Study: Frozen pizza crust sector attributes to nearly half of global frozen bakery products market
Meanwhile, frozen cakes and pastries is expected to witness highest growth rate in the forecast period.
The frozen pizza crust sector attributes to nearly half of the global frozen bakery products market, according to a report published by Market Data Forecast, Inc., India.
The estimated $15.46 billion frozen bakery industry is impacted by such factors as:Market Data Forecast Market Data Forecast
- Increase in consumer preference for convenience or ready-to-eat foods.
- The upsurge in number of quick-serve restaurants and food chains.
- Predicting the change in consumer lifestyles and consumption trends in different regions.
- Availability of proper distribution channels like cold chain logistics.
Frozen pizza crust holds the largest share (nearly 50%) of the revenues generated in the global market, while frozen cakes and pastries is expected to witness highest growth rate in the forecast period. The dominance of pizza crust is mainly due to the consumption habits in developed countries (United States and Europe), product differentiation and ease of making associated with these products.
On a global scenario, the retail segment controls nearly 54% of the market, especially in developing markets due to the presence of large number of retail outlets, followed by catering with a hold on 23%; these shares vary from country to country depending on the traditional distribution methods or point-of-sale establishments.
The market for frozen bakery products in developed countries like United States and Europe shows large numbers, which can be attributed to factors like well-established cold chain logistics, economic status of consumers, etc. Meanwhile, the market in developing countries of Asia-Pacific and Latin America remains lucrative owing to factors like population, increase in disposable incomes, growing awareness about frozen foods, etc.