGR
         Segment                             2011              2012    2013    2014    2015    2016         2011–16
         Bread Substitutes                    72.7              81.7    92.1   103.6   117.6   133.9         13.00%
         Cheese-Flavoured
         Crackers                             91.2             100.0   110.7   123.5   138.0   156.0         11.33%
         Other Crackers                       21.1              22.8    24.9    27.4    30.4    34.5         10.33%
         Plain Crackers                      170.0             184.9   202.3   223.2   248.3   282.2         10.67%
         Overall                             355.0             389.4   429.9   477.6   534.3   606.6         11.31%
        Source: Canadean                                                                               © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                 Page 183

© Canadean. This product is licensed and is not to be photocopied                                Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS


10.3       Savory Biscuits Market Value Analysis, 2006–16
10.3.1     Savory Biscuits Market by Value, 2006–16

           Figure 136: Brazil Savory Biscuits Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                    1,800.0                                                                           16.0%
                  Savory Biscuits Market by Value




                                                    1,600.0                                                                           14.0%

                                                    1,400.0
                                                                                                                                      12.0%




                                                                                                                                                  Growth % (Y-O-Y)
                                                    1,200.0
                                                                                                                                      10.0%
                              (BRLm)




                                                    1,000.0
                                                                                                                                      8.0%
                                                     800.0
                                                                                                                                      6.0%
                                                     600.0
                                                                                                                                      4.0%
                                                     400.0

                                                     200.0                                                                            2.0%

                                                        0.0                                                                           0.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                              Overall Value       Y-O-Y growth


           Source: Canadean                                                                                                            © Canadean



           Table 211: Brazil Savory Biscuits Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                     2006      2007    2008   2009     2010    2011     2012      2013      2014       2015              2016
            Overall
            Value                                   580.2     647.8   713.6   779.9   855.9   945.4   1,042.9   1,158.7   1,293.2   1,456.1     1,660.5
            Y-o-Y
            growth                                            11.7%   10.2%   9.3%     9.7%   10.5%    10.3%     11.1%     11.6%      12.6%      14.0%
           Source: Canadean                                                                                                            © Canadean



           Table 212: Brazil Savory Biscuits Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                     2006      2007    2008   2009     2010    2011     2012      2013      2014       2015              2016
            Overall
            Value                                   267.3     334.5   397.6   396.4   488.6   567.9    626.5     696.0     776.8      874.6          997.4
            Y-o-Y
            growth                                            25.1%   18.9%   -0.3%   23.2%   16.2%    10.3%     11.1%     11.6%      12.6%      14.0%
           Source: Canadean                                                                                                            © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 184

   © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS

10.3.2    Average Consumer Price/Kg - Savory Biscuits, 2006-2016

          Figure 137: Brazil Savory Biscuits Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16

                                                        2.80                                                                   3.0%
                                                        2.75
                   Average Consumer Price/ Kg -Savory




                                                        2.70                                                                   2.5%

                                                        2.65




                                                                                                                                          Growth % (Y-O-Y)
                                                                                                                               2.0%
                             Biscuits (BRL)




                                                        2.60
                                                        2.55
                                                                                                                               1.5%
                                                        2.50
                                                        2.45
                                                                                                                               1.0%
                                                        2.40
                                                        2.35                                                                   0.5%
                                                        2.30
                                                        2.25                                                                   0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Avg Price     Y-O-Y growth


          Source: Canadean                                                                                                     © Canadean



          Table 213: Brazil Savory Biscuits Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                         2006     2007   2008   2009    2010   2011   2012    2013   2014      2015               2016
           Avg.
           Price                                         2.43     2.50   2.56   2.61    2.65   2.66   2.68    2.70   2.71       2.73                 2.74
           Y-o-Y
           growth                                                 2.7%   2.2%   2.0%   1.5%    0.7%   0.6%    0.6%   0.5%      0.6%              0.4%
          Source: Canadean                                                                                                     © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                          Page 185

  © Canadean. This product is licensed and is not to be photocopied                                                         Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS

10.3.3    Savory Biscuits Market Value by Segments, 2006-2016

          Figure 138: Brazil Savory Biscuits Market Value (BRL m) by Segments, 2006–16

                                         1800.0
              Value by Segments (BRLm)




                                         1600.0
                Savory Biscuits Market




                                         1400.0

                                         1200.0

                                         1000.0

                                          800.0

                                          600.0

                                          400.0

                                          200.0

                                            0.0
                                                  2006     2007    2008      2009   2010    2011     2012     2013       2014   2015     2016


                                         Bread Substitutes        Cheese-Flavoured Crackers               Other Crackers        Plain Crackers


          Source: Canadean                                                                                                              © Canadean



          Table 214: Brazil Savory Biscuits Market Value (BRL m) by Segments, 2006–11
                                                                                                                                                 CAGR
           Segment                                       2006        2007           2008           2009           2010           2011         2006–11
           Bread Substitutes                             116.7       130.3          143.5      157.9             174.2          190.9           10.33%
           Cheese-Flavoured
           Crackers                                      110.3       126.2          141.6      156.8             174.0          194.5           12.00%
           Other Crackers                                 32.7        36.2           39.7          43.1           47.0           51.9            9.67%
           Plain Crackers                                320.4       355.1          388.8      422.2             460.7          508.3            9.67%
           Overall                                       580.2       647.8          713.6      779.9             855.9          945.4           10.26%
          Source: Canadean                                                                                                              © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 186

  © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
 Brazil SAVORY BISCUITS MARKET ANALYSIS


        Table 215: Brazil Savory Biscuits Market Value (BRL m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Bread Substitutes                   190.9             208.8    230.8     254.8     282.7     312.1          10.33%
         Cheese-Flavoured
         Crackers                            194.5             216.6    246.3     281.3     322.3     369.0          13.67%
         Other Crackers                       51.9              57.4     64.0      72.2      82.8      97.0          13.33%
         Plain Crackers                      508.3             560.1    617.7     685.0     768.3     882.5          11.67%
         Overall                             945.4         1,042.9     1,158.7   1,293.2   1,456.1   1,660.5         11.92%
        Source: Canadean                                                                                       © Canadean



        Table 216: Brazil Savory Biscuits Market Value (USD m) by Segments, 2006–11
                                                                                                                      CAGR
         Segment                             2006              2007      2008      2009      2010      2011         2006–11
         Bread Substitutes                    53.8              67.2     80.0      80.2      99.5     114.6          16.35%
         Cheese-Flavoured
         Crackers                             50.8              65.1     78.9      79.7      99.3     116.8          18.10%
         Other Crackers                       15.1              18.7     22.1      21.9      26.8      31.2          15.64%
         Plain Crackers                      147.6             183.4    216.6     214.6     263.0     305.3          15.64%
         Overall                             267.3             334.5    397.6     396.4     488.6     567.9          16.27%
        Source: Canadean                                                                                       © Canadean



        Table 217: Brazil Savory Biscuits Market Value (USD m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Bread Substitutes                   114.6             125.4    138.6     153.0     169.8     187.4          10.33%
         Cheese-Flavoured
         Crackers                            116.8             130.1    148.0     168.9     193.6     221.6          13.67%
         Other Crackers                       31.2              34.5     38.4      43.4      49.7      58.2          13.33%
         Plain Crackers                      305.3             336.5    371.0     411.5     461.5     530.1          11.67%
         Overall                             567.9             626.5    696.0     776.8     874.6     997.4          11.92%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 187

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS


10.4       Bread Substitutes Market Analysis, 2006–16
10.4.1     Bread Substitutes Market by Volume, 2006–16

           Figure 139: Brazil Bread Substitutes Market by Volume (Kg m), 2006–16

                                                       160.0                                                                             16.0%
                  Bread Substitutes Market by Volume




                                                       140.0                                                                             14.0%

                                                       120.0                                                                             12.0%




                                                                                                                                                    Growth % (Y-O-Y)
                                                       100.0                                                                             10.0%
                                 (Kg m)




                                                        80.0                                                                             8.0%

                                                        60.0                                                                             6.0%

                                                        40.0                                                                             4.0%

                                                        20.0                                                                             2.0%

                                                         0.0                                                                             0.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value         Y-o-Y Growth %


           Source: Canadean                                                                                                               © Canadean



           Table 218: Brazil Bread Substitutes Market by Volume (Kg m), 2006–16
                                                        2006     2007     2008     2009     2010     2011     2012     2013     2014      2015              2016
            Overall
            Volume                                      41.9     46.6     51.8     57.8     64.4     72.7     81.7     92.1    103.6     117.6          133.9
            Y-o-Y
            growth                                             11.38%   11.00%   11.58%   11.57%   12.81%   12.35%   12.74%   12.51%   13.52%      13.87%
           Source: Canadean                                                                                                               © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                    Page 188

   © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS

10.4.2    Bread Substitutes Market by Value, 2006–16

          Figure 140: Brazil Bread Substitutes Market by Value (BRL m), 2006–16

                                                     350.0                                                                          14.0%
                 Bread Substitutes Market by Value




                                                     300.0                                                                          12.0%

                                                     250.0                                                                          10.0%




                                                                                                                                                Growth % (Y-O-Y)
                              (BRLm)




                                                     200.0                                                                          8.0%

                                                     150.0                                                                          6.0%

                                                     100.0                                                                          4.0%

                                                      50.0                                                                          2.0%

                                                       0.0                                                                          0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                              Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                           © Canadean



          Table 219: Brazil Bread Substitutes Market by Value (BRL m), 2006–16
                                                      2006    2007     2008    2009     2010    2011   2012       2013     2014      2015              2016
           Market
           Value                                     116.7    130.3   143.5    157.9   174.2   190.9   208.8      230.8   254.8     282.7          312.1
           Y-o-Y
           growth                                            11.6%    10.2%   10.0%    10.4%   9.5%    9.4%    10.5%      10.4%     11.0%      10.4%
          Source: Canadean                                                                                                           © Canadean



          Table 220: Brazil Bread Substitutes Market by Value (USD m), 2006–16
                                                      2006    2007     2008    2009     2010    2011   2012       2013     2014      2015              2016
           Market
           Value                                      53.8     67.2    80.0     80.2    99.5   114.6   125.4      138.6   153.0     169.8          187.4
           Y-o-Y
           growth                                            25.0%    18.9%    0.3%    24.0%   15.3%   9.4%    10.5%      10.4%     11.0%      10.4%
          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 189

  © Canadean. This product is licensed and is not to be photocopied                                                               Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS


10.5       Cheese Flavoured Cookies Market Analysis, 2006–16
10.5.1     Cheese Flavoured Cookies Market by Volume, 2006–16

           Figure 141: Brazil Cheese Flavoured Cookies Market by Volume (Kg m), 2006–16

                                                        180.0                                                                       14.0%
                  Cheese-Flavoured Crackers Market by




                                                        160.0
                                                                                                                                    12.0%
                                                        140.0
                                                                                                                                    10.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                        120.0
                             Volume (Kg m)




                                                        100.0                                                                       8.0%

                                                         80.0                                                                       6.0%
                                                         60.0
                                                                                                                                    4.0%
                                                         40.0
                                                                                                                                    2.0%
                                                         20.0

                                                          0.0                                                                       0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                               Market Value      Y-o-Y Growth %


           Source: Canadean                                                                                                          © Canadean



           Table 221: Brazil Cheese Flavoured Cookies Market by Volume (Kg m), 2006–16
                                                         2006    2007   2008    2009     2010   2011   2012       2013     2014      2015               2016
            Overall
            Volume                                       62.1    67.3   72.4     77.0    82.9   91.2   100.0      110.7   123.5     138.0           156.0
            Y-o-Y
            growth                                               8.5%   7.5%    6.3%     7.8%   9.9%   9.7%    10.6%      11.6%     11.7%      13.0%
           Source: Canadean                                                                                                          © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 190

   © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS

10.5.2    Cheese Flavoured Cookies by Market Value, 2006–16

          Figure 142: Brazil Cheese Flavoured Cookies Market by Value (BRL m), 2006–16

                                                       400.0                                                                         16.0%
                 Cheese-Flavoured Crackers Market by




                                                       350.0                                                                         14.0%

                                                       300.0                                                                         12.0%




                                                                                                                                                 Growth % (Y-O-Y)
                                                       250.0                                                                         10.0%
                             Value (BRLm)




                                                       200.0                                                                         8.0%

                                                       150.0                                                                         6.0%

                                                       100.0                                                                         4.0%

                                                        50.0                                                                         2.0%

                                                         0.0                                                                         0.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                            © Canadean



          Table 222: Brazil Cheese Flavoured Cookies Market by Value (BRL m), 2006–16
                                                        2006    2007     2008    2009     2010    2011    2012      2013    2014      2015               2016
           Market
           Value                                       110.3    126.2   141.6    156.8   174.0   194.5   216.6   246.3     281.3     322.3           369.0
           Y-o-Y
           growth                                              14.3%    12.2%   10.8%    10.9%   11.8%   11.4%   13.7%     14.2%     14.6%      14.5%
          Source: Canadean                                                                                                            © Canadean



          Table 223: Brazil Cheese Flavoured Cookies Market by Value (USD m), 2006–16
                                                        2006    2007     2008    2009     2010    2011    2012      2013    2014      2015               2016
           Market
           Value                                        50.8     65.1    78.9     79.7    99.3   116.8   130.1   148.0     168.9     193.6           221.6
           Y-o-Y
           growth                                              28.1%    21.1%    1.1%    24.6%   17.6%   11.4%   13.7%     14.2%     14.6%      14.5%
          Source: Canadean                                                                                                            © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 191

  © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS


10.6       Other Crackers Market Analysis, 2006–16
10.6.1     Other Crackers Market by Volume, 2006–16

           Figure 143: Brazil Other Crackers Market by Volume (Kg m), 2006–16

                                                           40.0                                                                            16.0%
                  Other Crackers Market by Volume (Kg m)




                                                           35.0                                                                            14.0%

                                                           30.0                                                                            12.0%




                                                                                                                                                       Growth % (Y-O-Y)
                                                           25.0                                                                            10.0%

                                                           20.0                                                                            8.0%

                                                           15.0                                                                            6.0%

                                                           10.0                                                                            4.0%

                                                            5.0                                                                            2.0%

                                                            0.0                                                                            0.0%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                       Market Value      Y-o-Y Growth %


           Source: Canadean                                                                                                                 © Canadean



           Table 224: Brazil Other Crackers Market by Volume (Kg m), 2006–16
                                                              2006       2007   2008    2009     2010   2011   2012       2013    2014      2015               2016
            Overall
            Volume                                                15.1   16.2   17.3     18.2    19.5   21.1   22.8       24.9    27.4       30.4                 34.5
            Y-o-Y
            growth                                                       7.6%   6.5%    5.7%    6.9%    8.3%   8.1%       9.0%   10.0%     11.0%      13.6%
           Source: Canadean                                                                                                                 © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                      Page 192

   © Canadean. This product is licensed and is not to be photocopied                                                                     Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS

10.6.2    Other Crackers Market by Value, 2006–16

          Figure 144: Brazil Other Crackers Market by Value (BRL m), 2006–16

                                                         120.0                                                                                 18.0%
                 Other Crackers Market by Value (BRLm)



