2030 年亚太地区麵包市场预测 - 区域分析 - 按类型;类别 ;和配销通路
市场调查报告书
商品编码
1452649

2030 年亚太地区麵包市场预测 - 区域分析 - 按类型;类别 ;和配销通路

Asia Pacific Bread Market Forecast to 2030 - Regional Analysis - by Type ; Category ; and Distribution Channel

出版日期: | 出版商: The Insight Partners | 英文 76 Pages | 订单完成后即时交付

价格

2023年亚太麵包市值为741.9931亿美元,预计2030年将达到995.6089亿美元;预计 2023 年至 2030 年CAGR为 4.3%。

对方便食品和即食产品日益增长的需求推动了亚太麵包市场的发展

由于人们对方便和即食产品的日益青睐,亚太地区麵包市场的需求正在激增。现代消费者忙碌的生活方式,加上对快速简便的膳食解决方案的需求,导致麵包消费量显着增加。易于准备、更长的保质期和便携性等便利因素使麵包成为忙碌人士的热门选择。此外,麵包、三明治麵包、法国长棍麵包、汉堡麵包等多种麵包可供选择,满足不同消费者的喜好和饮食需求。

此外,COVID-19大流行也促进了麵包市场的激增。在封锁和限制期间,消费者转向麵包等主食,这些食品易于储存且保质期较长。疫情导致家庭烘焙和烹饪活动的增加也增加了对麵包的需求,因为人们寻求自製餐点和零食的安慰。结果,麵包店和麵包製造商的销售额增加了,并扩大了产品范围,以满足不断变化的消费者喜好。

总之,对便利性和即食产品的需求不断增长,加上 COVID-19 大流行的影响,大大促进了全球麵包市场的成长。随着消费者寻求快速、简单的饮食解决方案,对各种麵包产品的需求持续成长。随着市场的发展,製造商可能会进一步创新,以满足消费者不断变化的需求和偏好,从而推动亚太麵包市场的扩张。

亚太麵包市场概况

由于印度、日本、中国和该地区其他国家烘焙产品消费的成长,亚太地区的烘焙业呈现显着成长。根据美国国际农产品贸易报告,2021年,中国和日本人均烘焙产品消费量分别为7.2公斤/年和22.5公斤/年。此外,到 2025 年,中国烘焙食品的零售额预计将达到 530 亿美元,比 2021 年增长 53%。由于消费者对方便、即食的偏好不断提高,亚太地区对不同类型麵包的需求正在增加- 食用食品,尤其是烘焙食品(麵包、长棍麵包、小圆麵包和麵包捲),以及向西式饮食的转变。此外,随着城市化进程不断加速,生活方式变得越来越忙碌,该地区的消费者正在寻求快速方便的膳食选择,麵包因其易于食用而成为有吸引力的选择。人们对健康和保健的意识不断增强,促使消费者寻找更健康的麵包选择,例如提供营养益处的全麦麵包、杂粮麵包和无麸质麵包。因此,该地区的消费者越来越多地在膳食中选择以小米为主的食品。为了满足消费者对小米烘焙产品的需求,亚太烘焙品牌越来越多地推出新产品。例如,2023年4月,波昂集团旗下品牌不列颠尼亚向印度消费者推出了零添加麦达的「小米麵包」。这款麵包产品含有 ragi、jowar、bajra 和燕麦,并含有纤维和矿物质,为消费者提供了一种在膳食中加入小米类食品的便捷方式。因此,主要参与者的营养产品创新正在推动整个地区的麵包市场。然而,在印度、中国、韩国等亚洲国家,传统的饮食习惯和文化偏好仍然优先考虑大米、小麦、小米、豆类、乳製品、蔬菜、水果、麵条等主食,而不是麵包,从而限制了其市场亚太地区的渗透率。

亚太地区麵包市场收入及 2030 年预测(十亿美元)

亚太地区麵包市场细分

亚太地区麵包市场根据类型、类别、配销通路和国家进行细分。

按类型划分,亚太地区麵包市场分为长麵包、三明治麵包、法国麵包、汉堡麵包等。 2022 年,麵包细分市场占据最大的市场。

根据类别,亚太地区麵包市场分为有机麵包和传统麵包。 2022 年,传统细分市场将占据更大的市场份额。

依配销通路,亚太麵包市场分为超市及大卖场、专卖店、线上零售等。 2022 年,超市和大卖场细分市场占据最大的市场份额。

从国家来看,亚太地区麵包市场分为中国、印度、韩国、澳洲、日本和亚太其他地区。 2022 年,亚太其他地区将主导亚太麵包市场份额。

Campbell Soup Co.、Groupo Bimbo SAB de CV、Dr Schar AG、Bakers Delight Holdings 和 Britannia Industries Limited 是亚太麵包市场的一些领导者。

