Study: APAC frozen bakery market to accrue substantial gains by 2024
Estimates depict that the frozen bakery industry will surpass a revenue of $25 billion by the end of 2024, with 8.8% CAGR projection over 2017-2024.
The Asia-Pacific (APAC) frozen bakery market is projected to witness lucrative growth potential over 2017-2024, with frozen cakes and pastries dominating the product landscape, according to a new research report by Global Market Insights, Inc., Shelbyville, Del.
Shifting consumer trend toward health, hygiene and convenience drives market expansion. Plus, today’s urbanized world experiences a hectic lifestyle, where processed food demand is witnessing a surge. Increasing disposable incomes and the inclination toward westernized diet trends are increasing the commercialization of frozen baked products. In fact, estimates depict that the industry will surpass a revenue of $25 billion by the end of 2024, with 8.8% CAGR projection over 2017-2024.
Most of the western countries like France, Mexico, Spain and Germany include pizza as a part of the staple diet. With increasing globalization, pizza and related thin crust baked products have penetrated in the APAC belt as well. In fact, pizza crust covers almost 30% of the overall product landscape of frozen bakery market, and is likely to contribute significantly toward the overall share by 2024.
Having said that, Asia Pacific frozen bakery market is witnessing strong foothold over the global industry, accounting for almost 20% of the overall landscape. China is projected to be a major revenue pocket for the regional market. Increasing urbanization and affluence along with a notable influence of western culture are the prime factors driving the China market. Statistics reveal that the country’s demand for baked foods have been growing at a fast pace over the past decade, and the trend is likely to continue. High economic growth, subsequent increase in the production base and increasing consumption of frozen baked foods will collectively favor the regional frozen bakery market augmentation.
Other than APAC, the extensive growth of frozen bakery industry is quite vivid across North America and Europe. For instance, Europe has been witnessing an increasing import and export of frozen cakes and pastries, which is perceived to be the prime factor driving the market. With Germany, UK and France on the growth front, European frozen bakery market is expected to carve an appreciable growth. North America market is also highly influenced by the commercial trading. Cakes and pastries with high-glucose starch and low-protein ratio observe popularity among the North Americans. Increasing proliferation of frozen cakes and pastries across two such major continents will allow the product segment to dominate the industry landscape over 2017-2024.
Leading companies involved in the frozen bakery industry continue to invest in research activities to widen the product range and grasp a better distribution reach. With the growing number of supermarkets across developing nations, the frozen bakery market is projected to record a lucrative valuation of $9 billion over the next 7 years. From catering and industrial segment, the market is expected to chart maximum growth in the years ahead, subject to the rising number of national and international bakery products based on retail chains across the world.
Consumption of frozen baked foods of late has been increasingly high in the Middle East, due to shifting consumer preference from dietary supplements to ready-to-eat meals. As per estimates, the regional frozen bakery market in terms of volume is set to exceed 220 kilotons over the coming 7 years.