Global Frozen Bakery Market Become Dominant At CAGR Of 4.8% By 2025 : Radiant Insights Gordie Howe Jersey ,Inc by daisyri · June 6, 2019
The global frozen bakery market size is expected to reach USD 10.50 billion by 2025. It is anticipated to register a CAGR of 4.8% during the forecast period. Increasing demand for processed food owing to the fast-paced lifestyle is the major driving factor for the growth. Availability of foods with longer perishability and easy storage is also expected to drive the product demand in near future.
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Expansion of distribution channels such as supermarkets and hypermarkets, convenience stores, and online grocery and bakery chains are some of the other driving factors for the market. For instance, in Mexico, these distribution channels contributed to more than 60% retail sales for bakery products in 2017. Convenience stores and supermarkets and hypermarket retailers are the commonly preferred sales medium in Mexico. This scenario is also expected to boost the market growth over the next few years.
Among various product types, frozen bread accounted for the largest market share of about 29.11% in 2018 and is expected to expand at a CAGR of 4.5% during the forecast period. Despite the dip in the sales of bread, frozen bread market in the U.S. witnessed a significant demand over the past few years. Increasing international population seeking healthy bakery products is expected to support the market growth.
Europe held the largest market share of about 34.5% in 2018. The major countries contributing to the growth include Germany, U.K., and France. Germany held the largest share of the frozen bakery market in 2018 and is expected to continue its dominance in Europe during the forecast period. Increasing trade activities of frozen pizza products is expected to contribute to the growth. North America was estimated to hold the second largest revenue share, primarily driven by the significant demand for processed food products as a result of busy lifestyles.
Some of the key players operating in the global market include, Kellogg Company; Cargill Corporation; Conagra Brands Inc.; Custom Foods, Inc.; Vandemoortele N.V.; Bridgford Foods Corporation; Associated British Foods plc; General Mills, Inc.; Europastry; Cole’s Quality Foods Inc.; and Flowers Foods; among others.
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Further key findings from the report suggest:
Frozen bread was estimated to account for the highest revenue share of about 32.5% in 2018 Frozen cakes and pastries and pizza are expected to witness significant CAGR of 5.1% and 6.0% respectively, during the forecast period Supermarkets and hypermarkets accounted for a revenue share of more than 55% in 2018, thereby having a value worth USD 4.39 billion in 2018 Online distribution channel of frozen bakery market is expected to register the fastest CAGR of 6.2% from 2019 to 2025 Asia Pacific is expected to expand at a CAGR of 5.6% from 2018 to 2025, owing to developing economies, significant influence of western culture in terms of living standards and food patterns, and rising disposable income
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