The frozen bakery products market is experiencing remarkable growth, with its estimated value reaching USD 22.3 billion in 2021. Projections indicate a promising future, as it is expected to surge at a Compound Annual Growth Rate (CAGR) of 5.8%, ultimately reaching USD 29.5 billion by 2026. Europe stands as a key player in this industry, claiming the largest share during the forecast period, largely attributed to its vast consumer base in the region.
Europe’s food processing industry, as reported by FoodDrinkEurope, stands as one of the largest and most critical manufacturing sectors on the continent, contributing a substantial 14.6% to the total turnover in 2019. The robust growth in the European food processing industry has significantly propelled the baking sector, fostering growth in the market for frozen bakery products and, in turn, spurring expansion within the parent bakery industry.
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Among frozen bakery products, cakes and pastries emerge as the fastest-growing segment type during the forecast period. Changing consumer preferences, with a heightened inclination towards convenience and ready-to-eat options, have fueled the demand for single-serving frozen pastries globally. The cakes and pastries market is marked by continuous product innovations, frequent new product launches, and a growing preference for premium-quality offerings. Many pastry producers are now marketing single-serving frozen pastry products, aligning with the overarching trend of enhanced convenience and shorter preparation times.
In the global market for frozen bakery products, conventional stores, including grocery stores, mass merchandisers, and online retailers, take the lead. This is largely due to consumers’ persistent preference for conventional stores as a fundamental part of their shopping routines, owing to their easy accessibility and availability.
The ready-to-bake segment is poised to claim the largest market share. These products, partially baked and frozen, have gained popularity for their shorter baking time. Ready-to-bake options provide consumers with the convenience of preparing fresh bakery products, which are often perceived as fresher and more appealing compared to longer-shelf-life alternatives found on store shelves.
The Asia Pacific market is expected to exhibit the highest CAGR during the forecast period. The region’s young population’s growing inclination towards convenience and ready-to-eat foods is a significant driver for the frozen bakery products market. With economic growth in developing markets and increasing disposable incomes, the frozen bakery products market in the Asia Pacific region is set for substantial expansion.
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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 notable 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 are pursuing mergers and acquisitions to gain a competitive edge in the market. Additionally, investments are being channeled into expanding production plants, providing product-based solutions to customers. This strategic approach has significantly contributed to the industry’s growth, particularly in emerging markets like China and India. As the frozen bakery products market continues to evolve, it promises a sweet and prosperous future for both consumers and industry players alike.
