North America holds a significant share in global frozen bakery market and will register over 5.5% CAGR by 2024. Substantial consumption of bakery products such as breads, bagels, donuts, cookies, pastries, cakes, etc. in catering and quick service restaurants segment will signify the regional demand over the forecast years. Asia Pacific will capture more than a third of the entire frozen bakery market by 2024, driven by the growing regional population coupled with surge in demand for ready to eat products from younger generation. —
Asia Pacific is estimated to witness a significant growth due to rising disposable income and the growing standard of living amongst the population. The frozen bakery industry is anticipated to rise at a considerable pace in the Asia-Pacific region owing to the increasing demand for the processed food products.
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Global frozen bakery market based on its recipes is categorized as viennoiserie, breads, savory snacks and patisserie. Among these, breads & viennoiserie items seized the maximum share of the overall market share in 2017 and is expected to grow with a considerable CAGR over the forecast period. Widespread use of breads in several fast food joints such as McDonald's, Burger King etc. is expected to swell the product industry in the projected timespan.
Frozen bakery market according to its products is classified into ready-to-bake, ready-to-prove, and fully baked items. Fully baked items registered over 15% presence of the overall market. Various chains of cake and bakery stores extensively use these fully baked items to make final products such as pastries, rolls, donuts, etc.
Based on end-users, the global frozen bakery market is segmented into hyper markets & super markets, convenience stores, artisan bakers, HORECA (hotels, restaurants and catering) and several bakery chains. HORECA is expected to grow at sluggish rate of CAGR over the projected timeframe.
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Shifting lifestyles of consumers paired with the rising demand for processed food products is expected to propel the frozen baked goods market globally during the forecast timeframe. Several amicable properties of the frozen bakery products, such as affordable prices, eco-friendly manufacturing process, better quality and convenience in product availability are expected to fuel the product demand. These frozen edibles can be kept fresh for long durations. Various frozen bakery products such as breads, pastries, cake dough, patisserie, etc. are surging in demand, which is positively driving the frozen bakery market across the globe in the projected time period.
Convenience factor coupled with changing taste pattern of the population are the major reasons for the growth of frozen bakery products in expected timespan. These products save the preparation time and are popular among the food service providers such as restaurants, bakeries, retail outlets, etc. Extensive marketing campaigns by the market players and retailers to make the product an attractive household food will further strengthen the product demand in coming years.
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The production process of the frozen bakery products consumes a considerable amount of energy that incurs high expenditure. Even the warehousing of these bakery items requires heavy electricity consumption. These energy costs may prove to become an obstacle in the growth of the frozen bakery products market in the near future.
Key industry players in the product market includes Vandemoortele, Grupo Bimbo, BredenMaster S.A., Aryzta AG, Comapan S.A, Weston Foods and CSM Bakery Solutions.
Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Release ID: 88891030