According to Future market Insights, the global Frozen Bakery market size is estimated to be valued at USD 23billion in 2021 and is projected to reach USD 49 billion by 2032, recording a CAGR of 7.4% during the forecast period. Key factors that have contributed to the growth of frozen bakery products are a spiralling preference toward convenient food and the popularity of specialty frozen bakery goods. Intra-industry competitiveness is high and affects the market positively.
Processed food has become one of the preferred choices of convenient foods complementing today’s hectic lifestyle. As a result, there is an inevitable rise in the demand for baked food. This has in turn led to the growing acceptance of frozen bakery since it is easily available and can be prepared for meal in much lesser time. In addition to this, the low cost of frozen bakery makes it ideal for consumption among millennial.
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It includes in-depth insights into the frozen bakery market. Some of these are:
- The estimated value of the market was at US$ 19.1 Bn in 2020. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, Europe emerged as a key market for frozen bakery.
- North America and Asia will remain key markets for frozen bakery besides Europe
- While retail continues to remain the most preferred channel of distribution, market players are soon expected to diversify, which would drive their focus to catering and industrial channels for distribution.
- Key players are likely to focus on product innovations to stay relevant in developed markets.
“In Europe, Germany has emerged as one of the most lucrative markets for frozen bakery. Surge in tourism and catering business has been giving impetus to growth witnessed in Europe. These trends are unlikely to change in the coming years, which will turn favour growth of the overall frozen bakery market in Europe,” revealed a lead analyst at FMI
Changing Lifestyle and Adoption of Healthier Routine Will Remain Key Growth Drivers
Growth witnessed in the global frozen bakery market to a large extent is attributable to changing lifestyle of consumers. As life gets hectic and busier, consumers are finding it more and more difficult to invest time in cooking or home prepped meals. This creates an ideal environment for the sales of frozen bakery. Aided by the surging number of retail outlets, the frozen bakery market will continue exhibiting an impressive growth trajectory through the course of the report’s forecast period.
FROZEN BAKERY PRODUCTS MARKET TAXONOMY
The global Frozen Bakery Products market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers
Type
- Bread
- Cakes & Pastries
- Pizza
- Others
Distribution channel
- Supermarkets
- Hypermarkets
- Convenience Store
- Online
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
Who is Winning?
Some of the leading players operating in the frozen bakery market are Dawn Food products Inc, General Mills, Lantmannen, Cole’s Quality Food Inc, Europastry, Bridgford Foods Corporation, Conagra Brands, Cargill, Grupo Bimbo , Aryzta AG.
As a result of increasing competition, manufacturers are focusing on expanding their product portfolio and improving sourcing process. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
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Frequently Asked Questions
- How much is the frozen bakery market currently worth?
- At what CAGR is the market expected to grow?
- How was the performance in the last five years?
- What are the key trends boosting Frozen bakery sales?
- How are market players reacting to the new developments in the market?
- Which are the major countries driving the demand for frozen bakery?
- What are the challenges frozen bakery product companies face?
- Who are the major players in Frozen bakery Market?
- At what rate will the U.S. frozen bakery market grow?
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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