Frozen Bakery Market share, Trend, Segmentation and Forecast by 2017-2024 Analysis
Increasing disposable incomes and the inclination toward westernized diet trend is increasing the commercialization of frozen baked products, which no doubt is leaving an impact on the global frozen bakery industry share. Estimates depict that the industry will surpass a revenue of USD 25 billion by the end of 2024, with 8.8% CAGR projection over 2017-2024.
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The Frozen Bakery Market size is anticipated to cross USD 25 Billion by 2024; according to a new research report by Global Market Insights, Inc. The growth prospects of frozen bakery market have been projected to be positive high over the forthcoming years. This is evident from the recent acquisition of famous Columbian frozen baked food company, Panattiere by Grupo Bimbo in a bid to expand Bimbo’s business portfolio in the frozen bakery industry. Panattiere, the Columbian baked food company held a lucrative business space in bakery items including muffins, sandwich rolls, puffs, and soft bread. With this procurement Bimbo Group will get a chance to exploit their expanded in- store food channel and upgraded food service. Driven by the strategic necessity to access emerging markets, widen product portfolio, and increase individual market share these cross-border deals are certainly adding a renewed dynamism in the overall frozen bakery industry.
As aforementioned, westernized diet trends have been influencing the global frozen bakery market immensely. Most of the western countries like France, Mexico, Spain, and Germany include pizza as a part of the staple diet. With increasing globalization, pizza and related thin crust baked products have penetrated in the APAC belt as well. In fact, pizza crust covers almost 30% of the overall product landscape of frozen bakery market and is likely to contribute significantly toward the overall share by 2024.
Having said that, Asia Pacific frozen bakery market is witnessing strong foothold over the global industry, accounting for almost 20% of the overall landscape. China is projected to be a major revenue pocket for the regional market. Increasing urbanization and affluence along with a notable influence of western culture are the prime factors driving the China market. Statistics reveal that the country’s demand for baked foods have been growing at a fast pace over the past decade, and in future too the trend is likely to continue. High economic growth, subsequent increase in the production base, and increasing consumption of frozen baked foods will collectively favor the regional frozen bakery market augmentation.
Other than APAC, the extensive growth of frozen bakery industry is quite vivid across North America and Europe. Europe has been witnessing an increasing import and export of frozen cakes & pastries, which is perceived to be the prime factor driving the market. With Germany, U.K., and France on the growth front, Europe frozen bakery market in the coming years is expected to carve an appreciable growth. Along the same lines, North America market is also highly influenced by the commercial trading. Cakes and pastries with high glucose starch and low protein ratio observe a huge popularity among the North Americans. Increasing proliferation of frozen cakes and pastries across two such major continents will allow the product segment to dominate the industry landscape over 2017-2024.
Leading companies involved in the frozen bakery industry have been increasingly investing in research activities to widen the product range and at the same time grasp a better distribution reach. Based on the distribution channel, the global market is segmented into hypermarkets supermarkets, catering & industrial, artisan bakers, and quick service restaurants. With the growing number of supermarkets across developing nations, frozen bakery market from this channel is projected to record a lucrative valuation of USD 9 billion over the coming seven years. From catering and industrial segment, the market is expected to chart maximum growth in the years ahead, subject to the rising number of national and international bakery products based retail chains across the world.
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Consumption of frozen baked foods of late has been increasingly high in MEA, due to shifting consumer preference from dietary supplements to ready to eat meals. As per estimates, the regional frozen bakery market in terms of volume is set to exceed 220 kilotons over the coming seven years.
Consumers nowadays are highly health conscious, which undoubtedly is one of the major grounds influencing the market dynamics. Though hectic lifestyles have resulted in an increased consumption of processed bakery food, yet freshly baked products have an upper hand as long as food quality is concerned. Health related problems and sustainability issues are likely to act as a major deterrent for the growth of frozen bakery industry. However, unprecedented efforts are being undertaken by the market players to minimize the limitations as far as possible. Some of the top giants operating in the frozen bakery industry include ConAgra Brands, Kellogg Company, Grupo Bimbo, Cole’s Quality Foods, Pepperidge Farm, and Lantmannen Unibake.
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