                                                                                                                                               16.0%
                                                         100.0
                                                                                                                                               14.0%




                                                                                                                                                           Growth % (Y-O-Y)
                                                          80.0                                                                                 12.0%

                                                                                                                                               10.0%
                                                          60.0
                                                                                                                                               8.0%

                                                          40.0                                                                                 6.0%

                                                                                                                                               4.0%
                                                          20.0
                                                                                                                                               2.0%

                                                           0.0                                                                                 0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                      Overall Volume           Y-O-Y growth


          Source: Canadean                                                                                                                      © Canadean



          Table 225: Brazil Other Crackers Market by Value (BRL m), 2006–16
                                                            2006       2007    2008    2009    2010     2011       2012       2013    2014      2015               2016
           Market
           Value                                             32.7      36.2    39.7    43.1     47.0    51.9       57.4       64.0    72.2       82.8                 97.0
           Y-o-Y
           growth                                                     10.8%   9.5%     8.6%    9.1%    10.3%      10.6%   11.5%      12.9%     14.7%      17.1%
          Source: Canadean                                                                                                                      © Canadean



          Table 226: Brazil Other Crackers Market by Value (USD m), 2006–16
                                                            2006       2007    2008    2009    2010     2011       2012       2013    2014      2015               2016
           Market
           Value                                             15.1      18.7    22.1    21.9     26.8    31.2       34.5       38.4    43.4       49.7                 58.2
           Y-o-Y
           growth                                                     24.2%   18.1%   -1.0%   22.5%    16.1%      10.6%   11.5%      12.9%     14.7%      17.1%
          Source: Canadean                                                                                                                      © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                           Page 193

  © Canadean. This product is licensed and is not to be photocopied                                                                          Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS


10.7       Plain Crackers Market Analysis, 2006–16
10.7.1     Plain Crackers Market by Volume, 2006–16

           Figure 145: Brazil Plain Crackers Market by Volume (Kg m), 2006–16

                                                           300.0                                                                              16.0%
                  Plain Crackers Market by Volume (Kg m)




                                                                                                                                              14.0%
                                                           250.0
                                                                                                                                              12.0%




                                                                                                                                                          Growth % (Y-O-Y)
                                                           200.0
                                                                                                                                              10.0%

                                                           150.0                                                                              8.0%

                                                                                                                                              6.0%
                                                           100.0
                                                                                                                                              4.0%
                                                            50.0
                                                                                                                                              2.0%

                                                             0.0                                                                              0.0%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                        Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                                    © Canadean



           Table 227: Brazil Plain Crackers Market by Volume (Kg m), 2006–16
                                                              2006       2007   2008     2009     2010   2011    2012       2013     2014      2015               2016
            Overall
            Volume                                            119.4     129.0   137.9    146.2   156.6   170.0   184.9      202.3   223.2     248.3           282.2
            Y-o-Y
            growth                                                       8.1%   6.9%     6.0%    7.1%    8.6%    8.7%       9.4%    10.3%     11.3%      13.7%
           Source: Canadean                                                                                                                    © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 194

   © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS

10.7.2    Plain Crackers Market by Value, 2006–16

          Figure 146: Brazil Plain Crackers Market by Value (BRL m), 2006–16

                                                         1,000.0                                                                               16.0%
                 Plain Crackers Market by Value (BRLm)



                                                          900.0
                                                                                                                                               14.0%
                                                          800.0
                                                                                                                                               12.0%
                                                          700.0




                                                                                                                                                           Growth % (Y-O-Y)
                                                                                                                                               10.0%
                                                          600.0

                                                          500.0                                                                                8.0%

                                                          400.0
                                                                                                                                               6.0%
                                                          300.0
                                                                                                                                               4.0%
                                                          200.0
                                                                                                                                               2.0%
                                                          100.0

                                                             0.0                                                                               0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Overall Volume           Y-O-Y growth


          Source: Canadean                                                                                                                      © Canadean



          Table 228: Brazil Plain Crackers Market by Value (BRL m), 2006–16
                                                            2006      2007    2008    2009    2010     2011       2012       2013     2014      2015               2016
           Market
           Value                                            320.4    355.1   388.8   422.2    460.7   508.3       560.1      617.7   685.0     768.3           882.5
           Y-o-Y
           growth                                                    10.8%   9.5%     8.6%    9.1%    10.3%      10.2%    10.3%      10.9%     12.2%      14.9%
          Source: Canadean                                                                                                                      © Canadean



          Table 229: Brazil Plain Crackers Market by Value (USD m), 2006–16
                                                            2006      2007    2008    2009    2010     2011       2012       2013     2014      2015               2016
           Market
           Value                                            147.6    183.4   216.6   214.6    263.0   305.3       336.5      371.0   411.5     461.5           530.1
           Y-o-Y
           growth                                                    24.2%   18.1%   -1.0%   22.5%    16.1%      10.2%    10.3%      10.9%     12.2%      14.9%
          Source: Canadean                                                                                                                      © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                           Page 195

  © Canadean. This product is licensed and is not to be photocopied                                                                          Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS


10.8       Savory Biscuits Market Volume Analysis by Brands, 2008-11

           Figure 147: Brazil Savory Biscuits Market Volume by Brands (Kg m), 2008–11

                                                           250.0
                  Savory Biscuits MarketVolume by Brands




                                                           200.0


                                                           150.0
                                   (Kg m)




                                                           100.0


                                                            50.0


                                                             0.0
                                                                      2008                2009            2010                    2011

                  Fontaneda                                  Bimbo   Cuetara    Artiach    Gullon   Bicentury      Lu   Silueta      Gerble      Sacialis




           Source: Canadean                                                                                                                   © Canadean



           Table 230: Brazil Savory Biscuits Market Volume by Brands (Kg m), 2008–11
                                                                                                                                                       CAGR
            Brand Name                                                  2008               2009             2010                  2011               2008–11
            Fontaneda                                                   49.38              52.89           57.19                  62.76                8.32%
            Bimbo                                                       35.05              37.58           40.68                  44.69                8.44%
            Cuetara                                                     29.48              31.57           34.14                  37.46                8.32%
            Artiach                                                     18.10              19.40           21.00                  23.06                8.42%
            Gullon                                                      15.16              16.23           17.55                  19.26                8.31%
            Bicentury                                                    8.02               8.59            9.29                  10.20                8.34%
            Lu                                                           7.26               7.78            8.41                   9.23                8.32%
            Silueta                                                      5.70               6.11            6.61                   7.25                8.33%
            Gerble                                                       5.54               5.92            6.39                   6.99                8.05%
            Sacialis                                                     5.20               5.55            5.99                   6.56                8.07%
            Others                                                     100.38             107.51          116.25              127.56                   8.32%
            Overall                                                    279.26             299.13          323.50              355.01                   8.33%

           Source: Canadean                                                                                                                   © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 196

   © Canadean. This product is licensed and is not to be photocopied                                                                      Published: April 2012
    Brazil SAVORY BISCUITS MARKET ANALYSIS


10.9       Savory Biscuits Market Value by Distribution Channel, 2008-11

           Figure 148: Brazil Savory Biscuits Market Value by Distribution Channel (BRL m), 2008–11

                                                   900.0
                  by Distribution Channel (BRLm)



                                                   800.0
                   Savoury Biscuits Market Size




                                                   700.0
                                                   600.0
                                                   500.0
                                                   400.0
                                                   300.0
                                                   200.0
                                                   100.0
                                                     0.0
                                                                    2008               2009          2010                 2011
                                                           Cash & Carries & Warehouse Clubs   “Dollar Stores”, Variety Stores
                                                           Hypermarkets & Supermarkets        Convenience Stores
                                                           Food & drinks specialists          Vending machines
                                                           Others


           Source: Canadean                                                                                                     © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                       Page 197

   © Canadean. This product is licensed and is not to be photocopied                                                      Published: April 2012
 Brazil SAVORY BISCUITS MARKET ANALYSIS




        Table 231: Brazil Savory Biscuits Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                               CAGR
         Distribution Channel                                  2008       2009    2010    2011               2008–11
         Cash & Carries & Warehouse Clubs                           2.9     3.4     4.0     4.5               15.20%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                          10.0       11.3    12.5    13.8               11.42%
         Hypermarkets & Supermarkets                           352.7      394.8   435.9   477.6               10.63%
         Convenience Stores                                     91.7      103.0   114.1   125.3               10.97%
         Food & drinks specialists                              93.1      104.2   115.0   126.0               10.60%
         Department Stores                                          0.0     0.0     0.0     0.0                 0.00%
         Vending machines                                           9.5    10.6    11.7    12.8               10.72%
         Drug stores & Pharmacies                                   0.0     0.0     0.0     0.0                 0.00%
         eRetailers                                                 0.0     0.0     0.0     0.0                 0.00%
         Others                                                 20.2       20.5    20.4    19.8                -0.68%
         Overall                                               580.2      647.8   713.6   779.9               10.36%

        Source: Canadean                                                                             © Canadean




        Table 232: Brazil Savory Biscuits Market Value by Distribution Channel (USD m), 2008–11
                                                                                                               CAGR
         Distribution Channel                                  2008       2009    2010    2011               2008–11
         Cash & Carries & Warehouse Clubs                           1.6     1.7     2.3     2.7               18.13%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                              5.6     5.7     7.1     8.3               14.25%
         Hypermarkets & Supermarkets                           196.5      200.7   248.8   286.9               13.44%
         Convenience Stores                                     51.1       52.4    65.1    75.3               13.79%
         Food & drinks specialists                              51.9       53.0    65.6    75.7               13.41%
         Department Stores                                          0.0     0.0     0.0     0.0                 0.00%
         Vending machines                                           5.3     5.4     6.7     7.7               13.53%
         Drug stores & Pharmacies                                   0.0     0.0     0.0     0.0                 0.00%
         eRetailers                                                 0.0     0.0     0.0     0.0                 0.00%
         Others                                                 11.3       10.4    11.7    11.9                 1.84%
         Overall                                               323.3      329.3   407.3   468.5               13.17%

        Source: Canadean                                                                             © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                  Page 198

© Canadean. This product is licensed and is not to be photocopied                                 Published: April 2012
      Brazil MORNING GOODS MARKET ANALYSIS


11           Brazil Morning Goods Market Analysis
11.1         Market Growth Dynamics-Morning Goods, 2006–16
11.1.1       Morning Goods Market Growth Dynamics by Volume, 2006–16

             Figure 149: Brazil Morning Goods Market Growth Dynamics by Volume, 2006–16

                                  12.0%

                                  10.0%
                   CAGR 2006-11




                                   8.0%

                                   6.0%

                                   4.0%

                                   2.0%

                                   0.0%
                                      0.0%      2.0%         4.0%        6.0%      8.0%        10.0%   12.0%   14.0%       16.0%
                                                                                CAGR 2011-16

                                      Scones                             Toaster Pastries               Pain Au Chocolate
                                      Pancakes                           Dohnuts                        Waf f les
                                      Pain Au Raisan                     Madeleines                     Buns & Teackes
                                      Croissants                         Muf f ins                      Frozen Morning Goods
                                      Breakf ast Cakes                   Crumpets                       Other

             Source: Canadean                                                                                          © Canadean




     The Future of the Bakery & Cereals Market in Brazil, to 2016                                                             Page 199

     © Canadean. This product is licensed and is not to be photocopied                                            Published: April 2012
 Brazil MORNING GOODS MARKET ANALYSIS


        Table 233: Brazil Morning Goods Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                          and future market size (2016), by Volume (Kg m), by Segments
         Segment                                               CAGR(2011-16)   CAGR(2006-11)    Market Size 2016
         Buns & Teacakes                                             12.00%           9.67%                 119.96
         Breakfast Cakes                                             10.67%           8.00%                  81.93
         Croissants                                                  11.00%           7.67%                 101.83
         Crumpets                                                     9.67%           7.33%                  72.32
         Donuts                                                      10.67%           9.33%                 152.83
         Madeleines                                                  11.33%           7.67%                 132.88
         Muffins                                                     10.67%           8.33%                  96.70
         Pain au Chocolat                                            10.67%           8.33%                 162.32
         Pain au Raisin                                              11.00%           9.67%                 145.85
         Pancakes                                                    11.33%           9.00%                 154.47
         Scones                                                      12.00%           8.67%                 187.24
         Toaster Pastries                                            10.33%           8.67%                 171.33
         Waffles                                                     13.33%           9.33%                 146.28
         Other Morning Goods                                         11.33%           9.00%                  63.12
         Frozen Morning Goods                                        12.67%           9.00%                  84.49
        Source: Canadean                                                                          © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                               Page 200

© Canadean. This product is licensed and is not to be photocopied                              Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.1.2    Morning Goods Market Growth Dynamics by Value, 2006-16

          Figure 150: Brazil Morning Goods Market Growth Dynamics by Value, 2006–16

                               12.0%

                               10.0%
                CAGR 2006-11




                                8.0%

                                6.0%

                                4.0%

                                2.0%

                                0.0%
                                   0.0%     2.0%       4.0%           6.0%    8.0%    10.0%   12.0%   14.0%   16.0%      18.0%
                                                                             CAGR 2011-16

                                   Toaster Pastries                      Pain Au Raisan               Dohnuts
                                   Scones                                Pain Au Chocolate            Pancakes
                                   Madeleines                            Buns & Teackes               Waf f les
                                   Muf f ins                             Croissants                   Breakf ast Cakes
                                   Crumpets                              Other                        Frozen Morning Goods

          Source: Canadean                                                                                         © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                              Page 201

  © Canadean. This product is licensed and is not to be photocopied                                             Published: April 2012
 Brazil MORNING GOODS MARKET ANALYSIS




        Table 234: Brazil Morning Goods Market Dynamics: past and future growth rates (2006–11 & 2011–16)
                          and future market size (2016), by Value (BRL m), by Segments
         Segment                                               CAGR(2011-16)   CAGR(2006-11)    Market Size 2016
         Buns & Teacakes                                             12.67%           6.67%                 200.12
         Breakfast Cakes                                             11.33%           6.00%                 123.49
         Croissants                                                  12.67%           8.00%                 168.17
         Crumpets                                                    13.00%           8.33%                 114.01
         Donuts                                                      13.00%           7.33%                 257.79
         Madeleines                                                  10.67%           6.67%                 213.24
         Muffins                                                     14.00%           7.33%                 179.66
         Pain au Chocolat                                            10.67%           9.33%                 246.49
         Pain au Raisin                                              13.67%           8.00%                 288.42
         Pancakes                                                    11.67%           6.67%                 234.99
         Scones                                                      11.00%           7.67%                 256.31
         Toaster Pastries                                            11.67%           8.00%                 301.50
         Waffles                                                     11.67%           6.33%                 191.65
         Other Morning Goods                                         12.00%           5.67%                  91.87
         Frozen Morning Goods                                        12.00%           6.00%                  69.07
        Source: Canadean                                                                          © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                               Page 202

© Canadean. This product is licensed and is not to be photocopied                              Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS


