Global Frozen Bakery Products Market Overview
The key driver impacting the frozen bakery products market is the rise in demand for frozen food products. Frozen foods recorded an amount of $65.1 billion in retail sales in 2020. It shows a rise of 21% compared to 2019 as per the Food Industry Association (FMI) and the American Frozen Food Institute (AFFI). According to the Institute of Food Technologists, nine out of the ten top-selling categories in frozen foods climb in dollars, and all ten categories were up in unit sales. Bread/baked goods are the fifth-largest gourmet food category, with sales of $3 billion, in 2019 up 18% from the last two years. Families with kids are possibly buying frozen foods; they are expected to add 40% of snack food sales. Moreover, the integration of growing demand for specialty bakery products contributes to the growth of the frozen bakery products market in the later years. Whereas with regards to volume, the market was calculated XX Kilo Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global Frozen bakery products market size was valued at about USD 22 billion in 2020 and is projected to expand at a CAGR of around 5.75% during the forecast period 2021 to 2027.
The developments in the retail industry worldwide are likely to augment the market demand in the forecast period. For instance, the Crescendo Worldwide Organisation, The Retail market sales across the world reached almost $24 Trillion in 2018. It is predictable that retail sales globally By 2023 will achieve about $30 Trillion, which was around $23 Trillion in 2017. The retail industry of India is one of the fastest-growing sectors globally, with the total sales of around US$ 2.47 billion were recorded in 2019.
It is projected to arrive at US$ 1.1 trillion in 2020, as per the India Brand Equity Foundation. However, an increase in preference for freshly baked products may hamper the market in the long run. Also, the need for constant temperature monitoring is negatively impacting the market growth. On the other hand, the current industry trends, such as the growing adoption of individual quick frozen (IQF) technology to maintain the frozen bakery products freshness and rising utilization of microencapsulation technology to enhance the shelf life of frozen bakery products, are expected to offer several beneficial market opportunities to the key players.
The frozen bakery products market is vast, with many local and global players. The frozen bakery products market is extensive, with many international and regional players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key market players studied in the report include General Mills Inc., Grupo Bimbo, Europastry, S.A., Conagra Brands, Inc., Kellogg Company, Associated British Foods Plc Lantmannen Unibake International, Vandemoortele Nv, Premier Foods Group Ltd., Incorporated, Cargill, Flowers Foods, Bridgford Foods Corporation, Cole's Quality Foods Inc., and Dawn Food Products Inc.
In this research report, the Frozen bakery products market is segmented by type, a form of consumption, distribution channel, and region.
Analysis by Type:
By type, the report is categorized into bread, pizza crusts, cakes & pastries, and other types. The cakes & pastries segment dominates the type segment with over 70% share in 2020. It is due to the growing popularity of cakes and pastries among people of age groups. Moreover, the rise in demand for single-serving frozen pastry products due to short preparation time and convenience contributes to the cakes & pastries segment growth in the forecast period.
Analysis by the Form of Consumption:
By form of consumption, the report is categorized into ready-to-proof, ready-to-bake, and ready-to-eat. The ready-to-bake segment dominates the form of consumption segment with over 85% share in 2020. It is due to the growing pre-baked products demand as it require less time in the baking process and provide the facility of making fresh bakery products. Moreover, the development of freezing technology offered the best-known preservation solutions for the bakery industry by increasing the shelf life of products, contributes to the ready-to-bake segment growth in the coming years.
Analysis by Distribution Channel:
By distribution channel, the report is segregated into Conventional stores, specialty stores, and institutional foodservice & catering. The conventional store's segment dominates the distribution channel segment with over 65% share in 2020. Conventional stores are considers as the most prominent distributional channel for frozen bakery products, and the majorly of leading companies are marketing their products across regions through conventional stores. Moreover, the availability of a large variety of frozen baked products at varied prices and attractive discount offers contributing to the growth of the conventional store's segment in the forecast period.
Analysis by Region:
In the regional outlook of the global frozen bakery products market, the Europe region dominates globally with a 32% market share in the forecast period. It is because many of the member nations in the EU are actively encouraging manufacturers to produce frozen bakery products. Moreover, growing consumer preference for frozen baked products and well established French bakery market contribute to tremendous market growth across Europe.
Market Segmentation covered in the Report:
By Type
- Bread
- Buns
- Donuts
- Scones
- Loaves
- Pizza Crusts
- Cakes & Pastries
- Pies & Tarts
- Croissants
- Sponge Cakes
- Muffins
- Other Types
By Form of Consumption:
- Ready-to-proof
- Ready-to-bake
- Ready-to-eat
By Distribution Channel:
- Conventional Stores
- Mass Merchandisers
- Grocery Stores
- Online Retailers
- Specialty Stores
- Artisan Bakers
- Bakery Stores
- In-store Bakeries
- Food Services
- HORECA
- Institutional Food Service & Catering
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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