COVID-19 Impact on Frozen Bakery Products Market is expected to reach USD 24,527.3 Million During Forecast Period 2020 to 2026

Market Highlights

Global Frozen Bakery Products Market is likely to be valued at USD 24,527.3 Million by 2026, expanding at a 7.50% CAGR during the forecast period. The changing lifestyles, evolving dietary patterns, and availability of convenience food are factors that play an important role in defining the consumer’s food choices. The growing trend of consuming convenience food began in the western world and rapidly spread to other regions across the globe. Consumers prefer convenience foods as they are easy to consume and have nutritional value, variety, and product appeal. Due to changing lifestyles, consumers are spending less time planning and cooking meals at home, as they consider preparing food at home to be a time and energy-consuming process. The increasing consumption of convenience food is driven by the need to create more leisure time, which means that consumers look for options that would help them maximize their free time, doing the things they value more.

This, along with the increasing per capita disposable income, is expected to increase the demand for frozen bakery products. Frozen consumables are considered convenient as there is no need to put in a lot of effort to make these products edible. Frozen bakery products can be prepared by simply heating the product in a microwave or oven. Thus, the rising demand for convenience food is expected to drive the growth of the global frozen bakery products market during the review period. However, the high production cost of frozen bakery products is anticipated to restrict the growth of the global frozen bakery products market during the forecast period.

Key Players

Market Research Future identified Grupo Bimbo S.A.B.de C.V.(Mexico), Conagra Brands, Inc.(US), Associated British Foods PLC (UK), General Mills Inc. (US), Lantmännen Unibake (Denmark), Kellogg Company (US), Aryzta AG (Switzerland), Vandemoortele NV (Belgium), Europastry S.A. (Spain), and Cole’s Quality Food Inc.(US) as the Key Players in the Global Frozen Bakery Products Market.

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Key Findings of the Study

The global market for frozen bakery products is projected to register a growth rate of 7.50% from 2020 to 2026. Increasing consumer preference towards ready to eat food products is likely to upsurge the growth of frozen bakery products market at a global level.

The breads & rolls segment is estimated to retain its prominent share by 2026. The pizza & pizza crust segment is anticipated to register the highest growth rate during the forecast period.

The conventional segment is estimated to retain its prominent share by 2026. The gluten-free segment is anticipated to register the higher during the forecast period.

The store-based segment is estimated to retain its prominent share by 2026. The non-store-based segment is anticipated to register the higher growth rate of 8.26% during the forecast period.

Segment Analysis

The global frozen bakery products market has been segmented based on product type, category, distribution channel, and region.

By product type, the global market has been divided into breads & rolls, pizza & pizza crust, cakes & pastries, cookies & biscuits, others. The breads & rolls segment has accounted for a significant market proportion of 42.58% in the Global Frozen Bakery Products Market in 2019. Bread is a staple food made using baking dough made using flour and water. The dough is cultured with various leavening agents that help in making the bread soft and then is baked in an oven. Bread can be leavened by naturally occurring microbes, chemicals, industrially produced yeast, or high-pressure aeration. Commercial bread contains additives to improve flavor, texture, color, shelf life, nutrition, and ease of production. A roll is a small, usually, round loaf of bread served as a meal accompaniment. More often, it is also stuffed with fillings between two halves. However, the pizza & pizza crust segment is projected to witness the highest CAGR during the forecast period. Pizza is a savory Italian dish, comprising of a generally round, flattened base of leavened wheat-based dough topped with tomatoes, cheese, and various other ingredients baked at a high temperature, traditionally in a wood-fired oven. The Pizza Crust is the base of the pizza and varies according to style, which can either be thick or thin in size. The pizza crust is traditionally plain. However, it can be customized and seasoned with garlic or herbs and can also be stuffed with cheese.

By category, the global market has been divided into conventional and gluten-free. The conventional segment accounted for the maximum market share in 2020. The dominance of the conventional segment can be attributed to the high consumption of wheat flour in the preparation of bakery products. Wheat is a common source of gluten and is consumed widely due to its nutritious properties. On the other hand, ease of availability and economical pricing are also anticipated to boost the sales of the conventional segment.

Based on distribution channel, the global frozen bakery products market has been classified into store-based and non-store-based. The store-based segment is further segmented into supermarkets & hypermarkets, convenience stores, and others. The store-based accounted for the larger market share in 2020. Consumers prefer store-based channels as they provide a one-stop shopping experience. However, the non-store-based segment is projected to expand at a higher CAGR during the forecast period.

Regional Analysis

Geographically, the global frozen bakery products market has been categorized as North America, Europe, Asia-Pacific, and the rest of the world. As per MRFR analysis, Europe dominated the market, accounting for the largest share in 2019. North America frozen bakery products market accounted for the second-largest market share in 2020. Asia-Pacific is projected to register the highest CAGR of 8.10% during the forecast period.

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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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This release was published on openPR.