11.2       Morning Goods Consumption Analysis, 2006–16
11.2.1     Morning Goods Market by Volume, 2006–16

           Figure 151: Brazil Morning Goods Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                        2,000.0                                                                                16.0%
                  Morning Goods Consumption by Volume




                                                        1,800.0
                                                                                                                                               14.0%
                                                        1,600.0
                                                                                                                                               12.0%
                                                        1,400.0




                                                                                                                                                           Growth % (Y-O-Y)
                                                                                                                                               10.0%
                                                        1,200.0
                                 (Kg m)




                                                        1,000.0                                                                                8.0%

                                                         800.0
                                                                                                                                               6.0%
                                                         600.0
                                                                                                                                               4.0%
                                                         400.0
                                                                                                                                               2.0%
                                                         200.0

                                                            0.0                                                                                0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Overall Volume             Y-O-Y growth


           Source: Canadean                                                                                                                     © Canadean



           Table 235: Brazil Morning Goods Market Volume (Kg m)and Growth (Y-o-Y), 2006–16
                                                         2006     2007    2008     2009     2010      2011       2012       2013     2014       2015               2016
            Overall
            Volume                                      724.3     794.7   861.4   925.5   1,003.1   1,098.8    1,206.4   1,331.6   1,477.1   1,651.0     1,873.6
            Y-o-Y
            growth                                                9.7%    8.4%     7.4%     8.4%      9.5%       9.8%     10.4%     10.9%      11.8%      13.5%
           Source: Canadean                                                                                                                     © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 203

   © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.2.2    Morning Goods Consumption by Segments, 2006–16

          Figure 152: Brazil Morning Goods Consumption (Kg m) by Segments, 2006–16

                                             2000.0
                 Morning Goods Consumption



                                             1800.0
                                             1600.0
                     by Segments (Kg m)




                                             1400.0
                                             1200.0
                                             1000.0
                                              800.0
                                              600.0
                                              400.0
                                              200.0
                                                0.0
                                                      2006   2007   2008   2009   2010   2011   2012   2013    2014   2015    2016
                                             Buns & Teacakes                Breakf ast Cakes                  Croissants
                                             Crumpets                       Dohnuts                           Madeleines
                                             Muf f ins                      Pain au Chocolat                  Pain au Raisin
                                             Pancakes                       Scones                            Toaster Pastries
                                             Waf f les                      Other                             Frozen Morning Goods



          Source: Canadean                                                                                                   © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                      Page 204

  © Canadean. This product is licensed and is not to be photocopied                                                     Published: April 2012
 Brazil MORNING GOODS MARKET ANALYSIS




        Table 236: Brazil Morning Goods Consumption (Kg m) by Segments, 2006–11
                                                                                                                  CAGR
         Segment                             2006              2007    2008    2009      2010      2011         2006–11
         Buns & Teacakes                      42.9              47.8    52.3    56.6     61.8      68.1            9.67%
         Breakfast Cakes                      33.6              36.6    39.4    42.0     45.3      49.4            8.00%
         Croissants                           41.8              45.3    48.6    51.7     55.5      60.4            7.67%
         Crumpets                             32.0              34.6    37.0    39.2     42.0      45.6            7.33%
         Donuts                               58.9              64.0    69.5    75.9     83.5      92.1            9.33%
         Madeleines                           53.7              58.3    62.5    66.5     71.4      77.7            7.67%
         Muffins                              39.0              42.7    46.1    49.4     53.3      58.3            8.33%
         Pain au Chocolat                     65.5              71.7    77.5    82.9     89.5      97.8            8.33%
         Pain au Raisin                       54.6              60.7    66.5    72.0     78.6      86.6            9.67%
         Pancakes                             58.7              64.8    70.4    75.8     82.3      90.3            9.00%
         Scones                               70.1              77.0    83.5    89.6     97.0     106.2            8.67%
         Toaster Pastries                     69.2              76.0    82.4    88.4     95.7     104.8            8.67%
         Waffles                              50.1              55.5    60.6    65.4     71.2      78.2            9.33%
         Other Morning Goods                  24.0              26.5    28.8    31.0     33.6      36.9            9.00%
         Frozen Morning
         Goods                                30.2              33.4    36.3    39.1     42.4      46.5            9.00%
         Overall                             724.3             794.7   861.4   925.5   1,003.1   1,098.8           8.69%
        Source: Canadean                                                                                   © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                     Page 205

© Canadean. This product is licensed and is not to be photocopied                                    Published: April 2012
 Brazil MORNING GOODS MARKET ANALYSIS


        Table 237: Brazil Morning Goods Consumption (Kg m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Buns & Teacakes                      68.1              75.4     83.6      93.4     104.9     120.0          12.00%
         Breakfast Cakes                      49.4              53.7     58.7      64.8      72.1      81.9          10.67%
         Croissants                           60.4              66.0     72.5      80.2      89.5     101.8          11.00%
         Crumpets                             45.6              49.5     53.8      58.7      64.8      72.3            9.67%
         Donuts                               92.1             101.7    112.2     123.8     137.5     152.8          10.67%
         Madeleines                           77.7              84.4     92.8     103.0     115.3     132.9          11.33%
         Muffins                              58.3              63.7     70.0      77.1      85.7      96.7          10.67%
         Pain au Chocolat                     97.8             107.0    117.5     129.4     143.9     162.3          10.67%
         Pain au Raisin                       86.6              95.1    104.8     115.8     129.1     145.9          11.00%
         Pancakes                             90.3              99.7    110.3     122.1     136.5     154.5          11.33%
         Scones                              106.2             116.5    130.1     145.1     163.1     187.2          12.00%
         Toaster Pastries                    104.8             114.5    125.3     137.6     152.5     171.3          10.33%
         Waffles                              78.2              87.6     98.3     111.8     127.2     146.3          13.33%
         Other Morning Goods                  36.9              40.2     44.1      49.3      55.3      63.1          11.33%
         Frozen Morning
         Goods                                46.5              51.6     57.5      65.0      73.7      84.5          12.67%
         Overall                           1,098.8         1,206.4     1,331.6   1,477.1   1,651.0   1,873.6         11.26%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 206

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS


11.3       Morning Goods Market Value Analysis, 2006–16
11.3.1     Morning Goods Market by Value, 2006–16

           Figure 153: Brazil Morning Goods Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                         3,500.0                                                                                       18.0%
                  Morning Goods Market by Value (BRLm)




                                                                                                                                                       16.0%
                                                         3,000.0
                                                                                                                                                       14.0%
                                                         2,500.0




                                                                                                                                                                   Growth % (Y-O-Y)
                                                                                                                                                       12.0%
                                                         2,000.0                                                                                       10.0%

                                                         1,500.0                                                                                       8.0%

                                                                                                                                                       6.0%
                                                         1,000.0
                                                                                                                                                       4.0%
                                                          500.0
                                                                                                                                                       2.0%

                                                             0.0                                                                                       0.0%
                                                                     2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                          Overall Value           Y-O-Y growth


           Source: Canadean                                                                                                                             © Canadean



           Table 238: Brazil Morning Goods Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                             2006      2007      2008      2009      2010      2011      2012      2013      2014       2015               2016
            Overall
            Value                                          1,164.9   1,254.7   1,340.8   1,426.0   1,528.5   1,661.9   1,822.5   2,016.2   2,246.0   2,529.9     2,936.8
            Y-o-Y
            growth                                                     7.7%      6.9%      6.4%      7.2%      8.7%      9.7%     10.6%     11.4%      12.6%      16.1%
           Source: Canadean                                                                                                                             © Canadean



           Table 239: Brazil Morning Goods Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                             2006      2007      2008      2009      2010      2011      2012      2013      2014       2015               2016
            Overall
            Value                                           536.7     647.8     747.0     724.8     872.5     998.3    1,094.7   1,211.1   1,349.1   1,519.7     1,764.1
            Y-o-Y
            growth                                                    20.7%     15.3%     -3.0%     20.4%     14.4%      9.7%     10.6%     11.4%      12.6%      16.1%
           Source: Canadean                                                                                                                             © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                                  Page 207

   © Canadean. This product is licensed and is not to be photocopied                                                                                 Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.3.2    Average Consumer Price/Kg - Morning Goods, 2006-2016

          Figure 154: Brazil Morning Goods Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16

                                                         1.6                                                                     2.5%
                   Average Consumer Price/ Kg -Morning



                                                                                                                                 2.0%
                                                         1.6
                                                                                                                                 1.5%
                                                         1.6
                                                                                                                                 1.0%




                                                                                                                                            Growth % (Y-O-Y)
                                                         1.6
                                                                                                                                 0.5%
                              Goods (BRL)




                                                         1.5                                                                     0.0%

                                                                                                                                 -0.5%
                                                         1.5
                                                                                                                                 -1.0%
                                                         1.5
                                                                                                                                 -1.5%
                                                         1.5
                                                                                                                                 -2.0%

                                                         1.5                                                                     -2.5%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Avg Price      Y-O-Y growth


          Source: Canadean                                                                                                          © Canadean



          Table 240: Brazil Morning Goods Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                         2006      2007    2008    2009    2010    2011    2012    2013   2014      2015                       2016
           Avg.
           Price                                           1.6       1.6     1.6     1.5     1.5     1.5     1.5    1.5    1.5        1.5                       1.6
           Y-o-Y
           growth                                                  -1.8%   -1.4%   -1.0%   -1.1%   -0.7%   -0.1%   0.2%   0.4%      0.8%                       2.3%
          Source: Canadean                                                                                                          © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 208

  © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.3.3    Morning Goods Market Value by Segments, 2006-2016

          Figure 155: Brazil Morning Goods Market Value (BRL m) by Segments, 2006–16

                                                 3500.0
                 Morning Goods Market Value by



                                                 3000.0
                                                 2500.0
                       Segments (BRLm)




                                                 2000.0
                                                 1500.0
                                                 1000.0
                                                  500.0
                                                    0.0
                                                           2006 2007   2008      2009 2010 2011        2012   2013     2014 2015 2016
                                                 Buns & Teacakes                  Breakf ast Cakes                   Croissants
                                                 Crumpets                         Dohnuts                            Madeleines
                                                 Muf f ins                        Pain au Chocolat                   Pain au Raisin
                                                 Pancakes                         Scones                             Toaster Pastries

          Source: Canadean                                                                                                           © Canadean



          Table 241: Brazil Morning Goods Market Value (BRL m) by Segments, 2006–11
                                                                                                                                            CAGR
           Segment                                           2006        2007         2008        2009          2010         2011         2006–11
           Buns & Teacakes                                   79.8        85.2         90.4           95.5       101.8       110.2            6.67%
           Breakfast Cakes                                   53.9        57.1         60.2           63.2        67.0        72.2            6.00%
           Croissants                                        63.0        68.4         73.6           78.7        84.8        92.6            8.00%
           Crumpets                                          41.5        45.2         48.8           52.3        56.5        61.9            8.33%
           Donuts                                            98.2       105.7        112.9       120.1          128.7       139.9            7.33%
           Madeleines                                        93.0        99.3        105.4       111.3          118.7       128.5            6.67%
           Muffins                                           65.5        70.5         75.3           80.1        85.8        93.3            7.33%
           Pain au Chocolat                                  95.1       104.9        114.4       123.9          134.9       148.5            9.33%
           Pain au Raisin                                   103.5       112.3        120.8       129.2          139.2       152.0            8.00%
           Pancakes                                          98.0       104.6        111.0       117.3          125.0       135.3            6.67%
           Scones                                           105.1       113.6        121.8       129.9          139.6       152.1            7.67%
           Toaster Pastries                                 118.2       128.2        138.0       147.6          159.0       173.6            8.00%
           Waffles                                           81.2        86.3         91.3           96.1       102.2       110.4            6.33%
           Other Morning Goods                               39.6        42.0         44.1           46.2        48.8        52.1            5.67%
           Frozen Morning
           Goods                                             29.3        31.2         32.9           34.6        36.6        39.2            6.00%
           Overall                                         1,164.9     1,254.7      1,340.8     1,426.0       1,528.5      1,661.9           7.36%
          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                             Page 209

  © Canadean. This product is licensed and is not to be photocopied                                                            Published: April 2012
 Brazil MORNING GOODS MARKET ANALYSIS


        Table 242: Brazil Morning Goods Market Value (BRL m) by Segments, 2011–16
                                                                                                                      CAGR
         Segment                             2011              2012      2013      2014      2015      2016         2011–16
         Buns & Teacakes                     110.2             120.8    134.8     151.1     170.9     200.1          12.67%
         Breakfast Cakes                      72.2              78.0     85.7      94.9     106.3     123.5          11.33%
         Croissants                           92.6             101.9    113.6     127.3     144.0     168.2          12.67%
         Crumpets                             61.9              68.4     76.5      86.0      97.5     114.0          13.00%
         Donuts                              139.9             154.7    173.1     194.5     220.5     257.8          13.00%
         Madeleines                          128.5             139.0    151.4     166.6     185.6     213.2          10.67%
         Muffins                              93.3             104.4    118.1     133.9     152.9     179.7          14.00%
         Pain au Chocolat                    148.5             163.8    180.2     199.8     221.8     246.5          10.67%
         Pain au Raisin                      152.0             166.6    185.6     208.5     238.4     288.4          13.67%
         Pancakes                            135.3             147.3    160.0     176.3     198.4     235.0          11.67%
         Scones                              152.1             166.5    183.4     202.5     225.8     256.3          11.00%
         Toaster Pastries                    173.6             191.7    212.8     236.3     264.8     301.5          11.67%
         Waffles                             110.4             121.4    134.8     150.9     169.1     191.7          11.67%
         Other Morning Goods                  52.1              55.8     60.5      67.1      76.5      91.9          12.00%
         Frozen Morning
         Goods                                39.2              42.0     45.5      50.4      57.5      69.1          12.00%
         Overall                           1,661.9         1,822.5     2,016.2   2,246.0   2,529.9   2,936.8         12.06%
        Source: Canadean                                                                                       © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                         Page 210

© Canadean. This product is licensed and is not to be photocopied                                        Published: April 2012
 Brazil MORNING GOODS MARKET ANALYSIS


        Table 243: Brazil Morning Goods Market (USD m) by Segments, 2006–11
                                                                                                                   CAGR
         Segment                             2006               2007     2008     2009     2010     2011         2006–11
         Buns & Teacakes                      36.8               44.0     50.4     48.6     58.1     66.2         12.48%
         Breakfast Cakes                      24.9               29.5     33.5     32.1     38.2     43.4         11.78%
         Croissants                           29.0               35.3     41.0     40.0     48.4     55.6         13.88%
         Crumpets                             19.1               23.3     27.2     26.6     32.3     37.2         14.24%
         Donuts                               45.3               54.6     62.9     61.0     73.4     84.0         13.18%
         Madeleines                           42.9               51.3     58.7     56.6     67.7     77.2         12.48%
         Muffins                              30.2               36.4     42.0     40.7     49.0     56.0         13.18%
         Pain au Chocolat                     43.8               54.2     63.8     63.0     77.0     89.2         15.29%
         Pain au Raisin                       47.7               58.0     67.3     65.7     79.4     91.3         13.88%
         Pancakes                             45.2               54.0     61.8     59.6     71.4     81.3         12.48%
         Scones                               48.4               58.7     67.9     66.0     79.7     91.4         13.53%
         Toaster Pastries                     54.4               66.2     76.9     75.0     90.8    104.3         13.88%
         Waffles                              37.4               44.6     50.9     48.9     58.3     66.3         12.13%
         Other Morning Goods                  18.2               21.7     24.6     23.5     27.9     31.3         11.42%
         Frozen Morning
         Goods                                13.5               16.1     18.3     17.6     20.9     23.5         11.78%
         Overall                           536.71              647.83   747.05   724.81   872.48   998.30         13.21%
        Source: Canadean                                                                                    © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                      Page 211

