Baking & Snack - February 2025 - 29
CAPITAL SPENDING STUDY SPECIAL REPORT
cent of those surveyed were very positive about their company
outlook for 2025, compared to 46% who said the same thing
for 2024. Combined with the 40% of bakers who said they were
somewhat optimistic, that's 93% of respondents who are feeling
good about their company's future. When asked about the US
industrial baking industry as a whole, 92% expressed some level
of positivity, though only 27% were very positive. Hellmer is always
quick to note that bakers tend to be more optimistic about
their own company's outlook. This overall positivity, however, is
still better than 2024's outlook, which saw 87% expressing a
positive outlook for the industry, though 30% of that share were
very positive.
" The expectations, while they may have softened, they're still
very strong, and many companies are coming off of consecutive
record years, " said Clay Miller, chairman of BEMA and president
of Burford Corp., a Middleby Bakery company. " We have to keep
that in perspective because even though sales have slightly
softened, it was still a very strong year. "
Brown agreed, saying, " You can't have record year after
record year. "
As Hellmer pointed out, the baking industry hasn't seen
these levels of positivity for the overall industry since 2021
(92% positive) and 2022 (89% positive), with the former being
post-presidential election and the latter an IBIE year. In fact,
when asked if the baking industry would perform better, the
same or worse in 2025, 60% of bakers said the industry would
perform better and only 5% said it would perform worse. Capital
spending study results haven't been this bright since 2021. In
2024, only 42% of baker respondents expected the industry to
perform better and 9% expected the industry to perform worse.
A shift in the clouds
Much of this positivity comes from the easing of the challenges
that have hammered the industry for the past four years. While
bakery sales are mixed, flour production was up in Q3 of 2024,
including whole wheat flour production. Josh Sosland, president
of Sosland Publishing and editor of Milling & Baking News, reported
that for the first three quarters of 2024, flour production
was up compared to the same three quarters in 2023.
Supply chain challenges also fell in importance from 2024 by
10 points. In the 2023-24 Capital Spending Study, 44% of bakers
reported supply chain as a major business challenge for the
next 12 to 18 months. In 2025, only 34% reported this as a major
challenge. Inflationary pressures declined by 7 points to 42%,
capital constraints fell by 8 points to 20%. Cybersecurity was
down 7 points from 2024 with only 13% of bakers reporting it as
a business challenge.
That's not to say there aren't challenges facing the industrial
baking industry; they've simply shifted. Labor and increased raw
material costs remain the top challenges facing bakers for the
next 12 to 18 months. While in 2024 the top challenge was attracting
and retaining a quality workforce at 73%, for 2025, 69%
of bakers are concerned with labor costs and 66% are concerned
Positivity bounces back
for bakery companies
2025 outlook
2024 outlook
2023 outlook
2022 outlook
53%
46%
48%
55%
40%
46%
46%
39%
* Very positive * Somewhat positive
* Somewhat negative
*Percentages under 5% are not labeled
How will the industry perform
next year compared to last year?
2025 outlook
2024 outlook
2023 outlook
2022 outlook
2021 outlook
60%
42%
40%
35%
61%
* Better * The same
* Worse
How do your company's capital
investments compare to the previous year?
2025 compared to 2024 (projected)
38%
55%
* Increase * The same
29%
* Decrease
bakingbusiness.com | february 2025 | Baking & Snack
29
2024 compared to 2023 (actual)
50%
12%
16%
35%
49%
45%
54%
36%
5%
9%
15%
11%
3%
* Very negative
5%
7%
5%
5%
Source for charts: Baking & Snack/BEMA Industrial Baking Industry Capital Spending Studies
(2020-21, 2021-22, 2022-23, 2023-24, 2024-25)
http://www.bakingbusiness.com
Baking & Snack - February 2025
Table of Contents for the Digital Edition of Baking & Snack - February 2025
Baking & Snack - February 2025 - Intro
Baking & Snack - February 2025 - 1
Baking & Snack - February 2025 - 2
Baking & Snack - February 2025 - 3
Baking & Snack - February 2025 - 4
Baking & Snack - February 2025 - 5
Baking & Snack - February 2025 - 6
Baking & Snack - February 2025 - 7
Baking & Snack - February 2025 - 8
Baking & Snack - February 2025 - 9
Baking & Snack - February 2025 - 10
Baking & Snack - February 2025 - 11
Baking & Snack - February 2025 - 12
Baking & Snack - February 2025 - 13
Baking & Snack - February 2025 - 14
Baking & Snack - February 2025 - 15
Baking & Snack - February 2025 - 16
Baking & Snack - February 2025 - 17
Baking & Snack - February 2025 - 18
Baking & Snack - February 2025 - 19
Baking & Snack - February 2025 - 20
