PORTLAND, Oregon, March 11, 2019 /PRNewswire/ --
Growing demand for frozen food worldwide as they are nutritionally rich and have longer shelf life, rise in preference for convenience food products, increase in the number of high-end bakery shops in developed countries, and heavy investment in R&D activities in order to introduce new products drive the growth of the global frozen bakery products market
Allied Market Research recently published a report, titled, "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." The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, 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 to 2025.
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Rise in demand for frozen food as they are nutritionally rich and have longer shelf life, increased preference for convenience food products, demand for European bakery products in the Asia Pacific region, growing number of high-end bakery shops in developed countries, and heavy investment in R&D activities to introduce new products drive the growth of the market. However, high operating cost for frozen food products in cold chain process and low water activity and low pH value in frozen bakery products which suggest high possibility of growth of microorganisms in them restrain the growth of the market. Conversely, fast paced lifestyle of consumers looking out for convenient food products and surge in demand for bakery products in Asia Pacific create new opportunities for growth of the market.
Breads segment to be dominant, waffles to grow the fastest
Among product types, the breads segment grabbed more than one-third of the market share in 2017 and would maintain its revenue lead through 2025. This is due to the large-scale application of breads in various food service industry as well as retail sectors. However, the waffles segment would grow at the highest CAGR of 5.4% from 2018 to 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 to 2023. The other regions analyzed in the report include North America and LAMEA (Latin America, Middle East and Africa).
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Key players of the industry
Leading market players analyzed in the research include General Mills (Pillsburry), Aryzta AG, Grupo Bimbo S.A.B. de C.V., Europastry, S.A., Lantmannen Unibake International, Associated British Foods plc, Flower Foods Inc., TreeHouse Foods, Inc., Dawn Foods Products Inc., and Vandemoortele NV. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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SOURCE Allied Market Research