© Canadean. This product is licensed and is not to be photocopied                                     Published: April 2012
 Brazil MORNING GOODS MARKET ANALYSIS


        Table 244: Brazil Morning Goods Market Value (USD m) by Segments, 2011–16
                                                                                                                          CAGR
         Segment                             2011              2012       2013       2014       2015       2016         2011–16
         Buns & Teacakes                      66.2              72.6      81.0       90.8      102.7      120.2          12.67%
         Breakfast Cakes                      43.4              46.9      51.5       57.0       63.9       74.2          11.33%
         Croissants                           55.6              61.2      68.3       76.5       86.5      101.0          12.67%
         Crumpets                             37.2              41.1      46.0       51.7       58.6       68.5          13.00%
         Donuts                               84.0              92.9     104.0      116.8      132.4      154.9          13.00%
         Madeleines                           77.2              83.5      91.0      100.0      111.5      128.1          10.67%
         Muffins                              56.0              62.7      71.0       80.5       91.8      107.9          14.00%
         Pain au Chocolat                     89.2              98.4     108.2      120.0      133.2      148.1          10.67%
         Pain au Raisin                       91.3             100.1     111.5      125.2      143.2      173.3          13.67%
         Pancakes                             81.3              88.5      96.1      105.9      119.2      141.2          11.67%
         Scones                               91.4             100.0     110.2      121.6      135.6      154.0          11.00%
         Toaster Pastries                    104.3             115.2     127.8      141.9      159.0      181.1          11.67%
         Waffles                              66.3              72.9      81.0       90.7      101.5      115.1          11.67%
         Other Morning Goods                  31.3              33.5      36.4       40.3       45.9       55.2          12.00%
         Frozen Morning
         Goods                                23.5              25.2      27.3       30.3       34.5       41.5          12.00%
         Overall                           998.30         1,094.75     1,211.10   1,349.15   1,519.66   1,764.07         12.06%
        Source: Canadean                                                                                           © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                             Page 212

© Canadean. This product is licensed and is not to be photocopied                                            Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS


11.4       Buns & Teacakes Market Analysis, 2006–16
11.4.1     Buns & Teacakes Market by Volume, 2006–16

           Figure 156: Brazil Buns & Teacakes Market by Volume (Kg m), 2006–16

                                                    140.0                                                                       16.0%
                  Buns & Teackes Market by Volume




                                                    120.0                                                                       14.0%

                                                                                                                                12.0%
                                                    100.0




                                                                                                                                            Growth % (Y-O-Y)
                                                                                                                                10.0%
                               (Kg m)




                                                     80.0
                                                                                                                                8.0%
                                                     60.0
                                                                                                                                6.0%
                                                     40.0
                                                                                                                                4.0%

                                                     20.0                                                                       2.0%

                                                      0.0                                                                       0.0%
                                                            2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                           Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                      © Canadean



           Table 245: Brazil Buns & Teacakes Market by Volume (Kg m), 2006–16
                                                     2006    2007   2008    2009     2010    2011    2012      2013    2014      2015              2016
            Overall
            Volume                                   42.9    47.8   52.3     56.6    61.8    68.1    75.4      83.6    93.4     104.9          120.0
            Y-o-Y
            growth                                          11.3%   9.6%    8.3%    9.1%    10.2%   10.7%   11.0%     11.6%     12.4%      14.4%
           Source: Canadean                                                                                                      © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                           Page 213

   © Canadean. This product is licensed and is not to be photocopied                                                          Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.4.2    Buns & Teacakes Market by Value, 2006–16

          Figure 157: Brazil Buns & Teacakes Market by Value (BRL m), 2006–16

                                                  250.0                                                                        18.0%
                 Buns & Teackes Market by Value



                                                                                                                               16.0%
                                                  200.0                                                                        14.0%




                                                                                                                                           Growth % (Y-O-Y)
                                                                                                                               12.0%
                           (GBRL m)




                                                  150.0
                                                                                                                               10.0%

                                                                                                                               8.0%
                                                  100.0
                                                                                                                               6.0%

                                                   50.0                                                                        4.0%

                                                                                                                               2.0%

                                                    0.0                                                                        0.0%
                                                          2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                          Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                      © Canadean



          Table 246: Brazil Buns & Teacakes Market by Value (BRL m), 2006–16
                                                   2006    2007    2008    2009     2010    2011   2012       2013    2014      2015              2016
           Market
           Value                                   79.8    85.2    90.4     95.5   101.8   110.2   120.8   134.8     151.1     170.9          200.1
           Y-o-Y
           growth                                          6.8%   6.1%     5.7%    6.6%    8.3%    9.6%    11.5%     12.1%     13.1%      17.1%
          Source: Canadean                                                                                                      © Canadean



          Table 247: Brazil Buns & Teacakes Market by Value (USD m), 2006–16
                                                   2006    2007    2008    2009     2010    2011   2012       2013    2014      2015              2016
           Market
           Value                                   36.8    44.0    50.4     48.6    58.1    66.2    72.6      81.0    90.8     102.7          120.2
           Y-o-Y
           growth                                         19.6%   14.5%   -3.6%    19.7%   13.9%   9.6%    11.5%     12.1%     13.1%      17.1%
          Source: Canadean                                                                                                      © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                           Page 214

  © Canadean. This product is licensed and is not to be photocopied                                                          Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS


11.5       Breakfast Cakes Market Analysis, 2006–16
11.5.1     Breakfast Cakes Market by Volume, 2006–16

           Figure 158: Brazil Breakfast Cakes Market by Volume (Kg m), 2006–16

                                                     90.0                                                                        16.0%
                  Breakfast Cakes Market by Volume




                                                     80.0                                                                        14.0%

                                                     70.0
                                                                                                                                 12.0%




                                                                                                                                            Growth % (Y-O-Y)
                                                     60.0
                                                                                                                                 10.0%
                               (Kg m)




                                                     50.0
                                                                                                                                 8.0%
                                                     40.0
                                                                                                                                 6.0%
                                                     30.0
                                                                                                                                 4.0%
                                                     20.0

                                                     10.0                                                                        2.0%

                                                      0.0                                                                        0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                             Market Value      Y-o-Y Growth %


           Source: Canadean                                                                                                       © Canadean



           Table 248: Brazil Breakfast Cakes Market by Volume (Kg m), 2006–16
                                                      2006     2007   2008    2009     2010   2011   2012       2013    2014      2015              2016
            Overall
            Volume                                    33.6     36.6   39.4     42.0    45.3   49.4    53.7      58.7    64.8       72.1                 81.9
            Y-o-Y
            growth                                             9.0%   7.6%    6.7%     7.7%   9.0%   8.7%       9.4%   10.3%     11.3%      13.7%
           Source: Canadean                                                                                                       © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 215

   © Canadean. This product is licensed and is not to be photocopied                                                           Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.5.2    Breakfast Cakes Market by Value, 2006–16

          Figure 159: Brazil Breakfast Cakes Market by Value (BRL m), 2006–16

                                                   140.0                                                                        18.0%
                 Breakfast Cakes Market by Value



                                                                                                                                16.0%
                                                   120.0
                                                                                                                                14.0%
                                                   100.0




                                                                                                                                            Growth % (Y-O-Y)
                                                                                                                                12.0%
                             (BRLm)




                                                    80.0                                                                        10.0%

                                                    60.0                                                                        8.0%

                                                                                                                                6.0%
                                                    40.0
                                                                                                                                4.0%
                                                    20.0
                                                                                                                                2.0%

                                                     0.0                                                                        0.0%
                                                           2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                           Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                       © Canadean



          Table 249: Brazil Breakfast Cakes Market by Value (BRL m), 2006–16
                                                    2006    2007    2008    2009    2010     2011   2012       2013    2014      2015               2016
           Market
           Value                                    53.9    57.1    60.2    63.2     67.0    72.2   78.0       85.7    94.9     106.3           123.5
           Y-o-Y
           growth                                           5.9%   5.3%     5.0%    6.0%    7.8%    8.1%       9.9%   10.8%     12.0%      16.1%
          Source: Canadean                                                                                                       © Canadean



          Table 250: Brazil Breakfast Cakes Market by Value (USD m), 2006–16
                                                    2006    2007    2008    2009    2010     2011   2012       2013    2014      2015               2016
           Market
           Value                                    24.9    29.5    33.5    32.1     38.2    43.4   46.9       51.5    57.0       63.9                 74.2
           Y-o-Y
           growth                                          18.7%   13.7%   -4.2%   19.0%    13.4%   8.1%       9.9%   10.8%     12.0%      16.1%
          Source: Canadean                                                                                                       © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                            Page 216

  © Canadean. This product is licensed and is not to be photocopied                                                           Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS


11.6       Croissants Market Analysis, 2006–16
11.6.1     Croissants Market by Volume, 2006–16

           Figure 160: Brazil Croissants Market by Volume (Kg m), 2006–16

                                                       120.0                                                                           16.0%
                  Croissants Market by Volume,(Kg m)




                                                                                                                                       14.0%
                                                       100.0
                                                                                                                                       12.0%




                                                                                                                                                   Growth % (Y-O-Y)
                                                        80.0
                                                                                                                                       10.0%

                                                        60.0                                                                           8.0%

                                                                                                                                       6.0%
                                                        40.0
                                                                                                                                       4.0%
                                                        20.0
                                                                                                                                       2.0%

                                                         0.0                                                                           0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value      Y-o-Y Growth %


           Source: Canadean                                                                                                             © Canadean



           Table 251: Brazil Croissants Market by Volume (Kg m), 2006–16
                                                          2006       2007   2008    2009     2010   2011   2012       2013    2014      2015             2016
            Overall
            Volume                                         41.8      45.3   48.6     51.7    55.5   60.4   66.0       72.5    80.2       89.5        101.8
            Y-o-Y
            growth                                                   8.5%   7.3%    6.3%    7.4%    8.8%   9.2%       9.8%   10.7%     11.6%      13.8%
           Source: Canadean                                                                                                             © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 217

   © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.6.2    Croissants Market by Value, 2006–16

          Figure 161: Brazil Croissants Market by Value (BRL m), 2006–16

                                                     180.0                                                                              18.0%
                 Croissants Market by Value (BRLm)




                                                     160.0                                                                              16.0%

                                                     140.0                                                                              14.0%




                                                                                                                                                    Growth % (Y-O-Y)
                                                     120.0                                                                              12.0%

                                                     100.0                                                                              10.0%

                                                      80.0                                                                              8.0%

                                                      60.0                                                                              6.0%

                                                      40.0                                                                              4.0%

                                                      20.0                                                                              2.0%

                                                       0.0                                                                              0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                               © Canadean



          Table 252: Brazil Croissants Market by Value (BRL m), 2006–16
                                                        2006       2007    2008    2009     2010    2011    2012      2013     2014      2015              2016
           Market
           Value                                         63.0      68.4    73.6     78.7    84.8    92.6   101.9      113.6   127.3     144.0          168.2
           Y-o-Y
           growth                                                  8.5%   7.6%     7.0%    7.7%    9.2%    10.0%   11.5%      12.1%     13.1%      16.8%
          Source: Canadean                                                                                                               © Canadean



          Table 253: Brazil Croissants Market by Value (USD m), 2006–16
                                                        2006       2007    2008    2009     2010    2011    2012      2013     2014      2015              2016
           Market
           Value                                         29.0      35.3    41.0     40.0    48.4    55.6    61.2       68.3    76.5       86.5         101.0
           Y-o-Y
           growth                                                 21.6%   16.1%    -2.4%   21.0%   14.9%   10.0%   11.5%      12.1%     13.1%      16.8%
          Source: Canadean                                                                                                               © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                    Page 218

  © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS


11.7       Crumpets Market Analysis, 2006–16
11.7.1     Crumpets Market by Volume, 2006–16

           Figure 162: Brazil Crumpets Market by Volume (Kg m), 2006–16

                                                     80.0                                                                           14.0%
                  Crumpets Market by Volume (Kg m)




                                                     70.0                                                                           12.0%

                                                     60.0
                                                                                                                                    10.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                     50.0
                                                                                                                                    8.0%
                                                     40.0
                                                                                                                                    6.0%
                                                     30.0
                                                                                                                                    4.0%
                                                     20.0

                                                     10.0                                                                           2.0%

                                                      0.0                                                                           0.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value      Y-o-Y Growth %


           Source: Canadean                                                                                                          © Canadean



           Table 254: Brazil Crumpets Market by Volume (Kg m), 2006–16
                                                        2006       2007   2008    2009     2010   2011   2012       2013   2014      2015               2016
            Overall
            Volume                                          32.0   34.6   37.0     39.2    42.0   45.6    49.5      53.8   58.7       64.8                 72.3
            Y-o-Y
            growth                                                 8.1%   6.9%    6.0%     7.1%   8.6%   8.5%       8.7%   9.2%     10.3%      11.7%
           Source: Canadean                                                                                                          © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 219

   © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.7.2    Crumpets Market by Value, 2006–16

          Figure 163: Brazil Crumpets Market by Value (BRL m), 2006–16

                                                   120.0                                                                             18.0%
                 Crumpets Market by Value (BRLm)




                                                                                                                                     16.0%
                                                   100.0
                                                                                                                                     14.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                    80.0                                                                             12.0%

                                                                                                                                     10.0%
                                                    60.0
                                                                                                                                     8.0%

                                                    40.0                                                                             6.0%

                                                                                                                                     4.0%
                                                    20.0
                                                                                                                                     2.0%

                                                     0.0                                                                             0.0%
                                                              2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                            © Canadean



          Table 255: Brazil Crumpets Market by Value (BRL m), 2006–16
                                                      2006       2007    2008    2009    2010     2011    2012      2013    2014      2015              2016
           Market
           Value                                       41.5      45.2    48.8    52.3     56.5    61.9    68.4      76.5    86.0       97.5         114.0
           Y-o-Y
           growth                                                9.0%   8.0%     7.3%    8.0%    9.4%    10.5%   11.9%     12.4%     13.4%      16.9%
          Source: Canadean                                                                                                            © Canadean



          Table 256: Brazil Crumpets Market by Value (USD m), 2006–16
                                                      2006       2007    2008    2009    2010     2011    2012      2013    2014      2015              2016
           Market
           Value                                       19.1      23.3    27.2    26.6     32.3    37.2    41.1      46.0    51.7       58.6                 68.5
           Y-o-Y
           growth                                               22.1%   16.5%   -2.1%   21.3%    15.2%   10.5%   11.9%     12.4%     13.4%      16.9%
          Source: Canadean                                                                                                            © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 220

  © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS


11.8       Donuts Market Analysis, 2006–16
11.8.1     Donuts Market by Volume, 2006–16

           Figure 164: Brazil Donuts Market by Volume (Kg m), 2006–16

                                                    180.0                                                                             12.0%
                  Dohnuts Market by Volume (Kg m)




                                                    160.0
                                                                                                                                      10.0%
                                                    140.0




                                                                                                                                                 Growth % (Y-O-Y)
                                                    120.0                                                                             8.0%

                                                    100.0
                                                                                                                                      6.0%
                                                     80.0

                                                     60.0                                                                             4.0%

                                                     40.0
                                                                                                                                      2.0%
                                                     20.0

                                                      0.0                                                                             0.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                            © Canadean



           Table 257: Brazil Donuts Market by Volume (Kg m), 2006–16
                                                       2006       2007   2008    2009     2010    2011    2012      2013     2014      2015              2016
            Overall
            Volume                                      58.9      64.0   69.5     75.9    83.5    92.1   101.7      112.2   123.8     137.5          152.8
            Y-o-Y
            growth                                                8.5%   8.7%    9.2%     9.9%   10.3%   10.4%   10.3%      10.4%     11.0%      11.2%
           Source: Canadean                                                                                                            © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 221

   © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.8.2    Donuts Market by Value, 2006–16

          Figure 165: Brazil Donuts Market by Value (BRL m), 2006–16

                                                  300.0                                                                             18.0%
                 Dohnuts Market by Value (BRLm)




                                                                                                                                    16.0%
                                                  250.0
                                                                                                                                    14.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                  200.0                                                                             12.0%

                                                                                                                                    10.0%
                                                  150.0
                                                                                                                                    8.0%

                                                  100.0                                                                             6.0%

                                                                                                                                    4.0%
                                                   50.0
                                                                                                                                    2.0%

                                                    0.0                                                                             0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                               Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                           © Canadean



          Table 258: Brazil Donuts Market by Value (BRL m), 2006–16
                                                     2006       2007    2008    2009     2010    2011    2012      2013    2014      2015             2016
           Market
           Value                                      98.2     105.7   112.9    120.1   128.7   139.9   154.7   173.1     194.5     220.5         257.8
           Y-o-Y
           growth                                               7.6%   6.8%     6.3%    7.2%    8.8%    10.5%   11.9%     12.4%     13.4%      16.9%
          Source: Canadean                                                                                                           © Canadean



          Table 259: Brazil Donuts Market by Value (USD m), 2006–16
                                                     2006       2007    2008    2009     2010    2011    2012      2013    2014      2015             2016
           Market
           Value                                      45.3      54.6    62.9     61.0    73.4    84.0    92.9   104.0     116.8     132.4         154.9
           Y-o-Y
           growth                                              20.6%   15.3%    -3.0%   20.3%   14.4%   10.5%   11.9%     12.4%     13.4%      16.9%
          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 222

  © Canadean. This product is licensed and is not to be photocopied                                                               Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS


11.9       Madeleines Market Analysis, 2006–16
11.9.1     Madeleines Market by Volume, 2006–16

           Figure 166: Brazil Madeleines Market by Volume (Kg m), 2006–16

                                                       140.0                                                                           18.0%
                  Madeleines Market by Volume (Kg m)




                                                                                                                                       16.0%
                                                       120.0
                                                                                                                                       14.0%
                                                       100.0




                                                                                                                                                   Growth % (Y-O-Y)
                                                                                                                                       12.0%
                                                        80.0                                                                           10.0%

                                                        60.0                                                                           8.0%

                                                                                                                                       6.0%
                                                        40.0
                                                                                                                                       4.0%
                                                        20.0
                                                                                                                                       2.0%

                                                         0.0                                                                           0.0%
                                                                  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                   Market Value      Y-o-Y Growth %


           Source: Canadean                                                                                                             © Canadean



           Table 260: Brazil Madeleines Market by Volume (Kg m), 2006–16
                                                          2006       2007   2008    2009     2010   2011   2012       2013    2014      2015               2016
            Overall
            Volume                                         53.7      58.3   62.5     66.5    71.4   77.7   84.4       92.8   103.0     115.3           132.9
            Y-o-Y
            growth                                                   8.5%   7.3%    6.3%    7.4%    8.8%   8.7%       9.9%   11.0%     12.0%      15.3%
           Source: Canadean                                                                                                             © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 223

   © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
    Brazil MORNING GOODS MARKET ANALYSIS

11.9.2    Madeleines Market by Value, 2006–16

          Figure 167: Brazil Madeleines Market by Value (BRL m), 2006–16

                                                     250.0                                                                              16.0%
                 Madeleines Market by Value(BRL m)




                                                                                                                                        14.0%
                                                     200.0
                                                                                                                                        12.0%




                                                                                                                                                    Growth % (Y-O-Y)
                                                                                                                                        10.0%
                                                     150.0

                                                                                                                                        8.0%

                                                     100.0
                                                                                                                                        6.0%

                                                                                                                                        4.0%
                                                      50.0
                                                                                                                                        2.0%

                                                       0.0                                                                              0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Market Value        Y-o-Y Growth %


          Source: Canadean                                                                                                               © Canadean



          Table 261: Brazil Madeleines Market by Value (BRL m), 2006–16
                                                        2006       2007    2008    2009     2010    2011    2012       2013    2014      2015             2016
           Market
           Value                                         93.0      99.3   105.4    111.3   118.7   128.5   139.0   151.4      166.6     185.6         213.2
           Y-o-Y
           growth                                                  6.8%   6.1%     5.7%    6.6%    8.3%     8.2%   8.9%       10.0%     11.4%      14.9%
          Source: Canadean                                                                                                               © Canadean



          Table 262: Brazil Madeleines Market by Value (USD m), 2006–16
                                                        2006       2007    2008    2009     2010    2011    2012       2013    2014      2015             2016
           Market
           Value                                         42.9      51.3    58.7     56.6    67.7    77.2    83.5       91.0   100.0     111.5         128.1
           Y-o-Y
           growth                                                 19.6%   14.5%   -3.6%    19.7%   13.9%    8.2%   8.9%       10.0%     11.4%      14.9%
          Source: Canadean                                                                                                               © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                    Page 224

  © Canadean. This product is licensed and is not to be photocopied                                                                   Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.10     Muffins Market Analysis, 2006–16
11.10.1 Muffins Market by Volume, 2006–16

          Figure 168: Brazil Muffins Market by Volume (Kg m), 2006–16

                                                   120.0                                                                           14.0%
                 Muffins Market by Volume (Kg m)




                                                   100.0                                                                           12.0%

                                                                                                                                   10.0%




                                                                                                                                               Growth % (Y-O-Y)
                                                    80.0
                                                                                                                                   8.0%
                                                    60.0
                                                                                                                                   6.0%
                                                    40.0
                                                                                                                                   4.0%

                                                    20.0                                                                           2.0%

                                                     0.0                                                                           0.0%
                                                              2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                               Market Value      Y-o-Y Growth %


          Source: Canadean                                                                                                          © Canadean



          Table 263: Brazil Muffins Market by Volume (Kg m), 2006–16
                                                      2006       2007   2008    2009     2010   2011   2012       2013    2014      2015              2016
           Overall
           Volume                                      39.0      42.7   46.1     49.4    53.3   58.3   63.7       70.0    77.1       85.7                 96.7
           Y-o-Y
           growth                                                9.4%   8.0%    7.0%    8.0%    9.3%   9.4%       9.9%   10.1%     11.2%      12.8%
          Source: Canadean                                                                                                          © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 225

  © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.10.2 Muffins Market by Value, 2006–16

          Figure 169: Brazil Muffins Market by Value (BRL m), 2006–16

                                                200.0                                                                              20.0%
               Muffins Market by Value (BRLm)




                                                180.0                                                                              18.0%

                                                160.0                                                                              16.0%

                                                140.0                                                                              14.0%




                                                                                                                                               Growth % (Y-O-Y)
                                                120.0                                                                              12.0%

                                                100.0                                                                              10.0%

                                                 80.0                                                                              8.0%

                                                 60.0                                                                              6.0%

                                                 40.0                                                                              4.0%

                                                 20.0                                                                              2.0%

                                                  0.0                                                                              0.0%
                                                           2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                             Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                          © Canadean



          Table 264: Brazil Muffins Market by Value (BRL m), 2006–16
                                                   2006       2007    2008    2009     2010    2011    2012      2013     2014      2015              2016
           Market
           Value                                    65.5      70.5    75.3     80.1    85.8    93.3   104.4      118.1   133.9     152.9          179.7
           Y-o-Y
           growth                                             7.6%   6.8%     6.3%    7.2%    8.8%    11.9%   13.1%      13.4%     14.1%      17.5%
          Source: Canadean                                                                                                          © Canadean



          Table 265: Brazil Muffins Market by Value (USD m), 2006–16
                                                   2006       2007    2008    2009     2010    2011    2012      2013     2014      2015              2016
           Market
           Value                                    30.2      36.4    42.0     40.7    49.0    56.0    62.7       71.0    80.5       91.8         107.9
           Y-o-Y
           growth                                            20.6%   15.3%   -3.0%    20.3%   14.4%   11.9%   13.1%      13.4%     14.1%      17.5%
          Source: Canadean                                                                                                          © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 226

  © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.11     Pain au Chocolat Market Analysis, 2006–16
11.11.1 Pain au Chocolat Market by Volume, 2006–16

          Figure 170: Brazil Pain au Chocolat Market by Volume (Kg m), 2006–16

                                                      180.0                                                                       14.0%
                 Pain Au Chocolate Market by Volume




                                                      160.0
                                                                                                                                  12.0%
                                                      140.0
                                                                                                                                  10.0%




                                                                                                                                              Growth % (Y-O-Y)
                                                      120.0
                                                                                                                                  8.0%
                               (Kg m)




                                                      100.0

                                                       80.0                                                                       6.0%
                                                       60.0
                                                                                                                                  4.0%
                                                       40.0
                                                                                                                                  2.0%
                                                       20.0

                                                        0.0                                                                       0.0%
                                                              2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                             Market Value      Y-o-Y Growth %


          Source: Canadean                                                                                                         © Canadean



          Table 266: Brazil Pain au Chocolat Market by Volume (Kg m), 2006–16
                                                       2006    2007   2008    2009     2010   2011   2012       2013     2014      2015              2016
           Overall
           Volume                                      65.5    71.7   77.5     82.9    89.5   97.8   107.0      117.5   129.4     143.9           162.3
           Y-o-Y
           growth                                              9.4%   8.0%    7.0%    8.0%    9.3%   9.4%       9.9%    10.1%     11.2%      12.8%
          Source: Canadean                                                                                                         © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                              Page 227

  © Canadean. This product is licensed and is not to be photocopied                                                             Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.11.2 Pain au Chocolat Market by Value, 2006–16

          Figure 171: Brazil Pain au Chocolat Market by Value (BRL m), 2006–16

                                                     300.0                                                                         12.0%
                 Pain Au Chocolate Market by Value




                                                     250.0                                                                         10.0%




                                                                                                                                              Growth % (Y-O-Y)
                                                     200.0                                                                         8.0%
                              (BRLm)




                                                     150.0                                                                         6.0%


                                                     100.0                                                                         4.0%


                                                      50.0                                                                         2.0%


                                                       0.0                                                                         0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                              Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                          © Canadean



          Table 267: Brazil Pain au Chocolat Market by Value (BRL m), 2006–16
                                                      2006    2007     2008    2009     2010    2011    2012      2013    2014      2015              2016
           Market
           Value                                      95.1    104.9   114.4    123.9   134.9   148.5   163.8   180.2     199.8     221.8          246.5
           Y-o-Y
           growth                                            10.4%    9.1%     8.3%    8.8%    10.1%   10.3%   10.0%     10.9%     11.0%      11.1%
          Source: Canadean                                                                                                          © Canadean



          Table 268: Brazil Pain au Chocolat Market by Value (USD m), 2006–16
                                                      2006    2007     2008    2009     2010    2011    2012      2013    2014      2015              2016
           Market
           Value                                      43.8     54.2    63.8     63.0    77.0    89.2    98.4   108.2     120.0     133.2          148.1
           Y-o-Y
           growth                                            23.7%    17.7%   -1.2%    22.2%   15.9%   10.3%   10.0%     10.9%     11.0%      11.1%
          Source: Canadean                                                                                                          © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 228

  © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.12     Pain au Raisin Market Analysis, 2006–16
11.12.1 Pain au Raisin Market by Volume, 2006–16

          Figure 172: Brazil Pain au Raisin Market by Volume (Kg m), 2006–16

                                                         160.0                                                                             14.0%
                Pain Au Raisan Market by Volume (Kg m)




                                                         140.0                                                                             12.0%

                                                         120.0
                                                                                                                                           10.0%




                                                                                                                                                      Growth % (Y-O-Y)
                                                         100.0
                                                                                                                                           8.0%
                                                          80.0
                                                                                                                                           6.0%
                                                          60.0
                                                                                                                                           4.0%
                                                          40.0

                                                          20.0                                                                             2.0%

                                                           0.0                                                                             0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                                  © Canadean



          Table 269: Brazil Pain au Raisin Market by Volume (Kg m), 2006–16
                                                            2006       2007   2008    2009     2010    2011   2012       2013     2014      2015              2016
           Overall
           Volume                                            54.6      60.7   66.5     72.0    78.6    86.6    95.1      104.8   115.8     129.1          145.9
           Y-o-Y
           growth                                                     11.3%   9.6%    8.3%     9.1%   10.2%   9.9%    10.3%      10.4%     11.5%      13.0%
          Source: Canadean                                                                                                                  © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 229

  © Canadean. This product is licensed and is not to be photocopied                                                                      Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.12.2 Pain au Raisin Market by Value, 2006–16

          Figure 173: Brazil Pain au Raisin Market by Value (BRL m), 2006–16

                                                         350.0                                                                             25.0%
                 Pain Au Raisan Market by Value (BRLm)




                                                         300.0
                                                                                                                                           20.0%
                                                         250.0




                                                                                                                                                       Growth % (Y-O-Y)
                                                                                                                                           15.0%
                                                         200.0

                                                         150.0
                                                                                                                                           10.0%

                                                         100.0
                                                                                                                                           5.0%
                                                          50.0

                                                           0.0                                                                             0.0%
                                                                    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                      Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                                  © Canadean



          Table 270: Brazil Pain au Raisin Market by Value (BRL m), 2006–16
                                                            2006       2007    2008    2009     2010    2011   2012       2013    2014      2015              2016
           Market
           Value                                            103.5     112.3   120.8    129.2   139.2   152.0   166.6   185.6     208.5     238.4          288.4
           Y-o-Y
           growth                                                      8.5%   7.6%     7.0%    7.7%    9.2%    9.6%    11.4%     12.3%     14.3%      21.0%
          Source: Canadean                                                                                                                  © Canadean