Baking & Snack - February 2025 - 21
Baking & Snack - February 2025 - 22
Baking & Snack - February 2025 - 23
Baking & Snack - February 2025 - 24
Baking & Snack - February 2025 - 25
Baking & Snack - February 2025 - 26
Baking & Snack - February 2025 - 27
Baking & Snack - February 2025 - 28
Baking & Snack - February 2025 - 29
Baking & Snack - February 2025 - 30
Baking & Snack - February 2025 - 31
Baking & Snack - February 2025 - 32
Baking & Snack - February 2025 - 33
Baking & Snack - February 2025 - 34
Baking & Snack - February 2025 - 35
Baking & Snack - February 2025 - 36
Baking & Snack - February 2025 - 37
Baking & Snack - February 2025 - 38
Baking & Snack - February 2025 - 39
Baking & Snack - February 2025 - 40
Baking & Snack - February 2025 - 41
Baking & Snack - February 2025 - 42
Baking & Snack - February 2025 - 43
Baking & Snack - February 2025 - 44
Baking & Snack - February 2025 - 45
Baking & Snack - February 2025 - 46
Baking & Snack - February 2025 - 47
Baking & Snack - February 2025 - 48
Baking & Snack - February 2025 - 49
Baking & Snack - February 2025 - 50
Baking & Snack - February 2025 - 51
Baking & Snack - February 2025 - 52
Baking & Snack - February 2025 - 53
Baking & Snack - February 2025 - 54
Baking & Snack - February 2025 - 55
Baking & Snack - February 2025 - 56
Baking & Snack - February 2025 - 57
Baking & Snack - February 2025 - 58
Baking & Snack - February 2025 - 59
Baking & Snack - February 2025 - 60
Baking & Snack - February 2025 - 61
Baking & Snack - February 2025 - 62
Baking & Snack - February 2025 - 63
Baking & Snack - February 2025 - 64
Baking & Snack - February 2025 - 65
Baking & Snack - February 2025 - 66
Baking & Snack - February 2025 - 67
Baking & Snack - February 2025 - 68
Baking & Snack - February 2025 - 69
Baking & Snack - February 2025 - 70
Baking & Snack - February 2025 - 71
Baking & Snack - February 2025 - 72
Baking & Snack - February 2025 - 73
Baking & Snack - February 2025 - 74
Baking & Snack - February 2025 - 75
Baking & Snack - February 2025 - 76
Baking & Snack - February 2025 - 77
Baking & Snack - February 2025 - 78
Baking & Snack - February 2025 - 79
Baking & Snack - February 2025 - 80
Baking & Snack - February 2025 - 81
Baking & Snack - February 2025 - 82
Baking & Snack - February 2025 - 83
Baking & Snack - February 2025 - 84
Baking & Snack - February 2025 - 85
Baking & Snack - February 2025 - 86
Baking & Snack - February 2025 - 87
Baking & Snack - February 2025 - 88
Baking & Snack - February 2025 - 89
Baking & Snack - February 2025 - 90
Baking & Snack - February 2025 - 91
Baking & Snack - February 2025 - 92
Baking & Snack - February 2025 - 93
Baking & Snack - February 2025 - 94
Baking & Snack - February 2025 - 95
Baking & Snack - February 2025 - 96
Baking & Snack - February 2025 - 97
Baking & Snack - February 2025 - 98
Baking & Snack - February 2025 - 99
Baking & Snack - February 2025 - 100
Baking & Snack - February 2025 - 101
Baking & Snack - February 2025 - 102
Baking & Snack - February 2025 - 103
Baking & Snack - February 2025 - 104
Baking & Snack - February 2025 - 105
Baking & Snack - February 2025 - 106
Baking & Snack - February 2025 - 107
Baking & Snack - February 2025 - 108
Baking & Snack - February 2025 - 109
Baking & Snack - February 2025 - 110
Baking & Snack - February 2025 - 111
Baking & Snack - February 2025 - 112
Baking & Snack - February 2025 - 113
Baking & Snack - February 2025 - 114
Baking & Snack - February 2025 - 115
Baking & Snack - February 2025 - 116
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-february-2025
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-december-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-november-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-october-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-september-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-august-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-july-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-june-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-may-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-april-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-march-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-february-2024
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-december-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-november-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-october-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-september-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-august-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-july-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-june-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-may-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-april-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-march-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-february-2023
