Study: Frozen bakery market anticipated to cross $25B by 2024
Frozen foods have been gaining renewed popularity over the last two decades, subject to high demand for rising food durability.
The worldwide frozen bakery market will exceed a revenue collection of $25 billion by 2024 with an annual growth rate of 8.8% over 2017-2024, according to a study produced by Global Market Insights, Inc., Ocean View, Del.
Frozen foods have been gaining renewed popularity over the last two decades, subject to high demand for rising food durability. In fact, the frozen bakery market has been gaining traction of late owing to the popular consumer demand for longer shelf-life products as compared to traditional baked items. In addition, a hectic lifestyle, shifting consumer preferences toward processed food and increasing disposable incomes further stimulate frozen bakery industry share.
Most of the Western countries such as Germany, France, Spain and Mexico include pizza as a part of their staple diet. With changing globalization trends, pizza and related baked products have penetrated the APAC region as well. On these grounds, pizza crust covered more than 30% of the overall revenue in frozen bakery market, and will collect considerable revenue by the end of 2024. The development and emergence of new pizza crust recipes incorporated with healthy ingredients will continue to fuel the product demand mainly across United States, Italy and Russia.
The European frozen food bakery market is slated to witness substantial growth over the coming seven years, due to growing tourism and catering sectors across this region.
The Asia Pacific frozen food market will cover over 20% of the global landscape. Shifting consumer trends toward the consumption of frozen products will fuel the industry growth. Eco-friendly manufacturing processes, easy availability, affordable prices and better quality are few of the notable benefits of the frozen products.
Frozen breads in particular will generate significant revenue, with an annual growth rate of more than 8% over the years ahead.
The Latin America frozen bakery industry collected a revenue of $1.4 billion in 2016, and will record considerable annual growth rate over 2017-2024. This region is likely to boost the product demand notably over the years pertaining to the rising requirement of frozen food along with changing consumer lifestyles. In addition, surge in per capita income has led to a rise in the economic growth of the region, thereby influencing LATAM frozen bakery industry.
The frozen bakery market in hypermarkets and supermarkets will surpass a revenue generation of $9 billion by 2024. Supermarkets are becoming popular across the globe owing to the availability of branded bakery products at low prices. Moreover, rapid growth in population across the globe will also enhance frozen bakery industry growth.