Based on country, Colombia will show the positive growth with more than 6% CAGR in forecast period. Advancement in different retail channels across the country will be crucial factor behind the frozen bakery market growth in Colombia. The increasing number of restaurants and hotels in the country has also led to sharp increase in the consumption of bakery products such as pastries, cakes, etc. These trends will propel the Colombia frozen bakery market by 2024.
Based on end-use, hotels, restaurants and catering (HORECA) sector holds a share of about 20% on volume basis. The restaurants in Latin American serve local cuisines and bread is one staple food in their diets, thus enhancing the bakery product consumption. To decrease the time in making a dish and investing it on garnishing, finishing and final touch-ups, chefs are preferring frozen bakery product over conventional ones. This will help them to retain customers and increase their goodwill. These trends are expected to follow and will drive LATAM frozen bakery market demand over forecast timeframe.
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Based on type of recipe; the market is categorized into viennoiserie, savory snacks, bread and patisserie. On volume basis bread holds about 60% share in LATAM frozen bakery market and it is expected to further increase as consumers are now spending more on convenient and healthier foods as the real income of the population is increasing.
On product basis, the market is segmented into ready-to-prove, ready-to-bake and fully baked. Among these ready to bake will exhibit a growth rate of about 3% over the forecast time spell. This is due to the product usage among most of the restaurants and fast food joints across the region. With improving bilateral relations of Latin American countries with rest of the world, the tourist footfall will increase in region augmenting the LATAM frozen bakery market growth in near future.
High energy prices are prevalent in many of Latin American countries such as Mexico, Brazil, Colombia and Chile. To freeze bakery products cryogenic equipments are used and they consume a significant amount of energy which increases the overall cost of production. Due to this, the final product prices are more than conventional freshly baked ones. Energy cost fluctuations affect the smooth operations of product manufacturer. The above-mentioned factors can be seen as restraint for the LATAM frozen bakery market growth over forecast time period.
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Increased fluctuations in the energy costs could hinder the LATAM frozen bakery market growth during the forecast timeframe. Most of the edible items are perishable and requires preservation for long duration storage. Minimal temperatures reduce biological activity from bacteria and other microorganisms which are responsible for food decaying. Freezing is the only solution for storage of perishable edible products in longer run. As major fuel consumption takes place in freezing, storage, and cryogenic logistical requirements, fluctuations in energy cost would significantly affect the frozen bakery operations.
Rising economic growth resulting in an expansion of disposable income of the Colombian population has resulted in a vast increase in modern retail space across the country. This would further augment the demand for frozen bakery products in the coming years. The expansion of restaurant chains and fast food outlets are a key component of the sector’s growth. According to the Colombian Chamber of Commerce, there were 32,000 restaurants registered in Bogotá in 2016, the majority of which were fast-food outlets like Subway, Burger King, and McDonald’s. This growth would further increase the demand for frozen dough as the products is widely used in these outlets.
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The major LATAM frozen bakery industry players are General Mills, Groupo Bimbo, BredenMaster, and Europastry. The industry ecosystem of LATAM frozen bakery witnesses strong supply chain of frozen dough supply to key end-users. Additionally, strategic mergers & acquisitions and new product development plays a key role across the industry’s value chain.
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