Frozen bakery products market worth $23.48B by 2022
Increase in demand for convenient food products and the trend for greater taste, safety and consistency are the major factors driving the global frozen bakery products market.
The frozen bakery products market is said to be worth $23.48 billion by 2022 at a CAGR of 7.9%, according to "Frozen Bakery Products Market by Type (Breads, Pizza Crusts, Cakes & Pastries), Distribution Channel (Artisan Bakers, Retail, Catering & Industrial), and Technology (Raw Products, Ready-to-Bake, Ready Baked & Frozen) - Global Forecast to 2022," a report published by Markets and Markets, New York.
Increase in demand for convenient food products and the trend for greater taste, safety and consistency are the major factors driving the global frozen bakery products market. The high-growth potential in emerging markets such as India and China and other untapped regions provide new growth opportunities for the players in the frozen bakery products market.
The cakes and pastries segment is projected to grow at the highest CAGR from 2016 to 2022. Increase in exports and imports of frozen cakes and pastries from dominant regions, such as North America and Europe, are the factors behind its continuously increasing market share in other parts of the world. In addition, specialty cakes and pastries with high starch-gluten ratio and low-protein wheat are gaining popularity, and are expected to contribute a commendable market revenue in 2022.
Retail is the most effective media of targeting the maximum number of customers possible, and currently holds the largest market share of the frozen bakery products market. Changing consumption patterns, willingness and ability of customers to spend and try new products are the key factors driving the growth of the retail channel. Moreover, the increasing number of supermarkets and hyper markets is moderately replacing fresh bread products made by chain bakeries and artisan bakers.
There is a high-growth potential for frozen bakery products in the Asia-Pacific region, where the emerging economies, such as China and India, are located. The emerging economies have considerable potential customers that are adopting the ready-to-cook and more convenient food options. China, in particular, is the largest country to hold the maximum share in the frozen bakery products market due to the rapid urbanization and changing consumption pattern of consumers in this country.