目录

第 1 章:简介

第 2 章:执行摘要

  • 亚太地区关键见解
  • 亚太市场吸引力

第 3 章:研究方法

  • 覆盖范围
  • 二次研究
  • 初步研究

第四章:亚太地区麵包市场格局

  • 概述
  • 波特五力分析
    • 供应商的议价能力
    • 买家的议价能力
    • 新进入者的威胁
    • 竞争的激烈程度
    • 替代品的威胁
  • 生态系分析
    • 原料
    • 製造流程
      • 混合成分
      • 发酵(发酵)
      • 揉捏
      • 打样(二次崛起)
      • 烘焙
      • 冷却

第 5 章:亚太麵包市场 - 主要产业动态

  • 市场驱动因素
    • 对方便食品和即食产品的需求不断增加
    • 透过电子商务平台提高麵包的供应量
  • 主要市场限制:
    • 原料价格波动
  • 主要市场机会:
    • 产品创新
  • 未来的趋势:
    • 对无麸质产品的高需求
  • 驱动因素和限制的影响:

第 6 章:麵包市场 - 亚太市场分析

  • 亚太地区麵包市场收入,2022 - 2030
  • 亚太地区麵包市场预测与分析

第 7 章:亚太地区麵包市场分析 - 类型

  • 麵包
    • 概述
    • 麵包:亚太地区麵包市场收入及 2030 年预测
  • 三明治麵包
    • 概述
    • 三明治麵包:亚太地区麵包市场收入及 2030 年预测
  • 长棍麵包
    • 概述
    • 法国麵包:亚太地区麵包市场收入及 2030 年预测
  • 汉堡
    • 概述
    • 汉堡:亚太地区麵包市场收入及 2030 年预测
  • 其他的
    • 概述
    • 其他:亚太地区麵包市场收入及 2030 年预测

第 8 章:亚太地区麵包市场收入分析 - 按类别

  • 概述
  • 亚太地区麵包市场,依类别(2022 年和 2030 年)
  • 有机的
  • 传统的

第 9 章:亚太地区麵包市场收入分析 - 按配销通路

  • 概述
  • 亚太地区麵包市场,依配销通路划分(2022 年及 2030 年)
  • 超级市场和大卖场
  • 专卖店
  • 网路零售
  • 其他的

第 10 章:亚太地区麵包市场 - 国家分析

    • 亚太地区
      • 澳洲
      • 中国
      • 印度
      • 日本
      • 韩国
      • 亚太地区其他地区

第 11 章:亚太地区麵包市场 - COVID-19 大流行的影响

  • Covid-19 前后的影响

第 12 章:公司简介

  • Dr Schar AG
  • Britannia Industries Ltd
  • Bakers Delight Holdings Ltd
  • Campbell Soup Co
  • Grupo Bimbo SAB de CV

第 13 章:附录

Product Code: TIPRE00008091

The Asia Pacific bread market was valued at US$ 74,199.31 million in 2023 and is expected to reach US$ 99,560.89 million by 2030; it is estimated to grow at a CAGR of 4.3% from 2023 to 2030.

Increasing Demand for Convenience and Ready-To-Eat Products Fuel the Asia Pacific Bread Market

The Asia Pacific bread market is experiencing a surge in demand due to the increasing preference for convenience and ready to eat products. The hectic lifestyle of modern consumers, coupled with the need for quick and easy meal solutions, have led to a significant rise in the consumption of bread. Convenience driven factors such as ease of preparation, longer shelf life, and portability make bread a popular choice among busy individuals. Additionally, the availability of a wide variety of bread options, including loaves, sandwich bread, baguettes, burger buns, etc. caters to diverse consumer preferences and dietary requirements.

Furthermore, the COVID-19 pandemic has also contributed to the surge in the bread market. During lockdowns and restrictions, consumers turned to staple foods like bread, which are easy to store and have a longer shelf life. The pandemic induced rise in home baking and cooking activities also boosted the demand for bread, as people sought comfort in homemade meals and snacks. As a result, bakeries and bread manufacturers experienced increased sales and expanded their product offerings to cater to changing consumer preferences.

In conclusion, the increasing demand for convenience and ready to eat products, coupled with the impact of the COVID-19 pandemic, has significantly contributed to the growth of the global bread market. With consumers seeking quick and easy meal solutions, the demand for a variety of bread products continues to rise. As the market evolves, manufacturers are likely to innovate further to meet the changing needs and preferences of consumers, driving the expansion of the Asia Pacific bread market.

