BEMA Intel

Questions about BEMA Intel or BEMA membership? Email Kelly Allen.

KEY TAKEAWAYS

BEMA Intel Industry Indicators

• In the third quarter of 2024, Commercial Aisle Bakery dollar sales for the quarter totaled $22.2 billion, a slight decrease of 0.2% compared to the corresponding quarter in 2023. Unit sales were also down slightly 0.8% for the same period, continuing to suggest that increased prices due to high inflation have impacted consumer demand in the category.
• In the third quarter of 2024, In-Store Bakery dollar sales were down slightly 0.2% to $4.8 billion compared to the corresponding quarter a year ago, with unit sales up 0.8%.
• The Grain-Based Foods Stock Index was up slightly 3.5% in the third quarter of 2024, while the S&P 500 increased 33.8%.
• The Consumer Price Index for Bakery Products increased slightly 1.3% in September 2024 compared to the previous year, following major increases in the CPI that began during the inflationary period in 2022.
• Baking ingredient costs for most categories tracked by Milling & Baking News’ Bakery Ingredient Indexes continue to decline or level-out. Ingredient costs for white pan bread continued to decrease 8.5% in 2024Q3 compared to a year ago. The index for devils food cake, however, was up 12.4% in 2024Q3 compared to a year ago due to cocoa prices.
• Unemployment increased to 4.1% in September 2024. Unit labor costs are leveling out somewhat, with an increase of 3.9% for 2024Q3 compared to the same quarter a year ago.
• Flour production was up slightly 0.5% in 2024Q3 compared to a year ago.

BEMA Intel Member Pulse Survey

• Equipment manufacturer industry outlook increased slightly in 2024Q3, with 80% expressing a ‘positive’ outlook, compared to 75% in 2024Q2.
• In the area of company bookings, 22% of equipment manufacturers reported increased bookings in 2024Q3, down from 38% in 2024Q2. Twenty-two percent of equipment manufacturers reported decreased bookings in 2024Q3, up slightly from 22% in the second quarter of 2024.
• Attracting and retaining a quality workforce is the top concern for equipment manufacturers, with 44% citing it as a challenge in 2024Q3.
• Concerns about an unfavorable business climate increased slightly from the second quarter of 2024, with 39% of manufacturers citing this as a concern in 2024Q3.
• Concerns over raw material costs have decreased significantly, with 31% of equipment manufacturers reporting concerns in 2024Q3, down from a high of 91% in 2022Q2. Concerns are also declining in the area of transportation/logistics (24% in 2024Q3 compared to a high of 78% in 2021Q4).

Summary 2024 Q3