According to a new report published by Allied Market Research titled, “Frozen Bakery Products Market by Product Type, Source, End Use, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2018-2025,”the global frozen bakery products market size was valued at USD 33,870 million in 2017, and is projected to reach USD 49,118 million by 2025, growing at a CAGR of 4.2% from 2018 to 2025. In 2017, the North America sector accounted for nearly 31.34% of the frozen bakery products market share.
The global frozen bakery products market is segmented into product type, source, end use, distribution channel, and region. Based on product type, the market is divided into breads, pizza crust, cakes and pastries, waffles, donuts, and cookies. The bread segment accounts for the highest market share attributable to increase in consumption of frozen breads in UK, Germany, and France. Some of the key players in the market focus on introducing innovative bakery products that cater to the requirement of its target customers. In terms of source, barley and rye account for highest market share due to increase in demand for raw material among the manufacturers.
Over the past couple of years, there is a surge in need for frozen ready meals, fruits, and vegetables in major parts of the globe owing to various health benefits associated with the product. This boosts the growth of the market in North America and Europe. Frozen food avoids the risk of any additives or preservatives. Moreover, these products come with longer shelf life as compared to other food products. Even in terms of price, frozen food products are often cheaper when compared with chilled or fresh food products. These factors boost the frozen bakery products market growth. Moreover, the consumer seeks convenience to buy and cook and consume any product owing to the busy lifestyle. These products reduce the buying and cooking time for the end users, thus driving the growth of the frozen bakery products industry.
Frozen food products are one of the largest segments in global food industry. However, in the flow of cold chain for these kinds of products, it incurs higher profit margins from some of the key participants in the supply chain. This includes maintenance cost, transportation cost, infrastructure, and machineries. Thus, this have an adverse effect on the overall price of frozen products which eventually affects the overall volume sales for the product. This in turn restricts the frozen bakery products market growth.
In 2017, the food processing segment has occupied around 33% of the market share and is expected to growth at the highest CAGR of 4.3%. The key players profiled in this report include General Mills (Pillsburry), Aryzta AG, Grupo Bimbo S.A.B. de C.V., Europastry, S.A., Lantmannen Unibake International, Associated British Foods plc, Flower Foods Inc., TreeHouse Foods, Inc., Dawn Foods Products Inc., and Vandemoortele NV.
Over the years, there has been a rise in number of workforces in various demographic segments. There has been a gradual adoption of work lifestyle among women. As a result, majority of consumers around the world especially in the developed countries, seek food products that can be prepared easily. Owing to which, various convenient food products witness a significant demand over the past couple of years. This is expected to boost the growth of the market during the forecast period. By distribution channel, the artisan baker segment generated the highest revenue in 2017, since majority of the consumers prefer buying frozen bakery products from these kinds of stores owing to the easy availability of the product.
The Europe frozen bakery products segment accounted for the highest market share in 2017 and is expected to maintain its dominant position throughout the forecast period. The global frozen bakery product manufacturers focus on merger and acquisitions to expand its operation in domestic as well as international markets. In 2016, the Grupo Bimbo S.A.B. de C.V. announced the acquisition of General Mills Argentinas bakery business. In 2014, Arytza acquired Canadas Pineridge Bakery and US Cloverhill Bakery under the total transaction of USD 1.01 billion.
In 2017, based on product type, the bread segment accounted for around 34% of the frozen bakery products market share, growing at a CAGR of 5.0% from 2018 to 2025. In 2017, the pizza crust segment accounted for around 22% of the market share, growing at a CAGR of 5.3% from 2018 to 2025. In 2017, based on source, the rye segment accounted for 34% of the market share and is expected to growth at the highest CAGR of 4.0%. In 2017, the barley segment has occupied around 29% of the market share and is expected to growth at the highest CAGR of 4.8%. In 2017, based on end use, the food service segment accounted for 39% of the market share and is expected to growth at the highest CAGR of 4.9%.
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Ankur Gupta, Head Marketing & Communications