Asia Pacific Bread Market Overview

The bakery industry in Asia Pacific has shown significant growth owing to the rising consumption of bakery products in India, Japan, China, and other countries in the region. According to the US International Agricultural Trade Report, in 2021, per capita consumption of baked products in China and Japan was 7.2 kg/year and 22.5 kg/ year, respectively. Also, retail sales of baked goods in China are expected to reach US$ 53 billion by 2025, a 53% increase compared to 2021. The demand for different types of bread is increasing in Asia Pacific due to a rising consumer preference for convenient and ready-to-eat food products especially baked goods (bread, baguettes, and buns and rolls), along with the shift toward Western-style diets. Furthermore, as urbanization continues to accelerate and lifestyles become increasingly hectic, the consumers in the region are seeking quick and convenient meal options, making bread an attractive choice due to its ease of consumption. The growing awareness regarding health and wellness has prompted consumers to look for healthier bread options, such as whole-grain, multigrain, and gluten-free varieties, which offers nutritional benefits. Therefore, consumers in the region are increasingly opting for millet-based food products in their meals. To cater to the millet-based bakery products demand of the consumers, Asia Pacific bakery brands are increasingly launching new products. For instance, in April 2023, Britannia, a brand of Bonn Group, launched "Millet Bread" with zero added Maida for Indian consumers. This bread product is incorporated with ragi, jowar, bajra, and oats and has fiber and minerals that provide consumers with a convenient way to include millet-based options in their meals. Thus, nutritional product innovations by the key players are driving the bread market across the region. However, in India, China, South Korea, and other Asian countries, traditional food habits and cultural preferences still prioritize rice, wheat, millet, pulses, dairy, vegetables, fruits, noodles, and other staple foods over bread, thereby limiting its market penetration in Asia Pacific.

Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)

Asia Pacific Bread Market Segmentation

The Asia Pacific bread market is segmented based on type, category, distribution channel, and country.

By type, the Asia Pacific bread market is segmented into loaves, sandwich bread, baguettes, burger buns, and others. The loaves segment held the largest market share in 2022.

Based on category, the Asia Pacific bread market is bifurcated into organic and conventional. The conventional segment held a larger market share in 2022.

By distribution channel, the Asia Pacific bread market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The supermarkets and hypermarkets segment held the largest market share in 2022.

In terms of country, the Asia Pacific bread market is segmented into China, India, South Korea, Australia, Japan, and the Rest of Asia Pacific. The Rest of Asia Pacific dominated the Asia Pacific bread market share in 2022.

Campbell Soup Co., Groupo Bimbo SAB de CV, Dr Schar AG, Bakers Delight Holdings, and Britannia Industries Limited are some of the leading players operating in the Asia Pacific bread market.

Table Of Contents

1. Introduction

  • 1.1 The Insight Partners Research Report Guidance
  • 1.2 Market Segmentation

2. Executive Summary

  • 2.1 Asia Pacific Key Insights
  • 2.2 Asia Pacific Market Attractiveness

3. Research Methodology

  • 3.1 Coverage
  • 3.2 Secondary Research
  • 3.3 Primary Research

4. Asia Pacific Bread Market Landscape

  • 4.1 Overview
  • 4.2 Porter's Five Forces Analysis
    • 4.2.1 Bargaining Power of Suppliers
    • 4.2.2 Bargaining Power of Buyers
    • 4.2.3 The threat of New Entrants
    • 4.2.4 The Intensity of Competitive Rivalry
    • 4.2.5 Threat of Substitutes
  • 4.3 Ecosystem Analysis
    • 4.3.1 Raw Materials
    • 4.3.2 Manufacturing Process
      • 4.3.2.1 Mixing Ingredients
      • 4.3.2.2 Rising (Fermentation)
      • 4.3.2.3 Kneading
      • 4.3.2.4 Proofing (Second Rising)
      • 4.3.2.5 Baking
      • 4.3.2.6 Cooling

5. Asia Pacific Bread Market - Key Industry Dynamics

  • 5.1 Market Drivers
    • 5.1.1 Increasing Demand for Convenience and Ready-To-Eat Products
    • 5.1.2 Rising Availability of Bread Through E-Commerce Platforms
  • 5.2 Key Market Restraints:
    • 5.2.1 Fluctuating Price of Ingredients
  • 5.3 Key Market Opportunities:
    • 5.3.1 Product innovation
  • 5.4 Future Trends:
    • 5.4.1 High Demand for Gluten-Free Products
  • 5.5 Impact of Drivers and Restraints:

