BEMA Intel

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

KEY TAKEAWAYS

BEMA Intel Industry Indicators

• In the second 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 second quarter of 2024, In-Store Bakery dollar sales were down slightly 0.3% to $4.7 billion compared to the corresponding quarter a year ago, with unit sales up 0.7%.
• The Grain-Based Foods Stock Index was down 9.3% in the second quarter of 2024, while the S&P 500 increased 23.0%.
• The Consumer Price Index for Bakery Products increased slightly at 1.3% in June 2024 compared to the previous year, following major increases in the CPI that began during the inflationary period in 2022.
• Baking ingredient costs for all categories tracked by Milling & Baking News’ Bakery Ingredient Indexes are on the decline. Ingredient costs for white pan bread continued to decrease 22.5% in 2024Q2 compared to a year ago. The index for cake donuts was down 18.2% in 2024Q2 compared to a year ago and down 12.2% for devils food cake.
• Unemployment increased to 4.1% in June 2024. Unit Labor Costs are leveling out somewhat, with an increase of 2.1% for 2024Q2 compared to the same quarter a year ago.
• Flour production continued its gradual recovery, up 1.9% in 2024Q2 compared to a year ago.

BEMA Intel Member Pulse Survey

• Equipment manufacturer industry outlook declined slightly in 2024Q2, with 75% expressing a ‘positive’ outlook, compared to 75% in 2024Q1.
• In the area of company bookings, 38% of equipment manufacturers reported increased bookings in 2024Q2, up from 21% in 2024Q1.  Twenty percent of equipment manufacturers reported decreased bookings in 2024Q2, down from 28% in the first quarter of 2024.
• Attracting and retaining a quality workforce is the top concern for equipment manufacturers, with 52% citing it as a challenge in 2024Q2.
• Concerns about a weaker domestic economy and sales for products to U.S. customers increased slightly from the first quarter of 2024, with 39% of manufacturers citing this as a concern in 2024Q2.
• Concerns over raw material costs have decreased significantly, with 23% of equipment manufacturers reporting concerns in 2024Q2, down from a high of 91% in 2022Q2. Concerns are also declining in the area of transportation/logistics (27% in 2024Q2 compared to a high of 78% in 2021Q4).

Summary 2024 Q2