The global frozen bakery products market generated $33.87 billion in 2017, and is expected to reach $49.11 billion by 2025, growing at a CAGR of 4.2% from 2018-2025, according to a report published by Allied Market Research, Portland, Ore.

The study, "Frozen Bakery Products Market by Product (Breads, Pizza Crust, Cakes & Pastries, Waffles, Donuts, and Cookies), Source (Corn, Wheat, Barley, and Rye), End Use (Retail, Food Service Industry, and Food Processing Industry), and Distribution Channel (Artisan Baker, Retail, Catering, and Online Channel): Global Opportunity Analysis and Industry Forecast, 2018-2025," shows the growing demand for frozen foods worldwide thanks in part to its longer shelf life, rise in preference for convenience food products, increase in high-end bakery shops in developed countries and heavy investment in R&D activities to introduce new products.

Breads dominate, waffles grow the fastest

Among product types, the breads segment grabbed more than one-third of the market share in 2017, and maintained its revenue lead through 2025. This is due to the large-scale application of breads in the foodservice industry and retail sectors. However, the waffles segment is expected to grow at the highest CAGR of 5.4% from 2018-2025.

Europe to be dominant, Asia-Pacific to exhibit the fastest growth

Europe captured more than one-third of the market share in 2017, and is likely to dominate the market through 2025. However, Asia-Pacific is expected to register the fastest CAGR of 5.3% from 2017-2023. The other regions analyzed in the report include North America and LAMEA (Latin America, Middle East and Africa).