Frozen Bakery Market Revenue | Share and Industry Demand by 2024
Market Overview
Global Frozen Bakery Market Revenue is projected to grow at a CAGR of 6.60% and reach USD 21,842.82 Million, as per a research report published by Market Research Future (MRFR). The market has been growing continuously on account of increased popularity and consumption of frozen bakery products among consumers across the world. Frozen bakery products have a long shelf life and act as ready-to-eat convenience food which makes it very popular among consumers. Surging preference for artisanal bakery products and development of new flavors and products have led to a growth in the market. Moreover, progress in packaging technology and global air-conditioned supply chains which help in the inhibition of bacterial growth further propel the growth of the market.
Growing application of frozen bakery in fast food chains along with the rise in a number of high-end bakery shops augments the demand for frozen bakery market. Other factors which drive the market growth are low prices of frozen bakery products and easy & environment-friendly manufacturing process. Increasing research and development in the field also boosts the market growth. Development of innovative products and improvement in the quality of frozen products which include enzymes, hydrocolloids, antioxidants and sourdough fermentation has gained popularity among the consumers and impacts the market positively. Preference for conventional and freshly baked product due to rising health awareness is a probable hindrance to the market growth. Increasing concerns over food contamination and adulteration are other limiting factors.
Competitive Landscape
The notable players of the Frozen Bakery Market Revenue include Arista AG (U.S.), Flowers Foods, Inc. (U.S.), Lantmannen Unibake, USA, Inc (Denmark), Europastry SA (Spain), Grupo Bimbo SAB de CV (Mexico), Rich Products (U.S.), Vandemoortele Bakery Products (France), and General Mills, Inc. (U.S.).
Industry Updates
In July 2018, an Oxford-based bakery, Modern Baker received a funding award from an innovation agency Innovate UK for the evaluation of the effect of different freezing processes on the bakery products. The research will assess the impact of freezing on blood glucose response, fiber levels, and nutrition.
In July 2018, US Highland acquired Supreme Sweets, a commercial bakery which specializes in the frozen bakery. The acquisition is part of US Highland's long-term growth strategy, and it will now focus on expanding its product line, especially gluten-free and low-calorie items.
Segmentation
Global Frozen Bakery Market Revenue has been segmented based on type, packaging, and application. By type, the market has been segmented into Bread, Rolls & Buns, Cakes & Cupcakes, Muffins & Cupcakes, Cookies & Doughnuts, Pies & Tarts, Sandwiches & Wraps, and others. By packaging, the market has been segmented into Moisture-vapor-proof, Odor-Proof, Temperature-Proof and others. By application, the market has been segmented into Pizza Base, Cake Batter, Burger Buns, Sandwich Slices, Breakfast Foods, Appetizers, Snack Foods, Confectionery, Desserts and others.
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The pizza based application segment dominates the Frozen Bakery Market Revenue and holds 17% of the market share and is expected to grow at a CAGR 7.09% over the forecast period. High demand for fast food can be attributed to this growth. Frozen desert based application segment is likely to witness high growth over the forecast period.
Regional Analysis
The Key Market of the global Frozen Bakery Market Revenue include North America, Europe, Asia Pacific and the Rest of the World (RoW). Europe dominates the frozen bakery market and is expected to reach USD 8,000 Million with CAGR of 7.27% by 2023. However, the North American market is expected to grow considerably due to the increasing popularity of bakery products and presence of infrastructure and supply chains. High purchasing power and high disposable income are other factors which are expected to drive the market. The Latin American regions of Argentina, Mexico, Chile, and others are also likely to generate high growth. Japan, China and India lead Asia Pacific market. Growing tourism industry drives the market, however, lower consumption of wheat in the region is expected to hinder the market growth. The Middle East & Africa market is expected to demonstrate high growth due to high consumption and wealth of wheat.
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