Frozen Bakery Product Market Size is Project to be Worth $33.3Bn Globally by 2028 – Exclusive Report by The Insight Partners
The global frozen bakery products market share to expand at a CAGR of 4.0% from 2021 to 2028.
Pune, India, Oct. 13, 2023 (GLOBE NEWSWIRE) — According to our latest study on “Frozen Bakery Product Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Category, End Use, and Geography,” the frozen bakery products market is expected to grow from 25.31 billion in 2021 to US$ 33.3 billion by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028.
Some of the major key players operating in the global frozen bakery products market includes Conagra Brands, Inc.; Lantmannen Unibake.; Cole’s Quality Foods Inc.; Grupo Bimbo; S.A.B. Dec.V; General Mills, Inc.; Aryzta Ag; Europastry; Dawn Food Products, Inc.; and Bridgford Foods Corporation. The major players in the frozen bakery products market are focusing on strategies such as mergers and acquisitions and research and development to increase the geographical presence and consumer base globally.
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Rise In Demand for Convenience Food
Frozen bakery product’s demand is surging, owing to rising consumer preference toward processed or convenience foods. In addition, the easy availability of frozen bakery products has influenced the buying pattern for the shoppers who are concerned with the dietary merchandise and rendered a firm place to the frozen bakery products in the list of daily consumables. Moreover, due to the growing food & beverages industry and improving economic conditions, consumers in developed and developing regions worldwide are moving toward convenience foods. The rural–urban migration has also increased in developing countries which has led to an increase in street vending, ready-to-eat, and convenience foods. As a result, there has been a notable rise in the consumption of ready-to-eat foods, which has resulted in a significant increase in the market for convenience foods. Further, frozen bakery products have also found a shelf in retail stores and supermarkets due to the diversification of distribution channels. In addition, other factors driving the demand for convenience foods include change in working demographics and a busy lifestyle. Therefore, the demand for frozen bakery products is expected to increase in response to the growing demand for convenience foods. The demand for convenience food is being fueled by the launch of longer-shelf-life frozen bakery products and an increase in the working population across the globe, along with a rise in the female workforce. Consumers buy and store frozen bakery items in their busy schedules and consume them as required.
The urbanization of society has resulted in the increase in prevalence of convenience foods in the western diet, resulting in the market development. The availability of a wide range of frozen bakery products such as waffles, cookies and donuts, bread, cakes, and pastries provide customers with several options to choose from. Furthermore, increase in economic standards, rise in disposable incomes, and diversification of food preferences are driving the demand for convenience foods. This, in turn, is boosting the growth of the frozen bakery products market. To meet the rising demand, companies are developing higher-quality frozen bakery products and more effective distribution networks to serve a larger consumer base. For instance, on March 31, 2021, Dawn Foods announced the acquisition of JABEX—which is a family-owned manufacturer based in Bielsko-Biala, Poland—that specializes in high-quality fruit-based products for the bakery industry. Therefore, the rising demand for convenience food items, is expected to stimulate the growth of the global frozen bakery products market.
Global Frozen Bakery Product Market: Segmental Overview
Based on product type, the global market for frozen bakery products is bifurcated into cookies and biscuits, breads and rolls, cakes and pastries, and others. In 2020, the bread and rolls segment accounted for the largest market share. Bread is a staple food prepared from a dough of water and flour. It has been a prominent food in many countries for a very long period. As the breads are prepared from the frozen dough, the biological materials, which are present, should be viable and metabolically active till the time of baking where these ingredients are denatured or killed. There has been an increase in the usage of bread as a frozen bakery, owing to the inclusion of a wide variety of additives such as fruits, nuts, various fats, and chemical additives that help in improving the texture and flavor and increasing the shelf life of the frozen bread. The frozen bread dough is used to make different food items such as calzones, deep-dish pizza, cinnamon rolls, sesame breadsticks, and chicken pot pie.
The frozen bakery products market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). Europe accounted for the largest shares of the industry in 2020. Frozen bakery products market registered a notable growth in Europe, owing to the convenience these products offer, especially in minimizing the time required for cooking and baking. Moreover, the growing demand for ready-to-eat food products owing to hectic work schedules is also expected to contribute to the market growth in the region over the forecast period. According to a report published by Food Drink Europe, the food & beverages industry in Europe accounted for turnover of US$ 1,463.5 billion in 2020 making it one of the largest manufacturing industries in Europe. The growth of this industry is driven by the rising demand for comfort foods, frozen foods, and ready-to-eat meals. Moreover, the foodservice sector is expected to register a notable growth over the coming years leading to the rising trend of cloud kitchen services, quick service restaurants, online food delivery services, and other such factors in Europe.
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Impact of COVID-19 Pandemic on Frozen Bakery Products Market
The COVID-19 outbreak has impacted different industries in different manner. Amid the pandemic, the lockdown imposition is restricting the supply chain of frozen bakery products. The unavailability of raw materials and labor, due to the restrictions on the movement of people, is hindering the production of frozen bakery products. The frozen food industry has seen a steady growth amid pandemic as people are consuming foods that have a longer shelf life.
According to the President of American Frozen Food Institute (AFFI), the US based frozen foods players has seen the sales of the frozen food products in the US were increased by 18.2% in 2020, which is approx. US$ 66 billion in sales. According to the AFFI report of November 2020, the decrease in the visits to grocery store and being prepared to avoid food shortages motivated the consumers to buy frozen food products during the pandemic. The frozen food products supply chain has been mostly shifted from foodservice to the retail sector as the demand for frozen foods, such as frozen bakery products, has seen a shift from the foodservice to household consumption. According to AFFI, during COVID-19 outbreak, the consumers shopped online at a record rate where the sales for frozen food, including frozen bakery, witnessed a 75% increase. Thus, the increase in online sales for frozen food has resulted in a positive impact on the frozen bakery products market.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Frozen Food Market Analysis, Size & Forecast 2028
Cakes and Pastries Market Size and Forecasts (2020 – 2030)
Frozen Waffles Market Size Report | Global Overview 2023-2030
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