Global frozen pastries market to reach $2,861.3M by 2024
Increasing demand for premium frozen pastry products has greatly influenced the popularity of specialty frozen pastries.
Growing popularity of e-commerce and online retailing is expected to support the expansion of the frozen pastries market globally. Moreover, frozen pastries offer the convenience of ready-to-eat pastry items in the comfort of home, which is further fueling their demand in the market, according to a study produced by Persistence Market Research (PMR), New York.
The report, "Frozen pastries Market: Global Industry Analysis and Opportunity Assessment, 2016 – 2024," reveals that the market will expand at a compound annual growth rate of 5.9% in terms of value over 2024.
Report highlights include:
- The extended shelf life of frozen pastry products is playing a vital role in developing the supply side for such products.
- The convenience offered by frozen pastries is pivotal to market growth based on demand side.
- Frozen pastry products are proving to be more economical for retail eatery chains and fast food restaurants. These products last longer than normal conventional pastry items, thus restaurant owners bare fewer losses from spoilage and contaminations.
- Increasing demand for sugar-free frozen pastries is also expected to be a key factor in driving the overall market growth in the near future.
- Since freezing the pastries locks in the product's properties, it thereby prevents nutrient or texture loss for a prolonged duration.
The PMR report further delivers key insights on factors restraining the market growth such as quality challenges, the role of regulations, upcoming alternate products and effect of price fluctuations.
Increasing demand for premium frozen pastry products has greatly influenced the popularity of specialty frozen pastries. Specialty frozen pastries are mostly handmade and are baked using premium quality ingredients.
Based on product type, the market is bifurcated into viennoiserie and Danish products. Demand for viennoiserie-type pastries is expected to remain relatively higher than Danish-type pastry products throughout the assessment period. In addition, the consumption of frozen pastries of both types has grown to a significant extent in recent years, with plant and filled croissants witnessing a considerable rise in demand. Increasing demand for pastries worldwide is driving the frozen pastries market. The plain and filled croissants are leading with maximum market share and are expected to grow further over the next couple of years. This is primarily attributed to the incessantly high consumption in Europe and their recent growth in popularity in new regional markets.
Based on distribution channels, the hypermarket/supermarket segment occupies lion's share of the market. In 2016, the segment was valued at around $785.9 million, and is expected to increase at over 6% CAGR to reach $1,299.1 million by 2024-end. The development of in-store bakeries or bakeries within supermarkets/hypermarkets has emerged as a prominent growth factor for the market, whereas, the artisan baker is anticipated to remain as the second largest segment of the market. The segment is particularly gaining traction in parts of Europe and North America.
North America, Latin America and Asia Pacific are anticipated to witness the robust growth of the market between 2016-2024. Despite holding a relatively smaller market size, Asia Pacific is expected to gain substantial market share due to increasing demand from countries such as Australia, New Zealand and Japan. Since most of these products originated from several Western European countries, Europe is expected to command nearly 62.3% revenue share of the market during the forecast period. Likewise, growing popularity of frozen pastry products in developing countries is expected to create a host of new opportunities for leading players in the market.