Global Frozen Bakery Market 2020 shares are rising as the COVID 19 pandemic destabilizes other markets that struggle with the closure of businesses worldwide. This addiction during a time of isolation, job loss, and stress is witnessed to be more, according to data collected by Market Research Future experts. Yet, the frozen bakery market is expected to garner revenue of USD 26 billion by 2024, while soaring at 7.5% during the years 2019–2024—the forecast period.
Frozen Bakery Boomers & Decliners
The major drivers of the Frozen Bakery Market are the development of greater safety, retail channels, and taste consistency among the consumers and expediency provided by frozen bakery products. There is an escalating trend towards continental frozen and specialty bakery products worldwide. As a result, the coffee shop chains selling frozen bakery products have been augmented in the last some years. These factors have been considered prime, leading the market considerably.
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The frozen bakery market will also record a noticeable growth with the factor of rising demand for processed food products coupled with a shift in consumer preferences towards baked products. These are likely to augment the demand for frozen bakery products. These products can be stored for a longer duration of time as compared to traditional bakery goods. Besides, multiple benefits offered by these products, such as better quality, longer shelf life, ease in availability, and environmentally friendly manufacturing process, as well as reasonable pricing, are also driving the market and will extend in the future.
To add in this, the factor of changing lifestyle such as adopting healthier routines coupled with a course in the number of office workers will lead to rapid growth in the consumer foodservice sector for frozen bakery products. On this, when MRFR studied, the global packaged food consumption generated revenue of approximately USD 2.5 trillion in the year 2020, of which baked goods grabbed close to 15% share.
Similarly, the rising number of retail outlets selling the frozen bakery products in the emerging economies coupled with attractive advertisements and marketing will indicate the demand for such luxury frozen backed food items. The trends, as mentioned earlier, will thus boost the demand for frozen bakery foods in developing nations as people have lesser time to spend in kitchens. In these ways, a considerable boost for the global frozen bakery period is expected in the forecasted period. On the contrary, the factors that act as a barrier for the growth of this market are volatility in raw materials prices and preference for conventional and freshly baked products.
The primary top players in the Global Frozen Bakery Market are Associated British Foods plc (UK), Dawn Food Products, Inc. (US), Rich Products Corporation (US), General Mills Inc. (US), Conagra Brands, Inc. (US), Custom Foods, Inc. (US), and VANDEMOORTELE NV (Belgium).
The global frozen bakery market is studied among various segments such as product type, category, and distribution channel.
By the segment of product type, the global market is included pizza & pizza crust, breads & rolls, cookies & biscuits, cakes & pastries, and others.
The global market on the segment of the category has included gluten-free and conventional.
Based on the segment of the distribution channel, the market has included store-based and non-store-based. The store-based channel is also segmented into supermarkets & hypermarkets, specialty stores, and others.
Europe might lead the global frozen bakery market throughout the review period owing to the towering demand for bakery products in different European countries. The frozen bakery market in Europe is a reputed market with the incidence of numerous prominent players operating within the regional market.
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However, the frozen bakery market in Asia-Pacific might record the highest CAGR during the forecast period owing to the mounting penetration of market players in the developing markets such as India and China. In fact, the growing per capita disposable income and purchasing power of consumers in these country-level markets are also motivating the growth of the regional market.
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