          Table 271: Brazil Pain au Raisin Market by Value (USD m), 2006–16
                                                            2006       2007    2008    2009     2010    2011   2012       2013    2014      2015              2016
           Market
           Value                                             47.7      58.0    67.3     65.7    79.4    91.3   100.1   111.5     125.2     143.2          173.3
           Y-o-Y
           growth                                                     21.6%   16.1%   -2.4%    21.0%   14.9%   9.6%    11.4%     12.3%     14.3%      21.0%
          Source: Canadean                                                                                                                  © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                       Page 230

  © Canadean. This product is licensed and is not to be photocopied                                                                      Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.13     Pancakes Market Analysis, 2006–16
11.13.1 Pancakes Market by Volume, 2006–16

          Figure 174: Brazil Pancakes Market by Volume (Kg m), 2006–16

                                                    180.0                                                                            14.0%
                 Pancakes Market by Volume (Kg m)




                                                    160.0
                                                                                                                                     12.0%
                                                    140.0
                                                                                                                                     10.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                    120.0

                                                    100.0                                                                            8.0%

                                                     80.0                                                                            6.0%
                                                     60.0
                                                                                                                                     4.0%
                                                     40.0
                                                                                                                                     2.0%
                                                     20.0

                                                      0.0                                                                            0.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value      Y-o-Y Growth %


          Source: Canadean                                                                                                            © Canadean



          Table 272: Brazil Pancakes Market by Volume (Kg m), 2006–16
                                                       2006       2007   2008    2009     2010   2011    2012      2013     2014      2015              2016
           Overall
           Volume                                       58.7      64.8   70.4     75.8    82.3   90.3    99.7      110.3   122.1     136.5          154.5
           Y-o-Y
           growth                                                10.3%   8.8%    7.6%     8.6%   9.7%   10.3%   10.7%      10.8%     11.7%      13.2%
          Source: Canadean                                                                                                            © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 231

  © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.13.2 Pancakes Market by Value, 2006–16

          Figure 175: Brazil Pancakes Market by Value (BRL m), 2006–16

                                                   250.0                                                                             20.0%
                 Pancakes Market by Value (BRLm)



                                                                                                                                     18.0%

                                                   200.0                                                                             16.0%

                                                                                                                                     14.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                   150.0                                                                             12.0%

                                                                                                                                     10.0%

                                                   100.0                                                                             8.0%

                                                                                                                                     6.0%

                                                    50.0                                                                             4.0%

                                                                                                                                     2.0%

                                                     0.0                                                                             0.0%
                                                              2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                            © Canadean



          Table 273: Brazil Pancakes Market by Value (BRL m), 2006–16
                                                      2006       2007    2008    2009     2010    2011   2012       2013    2014      2015              2016
           Market
           Value                                       98.0     104.6   111.0    117.3   125.0   135.3   147.3   160.0     176.3     198.4          235.0
           Y-o-Y
           growth                                                6.8%   6.1%     5.7%    6.6%    8.3%    8.8%       8.6%   10.1%     12.5%      18.5%
          Source: Canadean                                                                                                            © Canadean



          Table 274: Brazil Pancakes Market by Value (USD m), 2006–16
                                                      2006       2007    2008    2009     2010    2011   2012       2013    2014      2015              2016
           Market
           Value                                       45.2      54.0    61.8     59.6    71.4    81.3    88.5      96.1   105.9     119.2          141.2
           Y-o-Y
           growth                                               19.6%   14.5%   -3.6%    19.7%   13.9%   8.8%       8.6%   10.1%     12.5%      18.5%
          Source: Canadean                                                                                                            © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 232

  © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.14     Scones Market Analysis, 2006–16
11.14.1 Scones Market by Volume, 2006–16

          Figure 176: Brazil Scones Market by Volume (Kg m), 2006–16

                                                  200.0                                                                             16.0%
                 Scones Market by Volume (Kg m)




                                                  180.0
                                                                                                                                    14.0%
                                                  160.0
                                                                                                                                    12.0%
                                                  140.0




                                                                                                                                                Growth % (Y-O-Y)
                                                                                                                                    10.0%
                                                  120.0

                                                  100.0                                                                             8.0%

                                                   80.0
                                                                                                                                    6.0%
                                                   60.0
                                                                                                                                    4.0%
                                                   40.0
                                                                                                                                    2.0%
                                                   20.0

                                                    0.0                                                                             0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                              Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                           © Canadean



          Table 275: Brazil Scones Market by Volume (Kg m), 2006–16
                                                     2006       2007   2008    2009     2010   2011    2012       2013     2014      2015              2016
           Overall
           Volume                                     70.1      77.0   83.5     89.6    97.0   106.2   116.5      130.1   145.1     163.1          187.2
           Y-o-Y
           growth                                               9.9%   8.4%    7.3%    8.3%    9.5%    9.7%    11.7%      11.6%     12.4%      14.8%
          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 233

  © Canadean. This product is licensed and is not to be photocopied                                                               Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.14.2 Scones Market by Value, 2006–16

          Figure 177: Brazil Scones Market by Value (BRL m), 2006–16

                                                 300.0                                                                              16.0%
                 Scones Market by Value (BRLm)




                                                                                                                                    14.0%
                                                 250.0
                                                                                                                                    12.0%




                                                                                                                                               Growth % (Y-O-Y)
                                                 200.0
                                                                                                                                    10.0%

                                                 150.0                                                                              8.0%

                                                                                                                                    6.0%
                                                 100.0
                                                                                                                                    4.0%
                                                  50.0
                                                                                                                                    2.0%

                                                   0.0                                                                              0.0%
                                                            2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                              Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                           © Canadean



          Table 276: Brazil Scones Market by Value (BRL m), 2006–16
                                                    2006       2007    2008    2009     2010    2011   2012       2013     2014      2015              2016
           Market
           Value                                    105.1     113.6   121.8    129.9   139.6   152.1   166.5      183.4   202.5     225.8          256.3
           Y-o-Y
           growth                                              8.1%   7.2%     6.6%     7.4%   9.0%    9.4%    10.2%      10.4%     11.5%      13.5%
          Source: Canadean                                                                                                           © Canadean



          Table 277: Brazil Scones Market by Value (USD m), 2006–16
                                                    2006       2007    2008    2009     2010    2011   2012       2013     2014      2015              2016
           Market
           Value                                     48.4      58.7    67.9     66.0    79.7    91.4   100.0      110.2   121.6     135.6          154.0
           Y-o-Y
           growth                                             21.1%   15.7%    -2.7%   20.7%   14.7%   9.4%    10.2%      10.4%     11.5%      13.5%
          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 234

  © Canadean. This product is licensed and is not to be photocopied                                                               Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.15     Toaster Pastries Market Analysis, 2006–16
11.15.1 Toaster Pastries Market by Volume, 2006–16

          Figure 178: Brazil Toaster Pastries Market by Volume (Kg m), 2006–16

                                                            180.0                                                                             14.0%
                 Toaster Pastries Market by Volume (Kg m)




                                                            160.0
                                                                                                                                              12.0%
                                                            140.0
                                                                                                                                              10.0%




                                                                                                                                                         Growth % (Y-O-Y)
                                                            120.0

                                                            100.0                                                                             8.0%

                                                             80.0                                                                             6.0%
                                                             60.0
                                                                                                                                              4.0%
                                                             40.0
                                                                                                                                              2.0%
                                                             20.0

                                                              0.0                                                                             0.0%
                                                                       2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                        Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                                     © Canadean



          Table 278: Brazil Toaster Pastries Market by Volume (Kg m), 2006–16
                                                               2006       2007   2008    2009     2010   2011    2012       2013    2014       2015              2016
           Overall
           Volume                                               69.2      76.0   82.4     88.4    95.7   104.8   114.5      125.3   137.6     152.5          171.3
           Y-o-Y
           growth                                                         9.9%   8.4%    7.3%     8.3%   9.5%    9.3%       9.4%    9.7%      10.9%      12.3%
          Source: Canadean                                                                                                                     © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                          Page 235

  © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.15.2 Toaster Pastries Market by Value, 2006–16

          Figure 179: Brazil Toaster Pastries Market by Value (BRL m), 2006–16

                                                           350.0                                                                             16.0%
                 Toaster Pastries Market by Value (BRLm)




                                                           300.0                                                                             14.0%

                                                                                                                                             12.0%
                                                           250.0




                                                                                                                                                         Growth % (Y-O-Y)
                                                                                                                                             10.0%
                                                           200.0
                                                                                                                                             8.0%
                                                           150.0
                                                                                                                                             6.0%
                                                           100.0
                                                                                                                                             4.0%

                                                            50.0                                                                             2.0%

                                                             0.0                                                                             0.0%
                                                                      2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                        Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                                    © Canadean



          Table 279: Brazil Toaster Pastries Market by Value (BRL m), 2006–16
                                                              2006       2007    2008    2009     2010    2011    2012      2013    2014      2015               2016
           Market
           Value                                              118.2     128.2   138.0    147.6   159.0   173.6   191.7   212.8     236.3     264.8           301.5
           Y-o-Y
           growth                                                        8.5%   7.6%     7.0%    7.7%    9.2%    10.4%   11.0%     11.0%     12.1%      13.9%
          Source: Canadean                                                                                                                    © Canadean



          Table 280: Brazil Toaster Pastries Market by Value (USD m), 2006–16
                                                              2006       2007    2008    2009     2010    2011    2012      2013    2014      2015               2016
           Market
           Value                                               54.4      66.2    76.9     75.0    90.8   104.3   115.2   127.8     141.9     159.0           181.1
           Y-o-Y
           growth                                                       21.6%   16.1%   -2.4%    21.0%   14.9%   10.4%   11.0%     11.0%     12.1%      13.9%
          Source: Canadean                                                                                                                    © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 236

  © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.16     Waffels Market Analysis, 2006–16
11.16.1 Waffels Market by Volume, 2006–16

          Figure 180: Brazil Waffels Market by Volume (Kg m), 2006–16

                                                   160.0                                                                           16.0%
                 Waffles Market by Volume (Kg m)




                                                   140.0                                                                           14.0%

                                                   120.0                                                                           12.0%




                                                                                                                                              Growth % (Y-O-Y)
                                                   100.0                                                                           10.0%

                                                    80.0                                                                           8.0%

                                                    60.0                                                                           6.0%

                                                    40.0                                                                           4.0%

                                                    20.0                                                                           2.0%

                                                     0.0                                                                           0.0%
                                                              2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                               Market Value      Y-o-Y Growth %


          Source: Canadean                                                                                                          © Canadean



          Table 281: Brazil Waffels Market by Volume (Kg m), 2006–16
                                                      2006       2007   2008    2009     2010   2011    2012      2013    2014      2015              2016
           Overall
           Volume                                      50.1      55.5   60.6     65.4    71.2   78.2    87.6      98.3   111.8     127.2          146.3
           Y-o-Y
           growth                                               10.8%   9.2%    7.9%     8.8%   9.9%   11.9%   12.3%     13.7%     13.8%      15.0%
          Source: Canadean                                                                                                          © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 237

  © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.16.2 Waffels Market by Value, 2006–16

          Figure 181: Brazil Waffels Market by Value (BRL m), 2006–16

                                               250.0                                                                              16.0%
              Waffles Market by Value (BRLm)




                                                                                                                                  14.0%
                                               200.0
                                                                                                                                  12.0%




                                                                                                                                             Growth % (Y-O-Y)
                                                                                                                                  10.0%
                                               150.0

                                                                                                                                  8.0%

                                               100.0
                                                                                                                                  6.0%

                                                                                                                                  4.0%
                                                50.0
                                                                                                                                  2.0%

                                                 0.0                                                                              0.0%
                                                          2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                            Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                         © Canadean



          Table 282: Brazil Waffels Market by Value (BRL m), 2006–16
                                                  2006       2007    2008    2009     2010    2011    2012      2013     2014      2015              2016
           Market
           Value                                   81.2      86.3    91.3     96.1   102.2   110.4   121.4      134.8   150.9     169.1          191.7
           Y-o-Y
           growth                                            6.3%   5.7%     5.3%     6.3%   8.0%    10.0%   11.1%      11.9%     12.0%      13.4%
          Source: Canadean                                                                                                         © Canadean



          Table 283: Brazil Waffels Market by Value (USD m), 2006–16
                                                  2006       2007    2008    2009     2010    2011    2012      2013     2014      2015              2016
           Market
           Value                                   37.4      44.6    50.9     48.9    58.3    66.3    72.9       81.0    90.7     101.5          115.1
           Y-o-Y
           growth                                           19.2%   14.1%    -3.9%   19.4%   13.7%   10.0%   11.1%      11.9%     12.0%      13.4%
          Source: Canadean                                                                                                         © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                              Page 238

  © Canadean. This product is licensed and is not to be photocopied                                                             Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.17     Other Morning Goods Market Analysis, 2006–16
11.17.1 Other Morning Goods Market by Volume, 2006–16

          Figure 182: Brazil Other Morning Goods Market by Volume (Kg m), 2006–16

                                                        70.0                                                                        16.0%
                 Other Morning Goods Market by Volume




                                                        60.0                                                                        14.0%

                                                                                                                                    12.0%
                                                        50.0




                                                                                                                                                Growth % (Y-O-Y)
                                                                                                                                    10.0%
                                (Kg m)




                                                        40.0
                                                                                                                                    8.0%
                                                        30.0
                                                                                                                                    6.0%
                                                        20.0
                                                                                                                                    4.0%

                                                        10.0                                                                        2.0%

                                                         0.0                                                                        0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                Market Value      Y-o-Y Growth %


          Source: Canadean                                                                                                           © Canadean



          Table 284: Brazil Other Morning Goods Market by Volume (Kg m), 2006–16
                                                         2006     2007   2008    2009     2010   2011   2012       2013    2014      2015              2016
           Overall
           Volume                                        24.0     26.5   28.8     31.0    33.6   36.9   40.2       44.1    49.3       55.3                 63.1
           Y-o-Y
           growth                                                10.3%   8.8%    7.6%    8.6%    9.7%   8.9%       9.9%   11.8%     12.2%      14.0%
          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 239

  © Canadean. This product is licensed and is not to be photocopied                                                               Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.17.2 Other Morning Goods Market by Value, 2006–16

          Figure 183: Brazil Other Morning Goods Market by Value (BRL m), 2006–16

                                                       100.0                                                                        25.0%
                 Other Morning Goods Market by Value



                                                        90.0

                                                        80.0                                                                        20.0%

                                                        70.0




                                                                                                                                                Growth % (Y-O-Y)
                                                        60.0                                                                        15.0%
                               (BRLm)




                                                        50.0

                                                        40.0                                                                        10.0%

                                                        30.0

                                                        20.0                                                                        5.0%

                                                        10.0

                                                         0.0                                                                        0.0%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                               Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                           © Canadean



          Table 285: Brazil Other Morning Goods Market by Value (BRL m), 2006–16
                                                        2006    2007    2008    2009    2010     2011   2012       2013    2014      2015              2016
           Market
           Value                                        39.6    42.0    44.1    46.2     48.8    52.1   55.8       60.5    67.1       76.5                 91.9
           Y-o-Y
           growth                                               6.1%   5.0%     4.8%    5.6%    6.8%    7.1%       8.4%   10.8%     14.0%      20.2%
          Source: Canadean                                                                                                           © Canadean



