Global frozen bakery products market is projected to grow with a CAGR of 8% during the forecast period.
- The increasing number of work professionals coupled with the growing popularity of convenience foods is likely to drive the market for frozen bakery products. The frozen bakery sector exhibits well-established in-store bakeries, coffee chains, cafes, and quick-service restaurants. These outlets are quickly seizing the opportunity associated with frozen baked products – greater convenience, availability, and a wide range of variability in products.
- Consumers who are looking for convenient, indulgent, and on-the-go snacks are presented with the choice between fresh as well as the frozen baked products. Consumers exert considerable pressure to drive the prices of baked goods.
Scope of the Report
The global frozen bakery products market offers a range of products, including bread, cakes and pastries, morning goods, and other bakery goods distributed through hypermarkets/supermarkets, Speciality stores, departmental stores, online retailing, and other points of sale. The study also focuses on the market scenario at the global level.
Key Market Trends
Rising Demand for Specialty Bakery Products
The specialty bakery products market is expected to attain exponential trajectory in the foreseeable future, owing to the growing consumer preference for a convenient alternative to freshly baked specialty products. The rapid economic development, which is taking place in the emerging as well as developed economies, has led to a highly dynamic market scenario for consumer goods – bakery products are no exception. The hectic schedules and the increasing number of women entering formal employment have made the specialty frozen baked goods segment more popular. The growing health concerns among the consumers has provided a great opportunity for the specialty bakery products to incorporate functional bakery ingredients such as Oats, legumes, probiotics, cereals, and fortified margarine to capture a broad consumer base. Such evolving factors have led to an increasing number of specialty bakery shops across the globe.
Europe Holds a Major Market Share
The European bakery industry leads the global bakery market, and so does the frozen bakery industry. In the mature US and European frozen bakery markets, the fastest-growing brands are those specializing in healthier baked goods, using high quality of nutritional ingredients and meet demand in ’free-from’ and for food ’on-the-go’. The morning goods segment is the most dominating segment in the industry. People prefer convenient and grab-and-go products for breakfast, and this favors the increasing demand for frozen bakery products. Availability of gluten-free frozen baked goods has helped in the growth of the market. Rising disposable incomes, urbanization, and the demand for Western-style diets are supporting the growth in sales of baked goods and pastries in Asia-Pacific, especially in China and India, and are witnessing a growing demand for frozen bakery products. The growth in the frozen bakery products market also paves way to enormous growth in the processed food production sector and vice-versa. It has also led to the introduction of a diverse range of innovative frozen bakery products.
The market studied is highly fragmented, with the substantial presence of numerous global and regional players. The market consists of numerous players for retail and foodservice channels. The major players are focusing on extensively providing consumers with innovative and exotic flavors, while providing convenience in packaging and consumption. The key players in the frozen bakery product market are - Dawn Food Products, Inc., Kellogg Co., and General Mills, Inc. The increasing demand among the millennial population has been one of the driving factors for the expansion of various companies across regions, with the introduction of new and innovative products.
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