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-december-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-november-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-october-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-september-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-august-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-july-2022
https://digitalbs.bakingbusiness.com/sosland/bs/-baking-snack-june-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-may-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-april-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-march-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-january-2022
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-december-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-november-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-october-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-september-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-august-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-july-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-june-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-may-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-april-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-march-2021
https://digitalbs.bakingbusiness.com/sosland/bs/baking-snack-february-2021
http://digitalbs.bakingbusiness.com/sosland/bs/2020_12_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_11_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_10_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_09_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_08_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_07_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_06_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_05_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_04_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_03_01
http://digitalbs.bakingbusiness.com/sosland/bs/2020_02_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_12_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_11_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_10_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_09_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_08_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_07_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_06_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_05_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_04_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_03_01
http://digitalbs.bakingbusiness.com/sosland/bs/2019_02_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_12_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_11_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_10_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_09_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_08_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_07_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_06_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_05_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_04_01
http://digitalbs.bakingbusiness.com/sosland/bs/2018_03_01
https://www.nxtbook.com/sosland/bs/2018_02_01
https://www.nxtbook.com/sosland/bs/2017_12_01
https://www.nxtbook.com/sosland/bs/2017_11_01
https://www.nxtbook.com/sosland/bs/2017_10_01
https://www.nxtbook.com/sosland/bs/2017_09_01
https://www.nxtbook.com/sosland/bs/2017_08_01
https://www.nxtbook.com/sosland/bs/2017_07_01
https://www.nxtbook.com/sosland/bs/2017_06_01
https://www.nxtbook.com/sosland/bs/2017_05_01
https://www.nxtbook.com/sosland/bs/2017_04_01
https://www.nxtbook.com/sosland/bs/2017_03_01
https://www.nxtbook.com/sosland/bs/2017_02_01
https://www.nxtbook.com/sosland/bs/2016_12_01
https://www.nxtbook.com/sosland/bs/2016_11_01
https://www.nxtbook.com/sosland/bs/2016_10_01
https://www.nxtbook.com/sosland/bs/2016_09_01
https://www.nxtbook.com/sosland/bs/2016_08_01
https://www.nxtbook.com/sosland/bs/2016_07_01
https://www.nxtbook.com/sosland/bs/2016_06_01
https://www.nxtbook.com/sosland/bs/2016_05_01
https://www.nxtbook.com/sosland/bs/2016_04_01
https://www.nxtbook.com/sosland/bs/2016_03_01
https://www.nxtbook.com/sosland/bs/2016_02_01
https://www.nxtbook.com/sosland/bs/2015_12_01
https://www.nxtbook.com/sosland/bs/2015_11_01
https://www.nxtbook.com/sosland/bs/2015_10_01
https://www.nxtbook.com/sosland/bs/2015_09_01
https://www.nxtbook.com/sosland/bs/2015_08_01
https://www.nxtbook.com/sosland/bs/2015_07_01
https://www.nxtbook.com/sosland/bs/2015_06_01
https://www.nxtbook.com/sosland/bs/2015_05_02
https://www.nxtbook.com/sosland/bs/2015_04_01
https://www.nxtbook.com/sosland/bs/2015_03_01
https://www.nxtbook.com/sosland/bs/2015_02_01
https://www.nxtbook.com/sosland/bs/2014_12_01
https://www.nxtbook.com/sosland/bs/2014_11_01
