LATAM Frozen Bakery Market will surpass USD 5.7 billion by 2025; according to a new research report.
Improving standard of living in major economies of Latin America such as Mexico, Chile, and Brazil will augment the growth of retail sector in the region. This could be seen as a key driving factor for the growth of frozen bakery product in near future. In most of Latin American countries supermarkets are the major food distribution channel, accounting around 60 percent share of total distribution network in Chile. The country is also one of the largest bread consumers across the globe, which makes it a potential market for the frozen bakery products. Rising disposable income and large number of population getting employed, especially women, will augment the LATAM frozen bakery market growth in coming years.
High energy prices are prevalent in many of Latin American countries such as Mexico, Brazil, Colombia and Chile. To freeze bakery products cryogenic equipments are used and they consume a significant amount of energy which increases the overall cost of production. Due to this, the final product prices are more than conventional freshly baked ones. Energy cost fluctuations affect the smooth operations of product manufacturer. The above-mentioned factors can be seen as restraint for the LATAM frozen bakery market growth over forecast time period.
Based on type of recipe; the market is categorized into viennoiserie, savory snacks, bread and patisserie. On volume basis bread holds about 60% share in LATAM frozen bakery market and it is expected to further increase as consumers are now spending more on convenient and healthier foods as the real income of the population is increasing.
On product basis, the market is segmented into ready-to-prove, ready-to-bake and fully baked. Among these ready to bake will exhibit a growth rate of about 3% over the forecast time spell. This is due to the product usage among most of the restaurants and fast food joints across the region. With improving bilateral relations of Latin American countries with rest of the world, the tourist footfall will increase in region augmenting the LATAM frozen bakery market growth in near future.
Based on end-use, hotels, restaurants and catering (HORECA) sector holds a share of about 20% on volume basis. The restaurants in Latin American serve local cuisines and bread is one staple food in their diets, thus enhancing the bakery product consumption. To decrease the time in making a dish and investing it on garnishing, finishing and final touch-ups, chefs are preferring frozen bakery product over conventional ones. This will help them to retain customers and increase their goodwill. These trends are expected to follow and will drive LATAM frozen bakery market demand over forecast timeframe.
On country basis, Chile will show a decent growth rate of over 3.5% in forecast time period. Increasing demand of convenient foods along with expanding retail chain network will propel the frozen bakery products demand on Chile. Increasing tourism and hospitality industry in the region will also contribute for the LATAM frozen bakery market growth in coming years.
The key players in LATAM frozen bakery market are BredenMaster, Groupo Bimbo, Patagonia Artisan Bakers, Europastry, General Mills, etc.
LATAM frozen bakery market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in thousand units & revenue in USD million from 2013 to 2024, for the following segments:
LATAM Frozen Bakery Market, by Recipe
- ·Savory snacks
LATAM Frozen Bakery Market, by Product
- ·Fully baked
LATAM Frozen Bakery Market, by Product
- ·Convenience stores
- ·Hypermarkets & supermarkets
- ·Artisans bakers
- ·Hotels, restaurants, and catering (HORECA)
- ·Bakery chains
The above information is provided on country basis for the following:
- ·Latin America (LATAM)