Frozen Bakery Products Market Is Projected To Be Around $ 24.59 Billion By 2023
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A research study titled, “Frozen Bakery Products Market by Product, Application, Source Type, and Modality - Global Industry Analysis and Forecast To 2023” published by Crystal Market Research, states that the frozen bakery products Market is projected to be around $ 24.59 billion by 2023.
The global frozen bakery products market evaluated approximately USD 11.07 billion in 2013 and is anticipated to reach around USD 24.59 billion by the end of 2023 with registering itself at a compound annual growth rate (CAGR) of 8.31% over the forecast period. Frozen Bakery products are bakery yields which are refrigerated and frozen at very low temperature to conserves it for a longer period of time. Low-temperature storage conserves not just the bakery products but also the organoleptic characteristics of the baked products including flavor, color, and texture. Frozen bread rolls, frozen bread, frozen pastries, frozen cakes, frozen patisserie and frozen pizza crust are a few of the key instances of frozen bakery products. The bakery products demand is found to be growing depending on the high requirements from customers as they are referred as convenience foodstuffs with longer shelf-life and maintained organoleptic characteristics. Out of all frozen bakery products, frozen pizza crust leads the highest market share followed by frozen pastries and frozen bread. In western nations, a lot of people choose to take frozen pizza as an ingredient of their everyday meal. Frozen bakery market maintains approximately 8% of the global frozen food market.
The global frozen bakery products market is projected to experience significant growth owing to the amplified ready-to-unfreeze and ready-to-bake frozen bakery products demand. Major driving factors for the global market are taste uniformity demand among customers, convenience rendered by these products, and expansion in retail outlets dishing these products. The key market players have accomplished a competitive edge by offering these products in fast service restaurants, coffee chains, gas stations, and store-indoor bakeries. Several benefits presented by these bakery products like better quality, ease of availability, reasonable pricing, and environmentally friendly manufacturing process, are fueling the growth of the global frozen bakery products market. However, inadequate distribution services in semi-urban and rural areas and deficiency of refrigeration facility in the retail stores can hamper the growth of the global frozen bakery market over forecast years.
The key market manufacturers in global frozen bakery market are Vandemoortele N.V., Conagra Brands Inc., Lantmannen Unibake International, Associated British Foods plc, Kellogg Company, Grupo Bimbo, Europastry, S.A., General Mills, Inc., Aryzta AG, Flowers Foods, American Desserts, General Waffel Manufactory, Warburtons Bakery, Bridgford Foods Corporation, Maple Leaf Foods, Inc., Cole’s Quality Foods, Inc., Pepperidge Farm, Custom Foods, Inc, Deiorio Foods, Inc., Alpha Baking Company, Inc., and . Cargill Incorporated. On the basis of product type, the market is classified into; rolls, bread, cakes, pastries, pizza, donuts, crusts, and others. According to the application, the global market is split into; convenience stores, hypermarket & supermarket, baker shops, catering & industrial, and quick service restaurants. Geographically the market industry is segmented into regions which are; North America (the United States, Mexico and Canada), Europe (Germany, Spain, Italy, France, UK and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific) and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the frozen bakery market
- The global Frozen Bakery market is anticipated to reach USD 24.59 billion by 2023 with a CAGR of 8.31%.
- The temperature-proof packaging of frozen bakery desserts will keep command of the frozen bakery market with around 30% market share and it is estimated to grow at a CAGR of 8.31% by 2023.
- Europe region will continue to lead the frozen bakery market with approximately 35% market share.
- Frozen pizza crust based application of frozen bakery market is likely to retain a major portion of the total market share.
- Bread based application of frozen bakery market will persist its lead with over 20% market share.
- The catering industry is increasing faster than other food service segment and its profits have almost doubled over the previous decade.