Market Outlook
Market Research Future (MRFR) expects the frozen baking goods market to obtain a healthy CAGR of 7.50 % between 2020 and 2027 (evaluation period). The global market size is also on track to touch 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.
COVID-19 Analysis
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 to boost their web presence and logistics programmes 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.
Major Boosters and Impediments
Bake-off bakery product manufacturing has turned into a major focus area for several industrial bakers worldwide. Scratch baking is deemed quite labor-intensive and takes too much time, which has prompted the industry to go from the traditional way of baking to advanced bake-off technologies or BOT. Frozen semi-baked products and ready-to-bake items are also some other significant segments for the food sector, especially in hotels and in the catering industry.
The frozen pre-proofed dough has emerged as a convenient option and is fast replacing fresh-baked bread across various countries. Bakery products such as rolls, bagels, and bread are widely available as ready-to-thaw items, while pastries and croissants are generally sold in ready-to-bake form. The availability of a variety of frozen bakery products in line with the consistently evolving consumer tastes and preferences should add to the market value to a great extent.
The market growth is also bolstered by the prevalence of the busy schedules of the consumers combined with the soaring knowledge about the nutritional information of different food products. This is the case, especially in Asia, where the frozen bakery industry has been growing at a spectacular pace, in view of the rising employment rate and the mounting number of time-pressed consumers looking for ready-to-eat snacks.
Segmental Review
The frozen baking products industry has been considered for product type, category, and distribution channel.
The product types studied are pizza & pizza crust, slices of bread & rolls, cookies & biscuits, cakes & pastries, and more. In 2019, the lead was secured by the slices of bread & rolls segment with the biggest share in the global market. The segment is anticipated to continue dominating the market however, the fastest growth rate of 7.96% will be achieved by the pizza & pizza crust segment.
Depending on the category, the global market has been segregated into conventional as well as gluten-free. The biggest share in the global market in 2018 was owned by the conventional segment since this category is considered far more superior to its counterpart, in view of the high usage of wheat flour.
Distribution channels that sell frozen bakery products market Size growth is either store-based or non-store-based products. Convenience stores, supermarkets & hypermarkets, and more are the major store-based channels and hold the leading position in the global market. With the provision of a one-stop experience for shoppers, store-based outlets have garnered high traction worldwide. But it is projected that the fastest growth will be noted by the non-store-based segment in the coming years, owing to the rising popularity of online shopping sites and the overall growth of the e-commerce industry.
Regional Insight
Asia Pacific/APAC, Europe, North America, and RoW/rest of the world are the major markets for frozen bakery products worldwide.
Europe procured the highest share of 39.71% in 2019 and should remain the market leader in the coming years as well. Europe has renowned players with well-established supply chains, distribution channels, and extensive product ranges with respect to consumer preferences. Product innovation is a key focus area for a lot of companies and the regional market is frequently marked by the launch of new types of pastries, cookies, and cakes.
The Asia Pacific is touted to capture the fastest growth rate in the next few years, with the demand expected to soar considerably in India and China. The frozen bakery products market in these countries is quite promising, given the rising disposable income as well as purchasing capacity of the booming population. Considering the growing prevalence of hectic lifestyles led by the consumers, convenient food products have gained significant traction in the region, which should foster the demand for frozen bakery products. Puffs, muffins, and several savory items have also sparked the interest of the younger population. The market demand in the region is also pushed by the thriving hospitality industry and the surge in tourism.
Top Companies
Cole’s Quality Food Inc. (US), Associated British Foods PLC (UK), General Mills Inc. (US), Lantmännen Unibake (Denmark), Conagra Brands, Inc. (the US), Aryzta AG (Switzerland), Vandemoortele NV (Belgium), Europastry S.A. (Spain), Kellogg Company (US), Grupo Bimbo S.A.B.de C.V.(Mexico) are among the top firms in the frozen bakery products industry.
Recent Updates
March 2021
Turkey Hill has entered the frozen food items category with the launch of its latest ice cream in 16 new flavors, spread across three product ranges, fruit and cream bars, layered sundae cups, and ice cream cookie sandwiches. Reasonably priced, these products have been developed using creamy ice cream and quality ingredients. The sundaes are now in eight new varieties, namely Cookies & Cream, Caramel Brownie, Strawberry Shortcake, Cookie Dough Delight, Ultimate Fudge, Peanut Butter Cup, Party Cake, and Chocolate Cream Pie.
NOTE: Our Team of Researchers is Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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