The frozen Viennoiserie baked goods segment is expected to remain dominant in the global frozen pastries market, accounting for approximately 60% value share, according to a study released by Persistence Market Research, New York.
Plain and filled croissants are anticipated to be the fastest-growing among Viennoiserie products over the predicted period, owing to the rising demand for frozen croissants from new markets and high consumption in traditional regions.
The segment was estimated to be valued at more than $1,000 million by 2016, and is expected to increase at a CAGR of 5.9% by the end of 2024.
Consistency in safety and taste boosting demand
Viennoiserie products carry a long shelf life, making them viable products sold in online platforms. Another factor creating a positive impact on the growth is the increasing demand for plain and filled croissants, Pain Au Chocolat, Pains aux raisins and savory items from bakeries and restaurants.
Consumer ability to spend on luxurious food items likely to increase demand
The Viennoiserie segment was estimated to be valued at more than $300 million in 2016, and is expected to be valued at more than $500 million in North America by the end of 2024. The segment is estimated to create incremental revenue opportunity of more than $200 million by 2024.
Soft Viennoiserie with innovative flavors such as dark chocolate and apple delight are gaining popularity among consumers in North America. Adoption of marketing strategies such as the use of digital platforms, mobile applications and social media platforms will help increase sales of frozen pastry products.
In Europe, leading companies are focusing on mergers and acquisitions in order to enhance their geographical presence and Viennoiserie product offerings. In the MEA region, increasing disposable income is expected to improve the standard of living, thus enabling consumers to spend on luxury food items such as Viennoiserie products.