https://www.nxtbook.com/sosland/bs/2014_10_01
https://www.nxtbook.com/sosland/bs/2014_09_01
https://www.nxtbook.com/sosland/bs/2014_08_01
https://www.nxtbook.com/sosland/bs/2014_07_01
https://www.nxtbook.com/sosland/bs/2014_06_01
https://www.nxtbook.com/sosland/bs/2014_05_01
https://www.nxtbook.com/sosland/bs/2014_04_01
https://www.nxtbook.com/sosland/bs/2014_03_01
https://www.nxtbook.com/sosland/bs/2014_02_01
https://www.nxtbook.com/sosland/bs/2013_12_01
https://www.nxtbook.com/sosland/bs/2013_11_01
https://www.nxtbook.com/sosland/bs/2013_10_01
https://www.nxtbook.com/sosland/bs/2013_09_01
https://www.nxtbook.com/sosland/bs/2013_08_01
https://www.nxtbook.com/sosland/bs/2013_07_01
https://www.nxtbook.com/sosland/bs/2013_06_01
https://www.nxtbook.com/sosland/bs/2013_05_01
https://www.nxtbook.com/sosland/bs/2013_04_01
https://www.nxtbook.com/sosland/bs/2013_03_01
https://www.nxtbook.com/sosland/bs/2013_02_01
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https://www.nxtbook.com/sosland/bs/2012_09_01
https://www.nxtbook.com/sosland/bs/2012_08_01
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https://www.nxtbook.com/sosland/bs/2012_03_01
https://www.nxtbook.com/sosland/bs/2012_02_01
https://www.nxtbook.com/sosland/bs/2011_12_01
https://www.nxtbook.com/sosland/bs/2011_11_01
https://www.nxtbook.com/sosland/bs/2011_10_01
https://www.nxtbook.com/sosland/bs/2011_09_01
https://www.nxtbook.com/sosland/bs/2011_08_01
https://www.nxtbook.com/sosland/bs/2011_07_01
https://www.nxtbook.com/sosland/bs/2011_06_01
https://www.nxtbook.com/sosland/bs/2011_05_01
https://www.nxtbook.com/sosland/bs/2011_04_01
https://www.nxtbook.com/sosland/bs/2011_03_01
https://www.nxtbook.com/sosland/bs/2011_02_01
https://www.nxtbook.com/sosland/bs/2010_12_01
https://www.nxtbook.com/sosland/bs/2010_11_01
https://www.nxtbook.com/sosland/bs/2010_10_01
https://www.nxtbook.com/sosland/bs/2010_09_01
https://www.nxtbook.com/sosland/bs/2010_08_01
https://www.nxtbook.com/sosland/bs/2010_07_01
https://www.nxtbook.com/sosland/bs/2010_06_01
https://www.nxtbook.com/sosland/bs/2010_05_01
https://www.nxtbook.com/sosland/bs/2010_04_01
https://www.nxtbook.com/sosland/bs/2010_03_01
https://www.nxtbook.com/sosland/bs/2010_02_01
https://www.nxtbook.com/sosland/bs/2009_12_01
https://www.nxtbook.com/sosland/bs/2009_11_01
https://www.nxtbook.com/sosland/bs/2009_10_01
https://www.nxtbook.com/sosland/bs/2009_09_01
https://www.nxtbook.com/sosland/bs/2009_08_01
https://www.nxtbook.com/sosland/bs/2009_07_01
https://www.nxtbook.com/sosland/bs/2009_06_01
https://www.nxtbook.com/sosland/bs/2009_05_01
https://www.nxtbook.com/sosland/bs/2009_04_01
https://www.nxtbook.com/sosland/bs/2009_03_01
https://www.nxtbook.com/sosland/bs/2009_02_01
https://www.nxtbook.com/sosland/bs/2009_01_01
https://www.nxtbook.com/sosland/bs/2008_12_01
https://www.nxtbook.com/sosland/bs/2008_11_01
https://www.nxtbook.com/sosland/bs/2008_10_01
https://www.nxtbook.com/sosland/bs/2008_09_01
https://www.nxtbook.com/sosland/bs/2008_08_01
https://www.nxtbook.com/sosland/bs/2008_07_01
https://www.nxtbook.com/sosland/bs/2008_06_01
https://www.nxtbook.com/sosland/bs/2008_05_01
https://www.nxtbook.com/sosland/bs/2008_04_01
https://www.nxtbook.com/sosland/bs/2008_03_01
https://www.nxtbook.com/sosland/bs/2008_02_01
https://www.nxtbook.com/sosland/bs/2007_12_01
https://www.nxtbook.com/sosland/bs/2007_11_01
https://www.nxtbook.com/sosland/bs/2007_10_01
https://www.nxtbook.com/sosland/bs/2007_09_01
https://www.nxtbook.com/sosland/bs/2007_08_01
https://www.nxtbook.com/sosland/bs/2007_07_01
https://www.nxtbook.com/sosland/bs/2007_06_01
https://www.nxtbook.com/sosland/bs/2007_05_01
https://www.nxtbook.com/sosland/bs/2007_04_01
https://www.nxtbook.com/sosland/bs/2007_02_01
https://www.nxtbook.com/sosland/bs/2006_12_01
https://www.nxtbook.com/sosland/bs/2006_11_01
https://www.nxtbook.com/sosland/bs/2006_10_01
https://www.nxtbook.com/sosland/bs/2006_09_01
https://www.nxtbook.com/sosland/bs/2006_08_01
https://www.nxtbook.com/sosland/bs/2006_07_01
https://www.nxtbook.com/sosland/bs/2006_06_01
https://www.nxtbook.com/sosland/bs/2006_05_01
https://www.nxtbook.com/sosland/bs/2006_04_01
https://www.nxtbook.com/sosland/bs/2006_03_01
https://www.nxtbook.com/sosland/bs/2006_02_01
https://www.nxtbook.com/sosland/bs/2005_12_01
https://www.nxtbook.com/sosland/bs/2005_11_01
http://digitalbs.bakingbusiness.com/sosland/bs/2005_10_01
http://digitalbs.bakingbusiness.com/sosland/bs/2005_09_01
http://digitalbs.bakingbusiness.com/sosland/bs/2005_08_01
http://digitalbs.bakingbusiness.com/sosland/bs/2005_07_01
http://digitalbs.bakingbusiness.com/sosland/bs/2005_06_01
http://digitalbs.bakingbusiness.com/sosland/bs/2005_05_01
http://digitalbs.bakingbusiness.com/sosland/bs/2005_04_01
http://digitalbs.bakingbusiness.com/sosland/bs/2005_03_01
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