6. Bread Market - Asia Pacific Market Analysis

  • 6.1 Asia Pacific Bread Market Revenue (US$ Billion), 2022 - 2030
  • 6.2 Asia Pacific Bread Market Forecast and Analysis

7. Asia Pacific Bread Market Analysis - Type

  • 7.1 Loaves
    • 7.1.1 Overview
    • 7.1.2 Loaves: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • 7.2 Sandwich Breads
    • 7.2.1 Overview
    • 7.2.2 Sandwich Breads: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • 7.3 Baguettes
    • 7.3.1 Overview
    • 7.3.2 Baguettes: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • 7.4 Burger Buns
    • 7.4.1 Overview
    • 7.4.2 Burger Buns: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • 7.5 Others
    • 7.5.1 Overview
    • 7.5.2 Others: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)

8. Asia Pacific Bread Market Revenue Analysis - By Category

  • 8.1 Overview
  • 8.2 Asia Pacific Bread Market, By Category (2022 and 2030)
  • 8.3 Organic
    • 8.3.1 Overview
    • 8.3.2 Organic: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • 8.4 Conventional
    • 8.4.1 Overview
    • 8.4.2 Conventional: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)

9. Asia Pacific Bread Market Revenue Analysis - By Distribution Channel

  • 9.1 Overview
  • 9.2 Asia Pacific Bread Market, By Distribution Channel (2022 and 2030)
  • 9.3 Supermarkets and Hypermarkets
    • 9.3.1 Overview
    • 9.3.2 Supermarkets and Hypermarkets: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • 9.4 Specialty Stores
    • 9.4.1 Overview
    • 9.4.2 Specialty Stores: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • 9.5 Online Retail
    • 9.5.1 Overview
    • 9.5.2 Online Retail: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • 9.6 Others
    • 9.6.1 Overview
    • 9.6.2 Others: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)

10. Asia Pacific Bread Market - Country Analysis

  • 10.1 Overview: Asia Pacific Bread Market
    • 10.1.1 Asia Pacific: Bread Market Revenue and Forecast to 2030 (US$ Billion)
    • 10.1.2 Asia Pacific: Bread Market, By Key Country
      • 10.1.2.1 Australia: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
        • 10.1.2.1.1 Australia: Bread Market, by Type
        • 10.1.2.1.2 Australia: Bread Market, by Category
        • 10.1.2.1.3 Australia: Bread Market, by Distribution Channel
      • 10.1.2.2 China: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
        • 10.1.2.2.1 China: Bread Market, by Type
        • 10.1.2.2.2 China: Bread Market, by Category
        • 10.1.2.2.3 China: Bread Market, by Distribution Channel
      • 10.1.2.3 India: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
        • 10.1.2.3.1 India: Bread Market, by Type
        • 10.1.2.3.2 India: Bread Market, by Category
        • 10.1.2.3.3 India: Bread Market, by Distribution Channel
      • 10.1.2.4 Japan: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
        • 10.1.2.4.1 Japan: Bread Market, by Type
        • 10.1.2.4.2 Japan: Bread Market, by Category
        • 10.1.2.4.3 Japan: Bread Market, by Distribution Channel
      • 10.1.2.5 South Korea: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
        • 10.1.2.5.1 South Korea: Bread Market, by Type
        • 10.1.2.5.2 South Korea: Bread Market, by Category
        • 10.1.2.5.3 South Korea: Bread Market, by Distribution Channel
      • 10.1.2.6 Rest of APAC: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
        • 10.1.2.6.1 Rest of APAC: Bread Market, by Type
        • 10.1.2.6.2 Rest of APAC: Bread Market, by Category
        • 10.1.2.6.3 Rest of APAC: Bread Market, by Distribution Channel

11. Asia Pacific Bread Market - Impact of COVID-19 Pandemic

  • 11.1 Pre & Post Covid-19 Impact

12. Company Profiles

  • 12.1 Dr Schar AG
    • 12.1.1 Key Facts
    • 12.1.2 Business Description
    • 12.1.3 Products and Services
    • 12.1.4 Financial Overview
    • 12.1.5 SWOT Analysis
    • 12.1.6 Key Developments
  • 12.2 Britannia Industries Ltd
    • 12.2.1 Key Facts
    • 12.2.2 Business Description
    • 12.2.3 Products and Services
    • 12.2.4 Financial Overview
    • 12.2.5 SWOT Analysis
    • 12.2.6 Key Developments
  • 12.3 Bakers Delight Holdings Ltd
    • 12.3.1 Key Facts
    • 12.3.2 Business Description
    • 12.3.3 Products and Services
    • 12.3.4 Financial Overview
    • 12.3.5 SWOT Analysis
    • 12.3.6 Key Developments
  • 12.4 Campbell Soup Co
    • 12.4.1 Key Facts
    • 12.4.2 Business Description
    • 12.4.3 Products and Services
    • 12.4.4 Financial Overview
    • 12.4.5 SWOT Analysis
    • 12.4.6 Key Developments
  • 12.5 Grupo Bimbo SAB de CV
    • 12.5.1 Key Facts
    • 12.5.2 Business Description
    • 12.5.3 Products and Services
    • 12.5.4 Financial Overview
    • 12.5.5 SWOT Analysis
    • 12.5.6 Key Developments

