{"id":11488,"date":"2018-07-25T13:54:29","date_gmt":"2018-07-25T13:54:29","guid":{"rendered":"https:\/\/staging.capitalmind.com\/?p=11488"},"modified":"2025-01-08T09:19:21","modified_gmt":"2025-01-08T08:19:21","slug":"boulangerie-patisserie-rapport-sectoriel","status":"publish","type":"post","link":"https:\/\/working.capitalmind.com\/fr\/boulangerie-patisserie-rapport-sectoriel\/","title":{"rendered":"Boulangerie-Patisserie &#8211; Rapport sectoriel"},"content":{"rendered":"<p><strong>La boulangerie-p\u00e2tisserie, un secteur gourmand en croissance externe en 2017<\/strong><\/p>\n<p>Le secteur de la boulangerie-p\u00e2tisserie a \u00e9t\u00e9 impact\u00e9 en 2017, \u00e0 tous les niveaux de la cha\u00eene de valeur, par des variations des cours des mati\u00e8res premi\u00e8res sans pr\u00e9c\u00e9dent. Le prix du beurre industriel a plus que doubl\u00e9 entre ao\u00fbt 2016 et septembre 2017 et le prix des oeufs a sensiblement augment\u00e9. Ce contexte n\u2019a cependant pas frein\u00e9 les principaux acteurs du march\u00e9 \u00e0 poursuivre le\u00a0 mouvement de consolidation dans un march\u00e9 europ\u00e9en qui demeure tr\u00e8s fragment\u00e9. Les fonds d\u2019investissement ont \u00e9galement montr\u00e9 un int\u00e9r\u00eat marqu\u00e9 pour le secteur en favorisant des strat\u00e9gies de build-up.<\/p>\n<p>Principales conclusions de notre \u00e9tude :<\/p>\n<ul>\n<li>Le march\u00e9 europ\u00e9en de la boulangerie-p\u00e2tisserie est un march\u00e9 mature en l\u00e9g\u00e8re croissance (entre +1% et +3%, selon le segment). Cette croissance masque de fortes disparit\u00e9s en fonction du\u00a0\u00a0 positionnement des entreprises : le march\u00e9 du surgel\u00e9frais croque progressivement le march\u00e9 du frais-frais, le bio gagne du terrain au m\u00eame titre que les produits locaux et artisanaux.<\/li>\n<li>La\u00a0 rentabilit\u00e9 des acteurs du secteur a \u00e9t\u00e9 impact\u00e9e en 2017 par la hausse du\u00a0 cours du beurre et des oeufs. Cette baisse de rentabilit\u00e9 a n\u00e9anmoins \u00e9t\u00e9 en partie contenue par la capacit\u00e9 des principaux acteurs \u00e0 r\u00e9percuter en cours d\u2019ann\u00e9e des hausses de prix et par les efforts constants r\u00e9alis\u00e9s dans l\u2019am\u00e9lioration de la productivit\u00e9 industrielle.<\/li>\n<li>Dans un contexte de croissance limit\u00e9e, la\u00a0 croissance externe repr\u00e9sente une opportunit\u00e9 de d\u00e9veloppement importante. Les acqu\u00e9reurs recherchent des cibles leur permettant de compl\u00e9ter leur gamme de produits ou de d\u00e9ployer leur implantation g\u00e9ographique, tout en b\u00e9n\u00e9ficiant de synergies li\u00e9es \u00e0 la mutualisation des fonctions support et \u00e0 la massification des achats.<\/li>\n<li>Les valorisations s\u2019\u00e9l\u00e8vent en moyenne \u00e0 9x l\u2019EBITDA\u00a0 pour les entreprises de taille interm\u00e9diaire (contre 12x en moyenne pour les grands groupes). Elles sont soutenues tant par l\u2019int\u00e9r\u00eat des acteurs industriels que par l\u2019app\u00e9tit des investisseurs\u00a0\u00a0 financiers qui poursuivent leurs investissements dans un secteur qui a historiquement g\u00e9n\u00e9r\u00e9 des performances attractives. Les soci\u00e9t\u00e9s en forte croissance positionn\u00e9es sur des segments porteurs\u00a0 comme le bio, l\u2019artisanal, ou les produits haut de gamme, b\u00e9n\u00e9ficient de premiums de valorisation.<\/li>\n<\/ul>\n<p>Pour recevoir notre rapport complet n&rsquo;h\u00e9sitez pas \u00e0 me contacter : <a href=\"mailto:guillaume.tenhave@capitalmind.com\">guillaume.tenhave@capitalmind.com <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La boulangerie-p\u00e2tisserie, un secteur gourmand en croissance externe en 2017 Le secteur de la boulangerie-p\u00e2tisserie a \u00e9t\u00e9 impact\u00e9 en 2017,&#8230;<\/p>\n","protected":false},"author":13,"featured_media":9564,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3800],"tags":[],"news-event-type":[],"dealtype":[],"class_list":["post-11488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sectornews-fr","ps-food-agro-fr"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.10 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boulangerie-Patisserie - Rapport sectoriel | Investec Business Advisory<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boulangerie-Patisserie - Rapport sectoriel\" \/>\n<meta property=\"og:description\" content=\"La boulangerie-p\u00e2tisserie, un secteur gourmand en croissance externe en 2017 Le secteur de la boulangerie-p\u00e2tisserie a \u00e9t\u00e9 impact\u00e9 en 2017,...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/working.capitalmind.com\/fr\/boulangerie-patisserie-rapport-sectoriel\/\" \/>\n<meta property=\"og:site_name\" content=\"Investec Business Advisory\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-25T13:54:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-08T08:19:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/working.capitalmind.com\/wp-content\/uploads\/2017\/05\/Bakery-report-bckgrd-1024x480.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sebastian Kliess\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sebastian Kliess\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/boulangerie-patisserie-rapport-sectoriel\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/working.capitalmind.com\/fr\/boulangerie-patisserie-rapport-sectoriel\/\"},\"author\":{\"name\":\"Sebastian Kliess\",\"@id\":\"https:\/\/working.capitalmind.com\/fr\/#\/schema\/person\/887f4f0d754eb92f5dc24869125f32c5\"},\"headline\":\"Boulangerie-Patisserie &#8211; 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