Study: Specialty frozen bakery market experiences increased demand
The rise in number of high-end bakery shops has created a fast-growing segment catering to consumers demanding best-in-class patisserie goods and varied products from across the world.
The global market for specialty frozen bakery has witnessed continued demand during the last few years, and is projected to reach $3,434 million by 2022 with CAGR of 4.45% in terms of value and is projected to reach 209,530 tons with CAGR of 3.46% in terms of volume, according to a Cooked Research Report, published by Market Research Future, Woburn, Mass.
The rise in number of high-end bakery shops has created a fast-growing segment catering to consumers demanding best-in-class patisserie goods and varied products from across the world. Rest of World is growing at a higher rate followed by North America, due to increasing popularity of frozen sweet baked goods and pizza crust.
Key players are focusing on acquisitions to expand their business across the globe, followed by expansion and new product launches.
Changes in lifestyle and adoption of various frozen bread rolls/artisan loaves and sweet bakery goods in regular diet are encouraging specialty frozen bakery products consumption. Improvement in distribution channels for specialty frozen bakery products is influencing the sales of frozen bakery products in Europe and North America region. Globally, quick-service restaurants and foodservice holds more than 45% of market share in 2016, as maximum variety of specialty frozen bakery products available in QSR and foodservices compare to others. Convenience /independent retail will witness higher growth rate during the forecast period due to increasing number of small vendors in specialty frozen bakery market.
In terms of value, North America and Europe together holds major market share in 2016, as QSR are quite popular for specialty frozen baker products in North America and Europe. Rest of the World, which includes Turkey, Saudi Arabia, Brazil and South Africa, will witness maximum growth rate followed by North America during the forecast period.