The frozen bakery products market is estimated at USD 22.3 Billion in 2021; it is projected to grow at a CAGR of 5.8% to reach USD 29.5 Billion by 2026. Europe accounted for the largest share; during the forecast period, in terms of value owing to its large consumer base in the region. According to FoodDrinkEurope, the food processing industry is one of the largest and most important manufacturing sectors in Europe and contributed a share of 14.6% to the total turnover in 2019. The strong growth of the European food processing industry has contributed to the progress in the baking industry. The market for frozen bakery products in this region has also encouraged linear growth in the parent bakery industry.
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The cakes & pastries segment by type is projected to achieve the fastest growth in the frozen bakery products market.
The cakes & pastries is the fastest-growing segment type during the forecast period. The changing pattern of consumers and more inclination towards convenience food and ready to eat food is attracting single-serving frozen pastry which is the major reason for the increasing demand of cakes & pastries globally. The market for cakes & pastries is characterized by a significant number of product innovations, new product launches, and an increase in preference for high-quality premium products. Many pastry producers have started marketing single-serving frozen pastry products, keeping in mind the overall trend of improved convenience and shorter preparation time.
By distribution channel, the conventional stores segment is projected to account for the largest market share in the frozen bakery products market.
Conventional stores which mainly include grocery stores, mass merchandisers and online retailers leads the global market owing to the rise in consumer preference for conventional stores as a major part of their shopping habits, as these stores are easily available and accessible.
The ready-to-bake segment by form of consumption is projected to account for the largest market share of the frozen bakery products market over the forecast period.
The ready-to-bake segment is projected to account for the largest share. These products are partially baked frozen products. The market for partially baked frozen products is growing due to pre-baked products, which takes less time during the baking process. Ready-to-bake form of consumption offers the facility of making fresh bakery products. Consumers perceive them as fresher and more appealing than the wrapped products placed on store shelves that have a longer shelf life.
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Asia Pacific is projected to be the fastest growing market.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The inclination toward convenience food and ready-to-eat food, particularly by the younger population, drives the growth of the frozen bakery products market in the region. With the economic growth in developing markets and the growing disposable income of people in this region will drive the frozen bakery products market.
Key Market Players
The key players in this market include Associated British Foods plc (UK), Aryzta AG (Switzerland), Lantmannen Unibake International (Denmark), Europastry, S.A. (Spain), General Mills, Inc. (US), and Kellogg Company (US). Other players include Premier Foods plc (UK), Vandemoortele NV (Belgium), Conagra Brands, Inc. (US), and Grupo Bimbo S.A.B. de C.V. (Mexico).
Leading manufacturers of frozen bakery products opt for mergers & acquisitions in order to gain a competitive edge in the market. Some investments are focusing on undertaking expansions of production plants to help customers by providing product-based solutions. This approach has contributed to the growth of the industry, particularly in emerging markets, such as China and India.