          Table 286: Brazil Other Morning Goods Market by Value (USD m), 2006–16
                                                        2006    2007    2008    2009    2010     2011   2012       2013    2014      2015              2016
           Market
           Value                                        18.2    21.7    24.6    23.5     27.9    31.3   33.5       36.4    40.3       45.9                 55.2
           Y-o-Y
           growth                                              18.9%   13.3%   -4.4%   18.6%    12.4%   7.1%       8.4%   10.8%     14.0%      20.2%
          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                Page 240

  © Canadean. This product is licensed and is not to be photocopied                                                               Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.18     Frozen Morning Goods Market Analysis, 2006–16
11.18.1 Frozen Morning Goods Market by Volume, 2006–16

          Figure 184: Brazil Frozen Morning Goods Market by Volume (Kg m), 2006–16

                                                         90.0                                                                        16.0%
                 Frozen Morning Goods Market by Volume




                                                         80.0                                                                        14.0%

                                                         70.0
                                                                                                                                     12.0%




                                                                                                                                                Growth % (Y-O-Y)
                                                         60.0
                                                                                                                                     10.0%
                                                         50.0
                                                                                                                                     8.0%
                                 (Kg m)




                                                         40.0
                                                                                                                                     6.0%
                                                         30.0
                                                                                                                                     4.0%
                                                         20.0

                                                         10.0                                                                        2.0%

                                                          0.0                                                                        0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value      Y-o-Y Growth %


          Source: Canadean                                                                                                            © Canadean




          Table 287: Brazil Frozen Morning Goods Market by Volume (Kg m), 2006–16
                                                          2006     2007   2008    2009     2010   2011    2012      2013    2014      2015              2016
           Overall
           Volume                                         30.2     33.4   36.3     39.1    42.4   46.5    51.6      57.5    65.0       73.7                 84.5
           Y-o-Y
           growth                                                 10.3%   8.8%    7.6%     8.6%   9.7%   10.9%   11.5%     13.1%     13.3%      14.7%
          Source: Canadean                                                                                                            © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 241

  © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS

11.18.2 Frozen Morning Goods Market by Value, 2006–16

          Figure 185: Brazil Frozen Morning Goods Market by Value (BRL m), 2006–16

                                                        80.0                                                                          25.0%
                 Frozen Morning Goods Market by Value




                                                        70.0
                                                                                                                                      20.0%
                                                        60.0




                                                                                                                                                  Growth % (Y-O-Y)
                                                        50.0
                                                                                                                                      15.0%
                                (BRLm)




                                                        40.0

                                                                                                                                      10.0%
                                                        30.0

                                                        20.0
                                                                                                                                      5.0%
                                                        10.0

                                                         0.0                                                                          0.0%
                                                                2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                             © Canadean



          Table 288: Brazil Frozen Morning Goods Market by Value (BRL m), 2006–16
                                                         2006     2007    2008    2009     2010    2011   2012       2013    2014      2015             2016
           Market
           Value                                         29.3     31.2    32.9     34.6    36.6    39.2   42.0       45.5    50.4       57.5                69.1
           Y-o-Y
           growth                                                 6.6%   5.4%     5.1%    5.9%    7.0%    7.1%       8.4%   10.8%     14.0%      20.2%
          Source: Canadean                                                                                                             © Canadean



          Table 289: Brazil Frozen Morning Goods Market by Value (USD m), 2006–16
                                                         2006     2007    2008    2009     2010    2011   2012       2013    2014      2015             2016
           Market
           Value                                         13.5     16.1    18.3     17.6    20.9    23.5   25.2       27.3    30.3       34.5                41.5
           Y-o-Y
           growth                                                19.4%   13.7%    -4.1%   19.0%   12.6%   7.1%       8.4%   10.8%     14.0%      20.2%
          Source: Canadean                                                                                                             © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                  Page 242

  © Canadean. This product is licensed and is not to be photocopied                                                                 Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.19     Morning Goods Market Volume Analysis by Brands, 2008-11

          Figure 186: Brazil Morning Goods Market Volume by Brands (Kg m), 2008–11

                                                   800.0
                  Morning Goods Market Volume by Brands




                                                   700.0
                                                   600.0
                                                   500.0
                                                   400.0
                                 (Kg m)




                                                   300.0
                                                   200.0
                                                   100.0
                                                          0.0
                                                                   2008                  2009               2010              2011


                                                                Bimbo             La Bella Easo       Dulcesol      Panrico
                                                                Donette           Horno De Oro        La Cocinera   Pasquier
                                                                Primer Precio     Cain


          Source: Canadean                                                                                                           © Canadean



          Table 290: Brazil Morning Goods Market Volume by Brands (Kg m), 2008–11
                                                                                                                                              CAGR
           Brand Name                                                      2008             2009            2010         2011               2008–11
           Bimbo                                                          202.8            217.9            236.1       258.6                 8.44%
           La Bella Easo                                                   98.7            106.2            115.2       126.3                 8.56%
           Dulcesol                                                        74.9             80.4             87.2        95.5                 8.44%
           Panrico                                                         62.5             67.2             72.9        80.0                 8.54%
           Donette                                                         58.7             63.1             68.4        74.9                 8.43%
           Horno De Oro                                                    16.4             17.6             19.1        21.0                 8.46%
           La Cocinera                                                     13.5             14.5             15.7        17.2                 8.44%
           Pasquier                                                         4.5                 4.8           5.2          5.7                8.45%
           Primer Precio                                                    2.9                 3.1           3.4          3.7                8.17%
           Cain                                                             2.4                 2.6           2.8          3.0                8.19%
           Others                                                         324.0            348.0            377.1       413.0                 8.42%
           Overall                                                        861.4            925.5          1,003.1      1,098.8                8.45%

          Source: Canadean                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 243

  © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
   Brazil MORNING GOODS MARKET ANALYSIS


11.20     Morning Goods Market Value by Distribution Channel, 2008-11

          Figure 187: Brazil Morning Goods Market Value by Distribution Channel (BRL m), 2008–11

                                                             1600.0
                 Morning Goods Market Size by Distribution




                                                             1400.0

                                                             1200.0

                                                             1000.0
                            Channel(BRL m)




                                                              800.0

                                                              600.0

                                                              400.0

                                                              200.0

                                                                0.0
                                                                            2008            2009             2010                    2011

                                                              Cash & Carries & Warehouse Clubs     “Dollar Stores”, Variety Stores
                                                              Hypermarkets & Supermarkets          Convenience Stores
                                                              Food & drinks specialists            Others


          Source: Canadean                                                                                                              © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                   Page 244

  © Canadean. This product is licensed and is not to be photocopied                                                                  Published: April 2012
 Brazil MORNING GOODS MARKET ANALYSIS




        Table 291: Brazil Morning Goods Market Value by Distribution Channel (BRL m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                           6.2       6.6       7.1       7.5                 6.33%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           22.2       24.2      26.2      28.2                  8.36%
         Hypermarkets & Supermarkets                            675.7      728.4     782.1     834.0                  7.27%
         Convenience Stores                                     114.4      124.2     133.8     143.2                  7.77%
         Food & drinks specialists                              296.6      320.9     344.2     368.4                  7.50%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                           0.0       0.0       0.0       0.0                 0.00%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                  49.9       50.4      47.5      44.8                 -3.52%
         Overall                                               1,164.9    1,254.7   1,340.8   1,426.0                 6.97%

        Source: Canadean                                                                                   © Canadean




        Table 292: Brazil Morning Goods Market Value by Distribution Channel (USD m), 2008–11
                                                                                                                     CAGR
         Distribution Channel                                    2008       2009      2010      2011               2008–11
         Cash & Carries & Warehouse Clubs                           3.5       3.4       4.0       4.5                 9.03%
         “Dollar Stores”, Variety Stores &
         General Merchandise Retailers                           12.3       12.3      14.9      16.9                11.11%
         Hypermarkets & Supermarkets                            376.5      370.2     446.4     501.0                  9.99%
         Convenience Stores                                      63.8       63.1      76.4      86.0                10.51%
         Food & drinks specialists                              165.2      163.1     196.5     221.3                10.23%
         Department Stores                                          0.0       0.0       0.0       0.0                 0.00%
         Vending machines                                           0.0       0.0       0.0       0.0                 0.00%
         Drug stores & Pharmacies                                   0.0       0.0       0.0       0.0                 0.00%
         eRetailers                                                 0.0       0.0       0.0       0.0                 0.00%
         Others                                                  27.8       25.6      27.1      26.9                 -1.08%
         Overall                                                649.1      637.7     765.4     856.6                  9.69%

        Source: Canadean                                                                                   © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                        Page 245

© Canadean. This product is licensed and is not to be photocopied                                       Published: April 2012
      Brazil BAKING MIXES MARKET ANALYSIS


12           Brazil Baking Mixes Market Analysis
12.1         Market Growth Dynamics-Baking Mixes, 2006–16
12.1.1       Baking Mixes Market Growth Dynamics by Volume, 2006–16

             Figure 188: Brazil Baking Mixes Market Growth Dynamics by Volume, 2006–16

                               14.0%

                               12.0%

                               10.0%
                CAGR 2006-11




                                8.0%

                                6.0%

                                4.0%

                                2.0%

                                0.0%
                                   0.0%       2.0%      4.0%        6.0%      8.0%   10.0%     12.0%    14.0%   16.0%      18.0%
                                                                              CAGR 2011-16


                                   Muf f in Mixes             Dessert Mixes          Brownie Mixes           Pancake Mixes

                                   Bread Mixes                Other Baking Mixes     Rolls/Biscuit Mixes     Cake Mixes


             Source: Canadean                                                                                        © Canadean



             Table 293: Brazil Baking Mixes Market Dynamics: past and future growth rates (2006–11 & 2011–16) and
                                       future market size (2016), by Volume (Kg m), by Segments
              Segment                                               CAGR(2011-16)            CAGR(2006-11)          Market Size 2016
              Bread Mixes                                                  14.33%                  11.33%                       28.18
              Brownie Mixes                                                13.00%                    9.00%                      54.89
              Dessert Mixes                                                11.67%                    7.67%                      80.17
              Cake Mixes                                                   13.00%                    7.67%                      12.42
              Muffin Mixes                                                 13.33%                    9.00%                      85.75
              Pancake Mixes                                                11.00%                    6.67%                      35.90
              Rolls/Biscuit Mixes                                          12.33%                    9.00%                      18.51
              Other Baking Mixes                                           11.67%                    8.33%                      22.18
             Source: Canadean                                                                                        © Canadean




     The Future of the Bakery & Cereals Market in Brazil, to 2016                                                             Page 246

     © Canadean. This product is licensed and is not to be photocopied                                            Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS

12.1.2    Baking Mixes Market Growth Dynamics by Value, 2006–16

          Figure 189: Brazil Baking Mixes Market Growth Dynamics by Value, 2006–16

                               14.0%

                               12.0%

                               10.0%
                CAGR 2006-11




                                8.0%

                                6.0%

                                4.0%

                                2.0%

                                0.0%
                                    0.0%       2.0%    4.0%           6.0%    8.0%   10.0%      12.0%    14.0%        16.0%       18.0%

                               Dessert Mixes          Brownie Mixes          CAGR 2011-16
                                                                                Pancake Mixes                Muf f in Mixes

                               Other Baking Mixes     Rolls/Biscuit Mixes         Bread Mixes                Cake Mixes


          Source: Canadean                                                                                                    © Canadean



          Table 294: Brazil Baking Mixes Market Dynamics: past and future growth rates (2006–11 & 2011–16) and
                                    future market size (2016), by Value (BRL m), by Segments
           Segment                                               CAGR(2011-16)               CAGR(2006-11)                Market Size 2016
           Bread Mixes                                                   12.00%                     9.00%                             49.03
           Brownie Mixes                                                 14.00%                     9.67%                            119.28
           Dessert Mixes                                                 13.33%                     9.67%                            167.76
           Cake Mixes                                                    11.00%                     8.33%                             26.15
           Muffin Mixes                                                  11.67%                     8.00%                             93.97
           Pancake Mixes                                                 13.67%                    10.00%                            103.35
           Rolls/Biscuit Mixes                                           11.33%                     9.33%                             55.81
           Other Baking Mixes                                            14.00%                    10.67%                             63.99
          Source: Canadean                                                                                                    © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                      Page 247

  © Canadean. This product is licensed and is not to be photocopied                                                     Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS


12.2       Baking Mixes Consumption Analysis, 2006–16
12.2.1     Baking Mixes Market by Volume, 2006–16

           Figure 190: Brazil Baking Mixes Market Volume (Kg m) and Growth (Y-o-Y), 2006–16

                                                           400.0                                                                              18.0%
                 Baking Mixes Consumption by Volume, (Kg




                                                           350.0                                                                              16.0%

                                                                                                                                              14.0%
                                                           300.0




                                                                                                                                                          Growth % (Y-O-Y)
                                                                                                                                              12.0%
                                                           250.0
                                                                                                                                              10.0%
                                                           200.0
                                                                                                                                              8.0%
                                   m)




                                                           150.0
                                                                                                                                              6.0%
                                                           100.0
                                                                                                                                              4.0%

                                                            50.0                                                                              2.0%

                                                             0.0                                                                              0.0%
                                                                   2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                    Overall Volume           Y-O-Y growth


           Source: Canadean                                                                                                                    © Canadean



           Table 295: Brazil Baking Mixes Market Volume (Kg m) and Growth (Y-o-Y), 2006–16
                                                            2006    2007    2008     2009    2010    2011        2012       2013     2014      2015              2016
            Overall
            Volume                                         124.9    136.5   147.6   158.2    171.2   187.4       206.4      229.2   258.2     292.4          338.0
            Y-o-Y
            growth                                                  9.3%    8.1%     7.2%    8.2%    9.5%       10.1%    11.0%      12.7%     13.2%      15.6%
           Source: Canadean                                                                                                                    © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                         Page 248

   © Canadean. This product is licensed and is not to be photocopied                                                                        Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS

12.2.2    Baking Mixes Consumption by Segments, 2006–16

          Figure 191: Brazil Baking Mixes Consumption (Kg m) by Segments, 2006–16

                                                        400.0
                 Baking Mixes Consumption by Segments



                                                        350.0

                                                        300.0

                                                        250.0

                                                        200.0
                                (Kg m)




                                                        150.0

                                                        100.0

                                                         50.0

                                                          0.0
                                                                  2006    2007   2008     2009   2010    2011     2012   2013     2014   2015     2016

                                                        Bread Mixes              Brownie Mixes             Dessert Mixes              Cake Mixes
                                                        Muf f in Mixes           Pancake Mixes             Rolls/Biscuit Mixes        Other Baking Mixes



          Source: Canadean                                                                                                                        © Canadean