13. Appendix

  • 13.1 Appendix

List Of Tables

  • Table 1. Asia Pacific Bread Market Revenue and Forecasts To 2030 (US$ Billion)
  • Table 2. Australia: Bread Market, by Category Revenue and Forecast to 2030 (US$ Billion)
  • Table 3. Australia: Bread Market, by Distribution Channel Revenue and Forecast to 2030 (US$ Billion)
  • Table 4. China: Bread Market, by Type Revenue and Forecast to 2030 (US$ Billion)
  • Table 5. China: Bread Market, by Category Revenue and Forecast to 2030 (US$ Billion)
  • Table 6. China: Bread Market, by Distribution Channel Revenue and Forecast to 2030 (US$ Billion)
  • Table 7. India: Bread Market, by Type Revenue and Forecast to 2030 (US$ Billion)
  • Table 8. India: Bread Market, by Category Revenue and Forecast to 2030 (US$ Billion)
  • Table 9. India: Bread Market, by Distribution Channel Revenue and Forecast to 2030 (US$ Billion)
  • Table 10. Japan: Bread Market, by Type Revenue and Forecast to 2030 (US$ Billion)
  • Table 11. Japan: Bread Market, by Category Revenue and Forecast to 2030 (US$ Billion)
  • Table 12. Japan: Bread Market, by Distribution Channel Revenue and Forecast to 2030 (US$ Billion)
  • Table 13. South Korea: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
  • Table 14. South Korea: Bread Market, by Type Revenue and Forecast to 2030 (US$ Billion)
  • Table 15. South Korea: Bread Market, by Distribution Channel Revenue and Forecast to 2030 (US$ Billion)
  • Table 16. Rest of APAC: Bread Market, by Type Revenue and Forecast to 2030 (US$ Billion)
  • Table 17. Rest of APAC: Bread Market, by Category Revenue and Forecast to 2030 (US$ Billion)
  • Table 18. Rest of APAC: Bread Market, by Distribution Channel Revenue and Forecast to 2030 (US$ Billion)

List Of Figures

  • Figure 1. Asia Pacific Bread Market Segmentation, By Country
  • Figure 2. Porter's Five Forces Analysis
  • Figure 3. Ecosystem: Asia Pacific Bread Market
  • Figure 4. Asia Pacific Bread Market - Key Industry Dynamics
  • Figure 5. Impact Analysis of Drivers and Restraints
  • Figure 6. Asia Pacific Bread Market Revenue (US$ Billion), 2022 - 2030
  • Figure 7. Asia Pacific Bread Market Share (%) - Type, 2022 and 2030
  • Figure 8. Loaves: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 9. Sandwich Breads: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 10. Baguettes: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 11. Burger Buns: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 12. Others: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 13. Asia Pacific Bread Market Revenue Share, By Category (2022 and 2030)
  • Figure 14. Organic: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 15. Conventional: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 16. Asia Pacific Bread Market Revenue Share, By Distribution Channel (2022 and 2030)
  • Figure 17. Supermarkets and Hypermarkets: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 18. Specialty Stores: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 19. Online Retail: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 20. Others: Asia Pacific Bread Market Revenue and Forecast to 2030 (US$ Billion)
  • Figure 21. Asia Pacific: Bread Market (US$ Bn) (2022)
  • Figure 22. Asia Pacific: Bread Market Revenue Share, By Key Country (2022 and 2030)
  • Figure 23. Australia: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
  • Figure 24. Australia: Bread Market, by Type Revenue and Forecast to 2030 (US$ Billion)
  • Figure 25. China: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
  • Figure 26. India: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
  • Figure 27. Japan: Bread Market Revenue and Forecasts to 2030 (US$ Billion)
  • Figure 28. South Korea: Bread Market, by Category Revenue and Forecast to 2030 (US$ Billion)
  • Figure 29. Rest of APAC: Bread Market Revenue and Forecasts to 2030 (US$ Billion)