Market Research Future (MRFR) anticipates the specialty frozen bakery market to touch USD 3.434 million by 2027. MRFR further expects the market size to expand at a rate of 4.45% from 2020 to 2027.
Major Boosters and Impediments
Dramatic increase in the preference for processed food in line with surging inclination towards baked products has been favorable for the global market. Soaring popularity and consumption of frozen bakery is the result of their convenience, easy product availability, low costs as well as speed of preparation. The global market's growth is also fostered by the heightened demand in small-and-large scale food chains and coffee shops.
Frozen pre-proofed dough has emerged fast as a convenient option and is replacing fresh-baked bread across various countries. Bakery products such as rolls, bagels and bread are widely available as ready-to-thaw items, while pastries and croissants are generally sold in ready-to-bake form. The availability of a variety of frozen bakery products in line with the consistently evolving consumer tastes and preferences should add to the market value to a great extent.
The market growth is also bolstered by the prevalence of busy schedules of the consumers combined with the soaring knowledge about the nutritional information of different food products. This is the case especially in Asia, where the specialty frozen bakery market has been growing at a spectacular pace, in view of rising employment rate and mounting number of time-pressed consumers looking for ready to eat snacks.
Type, customer type and distribution channel are the major market segments analyzed in the MRFR report.
Types of specialty frozen bakery products include Bread rolls Artisan Loaves, Savory, Pizza Crust, sweet baked goods Morning Goods, and more.
Customer types included in the report are Industrial, Home makers, and others.
Depending on distribution channel, the key segments are Foodservice, Quick Service Restaurants, Convenience/independent retail, Large Retail, and more. Supermarkets forms the biggest share of more than 55% in the market, since the majority of the consumers prefer checking the products' authenticity before buying. On the other hand, in view of the rising usage of the internet as well as smartphones along with the convenience offered by e-commerce platforms, non-store-based distribution channels have turned out to be quite popular among consumers.
Asia Pacific/APAC, Europe, North America, and RoW/rest of the world are the major markets for bakery processing worldwide.
Europe owns the biggest share of 34.5% in the global market, while Germany is ranked first in the region. The consistent growth of the tourism as well as food supply sectors across Italy, Germany, and the United Kingdom present lucrative opportunities. Europe has renowned players with well-established supply chain, distribution channels, extensive product ranges that cater to the constantly evolving consumer tastes and preferences. Product innovation is a key focus area for a lot of companies and the regional market is frequently marked with launch of new types of pastries, cookies and cakes.
Asia Pacific is touted to capture the fastest growth rate in the next few years, with the demand expected to soar considerably in India and China. The frozen bakery products market in these countries are quire promising, given the rising disposable income as well as purchasing capacity of the booming population. Considering the growing prevalence of hectic lifestyles led by the consumers, convenient food products have gained significant traction in the region, which should foster the demand for frozen bakery products. Puffs, muffins, and several savory items have also sparked the interest of the younger population. The market demand in the region is further pushed by the thriving hospitality industry and the surge in tourism.
Industry participants profiled in the MRFR report include Grupo Bimbo SAB de CV (Mexico), Mantinga, UAB (Lithuania), Vandemoortele Bakery (France), Harry-Brot GmbH (Germany), Germoglio Food Spa (Italy), Europastry Sa (Spain) ), Lantmannen Unibake (Denmark), Flowers Foods, Inc. (USA), Rich Products (USA), Aryzta AG (Switzerland), to name a few.
These companies frequently undertake competitive strategies like product innovations and new launches as well as divestments to elevate their business standing, by upping their competitive edge.
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