          Table 296: Brazil Baking Mixes Consumption (Kg m) by Segments, 2006–11
                                                                                                                                                          CAGR
           Segment                                                       2006       2007         2008           2009        2010          2011         2006–11
           Bread Mixes                                                     8.4          9.4       10.4           11.6       12.9           14.4          11.33%
           Brownie Mixes                                                  19.4      21.4          23.2           25.0       27.2           29.8           9.00%
           Dessert Mixes                                                  31.9      34.6          37.1           39.5       42.4           46.2           7.67%
           Cake Mixes                                                      4.7          5.1        5.4            5.8           6.2         6.7           7.67%
           Muffin Mixes                                                   29.8      32.8          35.7           38.4       41.7           45.9           9.00%
           Pancake Mixes                                                  15.4      16.5          17.5           18.5       19.7           21.3           6.67%
           Rolls/Biscuit Mixes                                             6.7          7.4        8.1            8.7           9.4        10.3           9.00%
           Other Baking Mixes                                              8.6          9.3       10.1           10.8       11.7           12.8           8.33%
           Overall                                                       124.9     136.5         147.6          158.2      171.2          187.4           8.46%
          Source: Canadean                                                                                                                        © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                           Page 249

  © Canadean. This product is licensed and is not to be photocopied                                                                         Published: April 2012
 Brazil BAKING MIXES MARKET ANALYSIS


        Table 297: Brazil Baking Mixes Consumption (Kg m) by Segments, 2011–16
                                                                                                              CAGR
         Segment                             2011              2012    2013    2014    2015    2016         2011–16
         Bread Mixes                          14.4              16.4    18.6    21.4    24.4    28.2         14.33%
         Brownie Mixes                        29.8              33.2    37.1    42.1    47.8    54.9         13.00%
         Dessert Mixes                        46.2              50.4    55.6    62.3    70.1    80.2         11.67%
         Cake Mixes                            6.7               7.5     8.4     9.5    10.8    12.4         13.00%
         Muffin Mixes                         45.9              50.4    56.2    63.6    72.6    85.8         13.33%
         Pancake Mixes                        21.3              23.2    25.3    28.0    31.3    35.9         11.00%
         Rolls/Biscuit Mixes                  10.3              11.4    12.6    14.1    16.0    18.5         12.33%
         Other Baking Mixes                   12.8              14.0    15.4    17.1    19.3    22.2         11.67%
         Overall                             187.4             206.4   229.2   258.2   292.4   338.0         12.52%
        Source: Canadean                                                                               © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                 Page 250

© Canadean. This product is licensed and is not to be photocopied                                Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS


12.3       Baking Mixes Market Value Analysis, 2006–16
12.3.1     Baking Mixes Market by Value, 2006–16

           Figure 192: Brazil Baking Mixes Market Value (BRL m) and Growth (Y-o-Y), 2006–16

                                                        800.0                                                                         18.0%
                  Baking Mixes Market by Value (BRLm)




                                                        700.0                                                                         16.0%

                                                                                                                                      14.0%
                                                        600.0




                                                                                                                                                  Growth % (Y-O-Y)
                                                                                                                                      12.0%
                                                        500.0
                                                                                                                                      10.0%
                                                        400.0
                                                                                                                                      8.0%
                                                        300.0
                                                                                                                                      6.0%
                                                        200.0
                                                                                                                                      4.0%
                                                        100.0                                                                         2.0%

                                                           0.0                                                                        0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                 Overall Value       Y-O-Y growth


           Source: Canadean                                                                                                            © Canadean



           Table 298: Brazil Baking Mixes Market Value (BRL m) and Growth (Y-o-Y), 2006–16
                                                        2006      2007    2008   2009     2010    2011    2012       2013    2014      2015            2016
            Overall
            Value                                       235.7    261.4   285.4   309.1   336.7   369.5   408.0      453.6   510.3     582.1         679.4
            Y-o-Y
            growth                                               10.9%   9.2%    8.3%     8.9%   9.7%    10.4%      11.2%   12.5%     14.1%      16.7%
           Source: Canadean                                                                                                            © Canadean



           Table 299: Brazil Baking Mixes Market Value (USD m) and Growth (Y-o-Y), 2006–16
                                                        2006      2007    2008   2009     2010    2011    2012       2013    2014      2015            2016
            Overall
            Value                                       108.6    135.0   159.0   157.1   192.2   221.9   245.1      272.4   306.5     349.6         408.1
            Y-o-Y
            growth                                               24.3%   17.8%   -1.2%   22.3%   15.5%   10.4%      11.2%   12.5%     14.1%      16.7%
           Source: Canadean                                                                                                            © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                 Page 251

   © Canadean. This product is licensed and is not to be photocopied                                                                Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS

12.3.2    Average Consumer Price/Kg - Baking Mixes, 2006-2016

          Figure 193: Brazil Baking Mixes Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16

                                                       2.02                                                                        1.6%
                   Average Consumer Price/ Kg Baking



                                                       2.00                                                                        1.4%

                                                       1.98                                                                        1.2%

                                                       1.96                                                                        1.0%




                                                                                                                                               Growth % (Y-O-Y)
                             Mixes (BRL)




                                                       1.94                                                                        0.8%

                                                       1.92                                                                        0.6%

                                                       1.90                                                                        0.4%

                                                       1.88                                                                        0.2%

                                                       1.86                                                                        0.0%

                                                       1.84                                                                        -0.2%

                                                       1.82                                                                        -0.4%
                                                               2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                  Avg Price      Y-O-Y growth


          Source: Canadean                                                                                                          © Canadean



          Table 300: Brazil Baking Mixes Average Consumer Price (BRL) and Growth (Y-o-Y), 2006–16
                                                        2006     2007    2008    2009    2010    2011    2012    2013    2014       2015               2016
           Avg.
           Price                                        1.89     1.92    1.93    1.95    1.97    1.97    1.98    1.98     1.98       1.99                 2.01
           Y-o-Y
           growth                                               1.52%   0.96%   1.02%   0.68%   0.22%   0.28%   0.12%   -0.13%     0.72%      0.95%
          Source: Canadean                                                                                                          © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                               Page 252

  © Canadean. This product is licensed and is not to be photocopied                                                              Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS

12.3.3    Baking Mixes Market Value by Segments, 2006-2016

          Figure 194: Brazil Baking Mixes Market Value (BRL m) by Segments, 2006–11

                                                         800.0
                 Baking Mixes Market Value by Segments




                                                         700.0

                                                         600.0

                                                         500.0

                                                         400.0
                                (BRLm)




                                                         300.0

                                                         200.0

                                                         100.0

                                                           0.0
                                                                  2006       2007   2008     2009     2010   2011   2012   2013       2014   2015      2016


                                                          Bread Mixes               Brownie Mixes             Dessert Mixes             Cake Mixes
                                                          Muf f in Mixes            Pancake Mixes             Rolls/Biscuit Mixes       Other Baking Mixes



          Source: Canadean                                                                                                                           © Canadean



          Table 301: Brazil Baking Mixes Market Value (BRL m) by Segments, 2006–11
                                                                                                                                                            CAGR
           Segment                                                       2006        2007           2008        2009          2010           2011         2006–11
           Bread Mixes                                                     18.1       19.6           21.4        23.2          25.4           27.8           9.00%
           Brownie Mixes                                                   39.1       43.5           47.7        51.8          56.5           62.0           9.67%
           Dessert Mixes                                                   56.6       63.1           69.1        75.0          81.8           89.7           9.67%
           Cake Mixes                                                      10.4       11.4           12.3        13.2          14.3           15.5           8.33%
           Muffin Mixes                                                    36.8       40.2           43.2        46.1          49.7           54.1           8.00%
           Pancake Mixes                                                   33.8       37.8           41.6        45.1          49.4           54.5         10.00%
           Rolls/Biscuit Mixes                                             20.9       23.2           25.3        27.3          29.7           32.6           9.33%
           Other Baking Mixes                                              20.0       22.6           25.0        27.3          30.0           33.2         10.67%
           Overall                                                     235.7         261.4          285.4       309.1         336.7          369.5           9.41%
          Source: Canadean                                                                                                                           © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                             Page 253

  © Canadean. This product is licensed and is not to be photocopied                                                                            Published: April 2012
 Brazil BAKING MIXES MARKET ANALYSIS


        Table 302: Brazil Baking Mixes Market Value(BRL m) by Segments, 2011–16
                                                                                                                   CAGR
         Segment                             2011               2012     2013     2014     2015     2016         2011–16
         Bread Mixes                          27.8               30.8     34.4     38.6     43.4     49.0         12.00%
         Brownie Mixes                        62.0               69.0     77.8     88.3    101.7    119.3         14.00%
         Dessert Mixes                        89.7               98.1    108.2    122.4    140.7    167.8         13.33%
         Cake Mixes                           15.5               16.9     18.5     20.4     22.9     26.2         11.00%
         Muffin Mixes                         54.1               59.5     65.4     72.6     82.1     94.0         11.67%
         Pancake Mixes                        54.5               60.7     68.4     77.3     88.8    103.3         13.67%
         Rolls/Biscuit Mixes                  32.6               35.8     39.2     43.4     48.4     55.8         11.33%
         Other Baking Mixes                   33.2               37.2     41.7     47.3     54.0     64.0         14.00%
         Overall                             369.5              408.0    453.6    510.3    582.1    679.4         12.95%
        Source: Canadean                                                                                    © Canadean




        Table 303: Brazil Baking Mixes Market Value (USD m) by Segments, 2006–11
                                                                                                                   CAGR
         Segment                             2006               2007     2008     2009     2010     2011         2006–11
         Bread Mixes                           8.3               10.1     11.9     11.8     14.5     16.7         14.94%
         Brownie Mixes                        18.0               22.5     26.6     26.3     32.3     37.2         15.64%
         Dessert Mixes                        26.1               32.6     38.5     38.1     46.7     53.9         15.64%
         Cake Mixes                            4.8                5.9      6.9      6.7      8.1      9.3         14.24%
         Muffin Mixes                         17.0               20.7     24.1     23.4     28.3     32.5         13.88%
         Pancake Mixes                        15.6               19.5     23.2     22.9     28.2     32.7         15.99%
         Rolls/Biscuit Mixes                   9.6               12.0     14.1     13.9     16.9     19.6         15.29%
         Other Baking Mixes                    9.2               11.7     13.9     13.9     17.1     20.0         16.70%
         Overall                           108.58              134.97   159.04   157.12   192.18   221.93         15.37%
        Source: Canadean                                                                                    © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                      Page 254

© Canadean. This product is licensed and is not to be photocopied                                     Published: April 2012
 Brazil BAKING MIXES MARKET ANALYSIS


        Table 304: Brazil Baking Mixes Market Value(USD m) by Segments, 2011–16
                                                                                                                   CAGR
         Segment                             2011               2012     2013     2014     2015     2016         2011–16
         Bread Mixes                          16.7               18.5     20.7     23.2     26.1     29.5         12.00%
         Brownie Mixes                        37.2               41.4     46.7     53.0     61.1     71.7         14.00%
         Dessert Mixes                        53.9               58.9     65.0     73.5     84.5    100.8         13.33%
         Cake Mixes                            9.3               10.2     11.1     12.2     13.8     15.7         11.00%
         Muffin Mixes                         32.5               35.7     39.3     43.6     49.3     56.4         11.67%
         Pancake Mixes                        32.7               36.5     41.1     46.4     53.3     62.1         13.67%
         Rolls/Biscuit Mixes                  19.6               21.5     23.6     26.1     29.1     33.5         11.33%
         Other Baking Mixes                   20.0               22.3     25.1     28.4     32.4     38.4         14.00%
         Overall                           221.93              245.07   272.44   306.53   349.63   408.07         12.95%
        Source: Canadean                                                                                    © Canadean




The Future of the Bakery & Cereals Market in Brazil, to 2016                                                      Page 255

© Canadean. This product is licensed and is not to be photocopied                                     Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS


12.4       Bread Mixes Market Analysis, 2006–16
12.4.1     Bread Mixes Market by Volume, 2006–16

           Figure 195: Brazil Bread Mixes Market by Volume (Kg m), 2006–16

                                                        30.0                                                                              18.0%
                  Bread Mixes Market by Volume (Kg m)




                                                                                                                                          16.0%
                                                        25.0
                                                                                                                                          14.0%




                                                                                                                                                     Growth % (Y-O-Y)
                                                        20.0                                                                              12.0%

                                                                                                                                          10.0%
                                                        15.0
                                                                                                                                          8.0%

                                                        10.0                                                                              6.0%

                                                                                                                                          4.0%
                                                         5.0
                                                                                                                                          2.0%

                                                         0.0                                                                              0.0%
                                                                 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                                     Market Value       Y-o-Y Growth %


           Source: Canadean                                                                                                                © Canadean



           Table 305: Brazil Bread Mixes Market by Volume (Kg m), 2006–16
                                                           2006       2007    2008    2009     2010    2011    2012      2013    2014      2015              2016
            Overall
            Volume                                             8.4     9.4    10.4     11.6    12.9    14.4    16.4      18.6    21.4       24.4                 28.2
            Y-o-Y
            growth                                                   10.9%   11.1%   11.2%    11.4%   12.1%   13.4%   14.0%     14.6%     14.4%      15.3%
           Source: Canadean                                                                                                                © Canadean




   The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                                     Page 256

   © Canadean. This product is licensed and is not to be photocopied                                                                    Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS

12.4.2    Bread Mixes Market by Value, 2006–16

          Figure 196: Brazil Bread Mixes Market by Value (BRL m), 2006–16

                                                      60.0                                                                      14.0%
                 Bread Mixes Market by Value (BRLm)




                                                      50.0                                                                      12.0%

                                                                                                                                10.0%




                                                                                                                                            Growth % (Y-O-Y)
                                                      40.0
                                                                                                                                8.0%
                                                      30.0
                                                                                                                                6.0%
                                                      20.0
                                                                                                                                4.0%

                                                      10.0                                                                      2.0%

                                                       0.0                                                                      0.0%
                                                             2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

                                                                             Market Value       Y-o-Y Growth %


          Source: Canadean                                                                                                         © Canadean



          Table 306: Brazil Bread Mixes Market by Value (BRL m), 2006–16
                                                      2006    2007    2008    2009     2010    2011    2012      2013    2014      2015                        2016
           Market
           Value                                      18.1    19.6    21.4     23.2    25.4    27.8    30.8      34.4    38.6       43.4                       49.0
           Y-o-Y
           growth                                             8.6%   8.7%     8.8%    9.1%    9.7%    10.8%   11.5%     12.2%     12.5%                13.0%
          Source: Canadean                                                                                                         © Canadean



          Table 307: Brazil Bread Mixes Market by Value (USD m), 2006–16
                                                      2006    2007    2008    2009     2010    2011    2012      2013    2014      2015                        2016
           Market
           Value                                       8.3    10.1    11.9     11.8    14.5    16.7    18.5      20.7    23.2       26.1                       29.5
           Y-o-Y
           growth                                            21.7%   17.3%   -0.7%    22.6%   15.5%   10.8%   11.5%     12.2%     12.5%                13.0%
          Source: Canadean                                                                                                         © Canadean




  The Future of the Bakery & Cereals Market in Brazil, to 2016                                                                              Page 257

  © Canadean. This product is licensed and is not to be photocopied                                                             Published: April 2012
    Brazil BAKING MIXES MARKET ANALYSIS


12.5       Brownie Mixes Market Analysis, 2006–16
12.5.1     Brownie Mixes Market by Volume, 2006–