The global frozen bakery market size is expected to reach US$ 39 Bn by the end of 2029. According to a study, the market will show a steady rise at above 7% CAGR between 2019 and 2029. According to the report, the rising demand for convenience food will stoke growth in the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
It includes in-depth insights into the frozen bakery market. Some of these are:
- The estimated value of the market was at US$ 19.1 Bn in 2019. Through the course of the report’s forecast period, the market is exhibited to show a steady pace of growth.
- Regionally, Europe emerged as a key market for frozen bakery.
- North America and Asia will remain key markets for frozen bakery besides Europe
- While retail continues to remain the most preferred channel of distribution, market players are soon expected to diversify, which would drive their focus to catering and industrial channels for distribution.
- Key players are likely to focus on product innovations to stay relevant in developed markets.
“In Europe, Germany has emerged as one of the most lucrative markets for frozen bakery. Surge in tourism and catering business has been giving impetus to growth witnessed in Europe. These trends are unlikely to change in the coming years, which will turn favour growth of the overall frozen bakery market in Europe,” revealed a lead analyst.
Changing Lifestyle and Adoption of Healthier Routine Will Remain Key Growth Drivers
Growth witnessed in the global frozen bakery market to a large extent is attributable to changing lifestyle of consumers. As life gets hectic and busier, consumers are finding it more and more difficult to invest time in cooking or home prepped meals. This creates an ideal environment for the sales of frozen bakery. Aided by the surging number of retail outlets, the frozen bakery market will continue exhibiting an impressive growth trajectory through the course of the report’s forecast period.
Who is Winning?
Some of the leading players operating in the frozen bakery market are Dawn Food products Inc, General Mills, Lantmannen, Cole’s Quality Food Inc, Europastry, Bridgford Foods Corporation, Conagra Brands, Cargill, Grupo Bimbo, Aryzta AG.
As a result of increasing competition, manufacturers are focusing on expanding their product portfolio and improving sourcing process. Their expansion strategies are further aided by agreements between them and local players across emerging market. These companies are particularly focusing on catering to changing consumer preference across various applications.
In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.