ID: MRFR/F-B & N/8163-CR | May 2020 | Region: Global | 111 pages
According to MRFR, the Global Frozen Baking Goods Industry is forecast to record a CAGR of 7.50 percent and to hit USD 26,366.8 Mn by 2027. The growing demand for convenience food, the rising number of working women and the fast development of the integrated retail industry are the main factors for the growth of the global market for frozen bakery items.
The consumer food & beverage industry first encountered high demand for kitchen staples, nutritious food items, and long shelf-life consumables in the wake of the global pandemic crisis and the unending lockdown across countries. In the early stages of the crisis, demand for frozen food products, fruits and vegetables, eggs, flour and whole grains, among others, saw a significant increase. Many businesses in the sector are currently faced with low consumption of their products and issues with the supply chain. Businesses focus more on changing their supply chains in order to boost their web presence and logistics programmes in an attempt to adapt to the current market environment. Changes in consumer buying behaviour and dynamic changes in online and D2C sales networks may have significant repercussions for the industry's near-future growth.
Growing Adoption of Convenience Foods to Drive Market Growth
The rising wave of consumption of convenience food started in the western world and expanded quickly to other regions across the globe. Consumers choose convenience foods because they are easy to eat and have nutritious content, versatility and appeal to the commodity. Due to evolving habits, consumers spend less time planning and cooking at home as they perceive preparing food at home to be a time-consuming and energy-consuming operation. Increasing intake of comfort food is motivated by the desire to build more spare time, which means that customers are searching for choices that will help them optimise their free time and do the things they enjoy more. This, along with an increase in disposable per capita income, is projected to increase demand for frozen bakery goods. As a result, growing demand for convenience food is projected to fuel the growth of the global market for frozen bakery items during the review period.
Launch of New Products to Create Growth Avenues
Along with the rising prevalence of convenience foods, the growing number of job practitioners is expected to drive the demand for frozen baking items. Well-established in-store bakeries, coffee shops, cafes, and quick-service restaurants are on offer in the frozen bakery market. The opportunity associated with frozen baked goods is rapidly grasped by these outlets: greater comfort, affordability, and a wide variety of product variability. Development in the demand for frozen baking products is also paving the way for tremendous growth in the packaged food industry and vice versa. The launch of a diverse variety of groundbreaking frozen baking products has also contributed to that.
High Production Costs to Impede Market Growth
However, during the forecast period, the high manufacturing costs of frozen bakery products are projected to limit the growth of the global demand for frozen bakery products.
By Product Type
The Global Frozen Baking Products Market was categorized into breads & rolls, pizza & pizza crust, cakes & pastries, cookies & biscuits, among others, based on product type. In 2019, the breads & rolls segment accounted for the largest market share in the global market for frozen bakery products and expected to maintain its domination during the 2020-2027 forecast period. However, during the forecast period, the pizza & pizza crust segment is expected to experience the highest CAGR of 7.96%.
By category, the global market has been divided into conventional and gluten-free. The highest market share in 2018 was accounted for by the traditional segment. In preparing baking products, the superiority of the traditional segment can be due to the high intake of wheat flour.
By Distribution Channel
The global demand for frozen bakery products has been divided into store-based and non-store-based products, depending on the distribution channel. Supermarkets & hypermarkets, convenience stores, and others are further segmented into the store-based section. The greater market share was compensated for in 2018 by the store. As they have a one-stop shopping experience, customers favour store-based outlets. However, the non-store-based segment is expected to grow during the forecast period at a higher CAGR.
Four main regions, including the Asia Pacific, North America, Europe, and the rest of the world, have been given a geographical description of the global economy.
APAC market to Register the Highest CAGR
During the forecast period, the Asia-Pacific market is expected to expand at the fastest CAGR. In developing countries such as India and China, frozen bakery goods are projected to gain potential demand due to the growth in disposable income and purchasing power parity (PPP) of the increasing population of these nations. Raw material price fluctuations and preference for freshly baked goods are constraints for industry participants in frozen bakery products.
Growing Expansion of End-Use Sectors to Drive Europe Market Growth
During the forecast period, Europe is projected to represent the dominant share of the demand for frozen bakery goods. In 2018, the region accounted for a 39.71% share of the market. In the European zone, developed markets limit further development and producers are forced to search for new business prospects in emerging economies. The preference for conventional, freshly baked goods, the fragmented business situation and the uncertainty of raw material prices serve as constraints on the development of the frozen baking products market. The United Kingdom is the main contributor to the European market's growth. During the forecast period from 2020 to 2026, the demand in the area is expected to report a CAGR of 7.28 percent. The intake of frozen bakery items is high in all European countries.
U.S. accounted to Lead the North America Market
Consumption of frozen bakery products is also high in North America, and a modest growth rate of 7.35 percent during the forecast period is expected for the industry. Asia-Pacific, however, is expected to encounter the highest CAGR during the 2020-2027 projection period.
Growing R&D Initiatives to Drive the Market Growth
With the considerable involvement of various global and regional players, the industry examined is highly fragmented. There are various competitors in the industry for retail and foodservice networks. Through expanding and introducing new products, the players operating in the Global Frozen Bakery Products Industry are focused on improving their regional footprints. The main tactics embraced by players to ensure their growth in this market are new product releases, acquisitions, partnerships, and extensions.
By Product Type
By Distribution Channel
|Market Size||USD 26,366.8 Mn (2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Category, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Grupo Bimbo S.A.B.de C.V.(Mexico), Conagra Brands, Inc.(US),Associated British Foods PLC (UK), General Mills Inc. (US), Lantmännen Unibake (Denmark), Kellogg Company (US), Aryzta AG (Switzerland), Vandemoortele NV (Belgium), Europastry S.A. (Spain), Cole’s Quality Food Inc.(US)|
|Key Market Opportunities||Launch of New Products to Create Growth Avenues|
|Key Market Drivers||Growing Adoption of Convenience Foods to Drive Market Growth|