Companies active in the frozen bakery industry are focusing on leveraging the catering and tourism industries, for higher profit margins, in addition to producing gluten-free options for a wider consumer demographic.
DUBAI, UAE / ACCESSWIRE / March 31, 2020 / The frozen bakery market is projected to grow at an very healthy CAGR of 7.4% during the forecast period (2019-2029). A significant increase in consumer demand for convenience foods, resulting from hectic lifestyles is a predominant factor driving the sales of frozen bakery products. Emerging players are targeting millennial consumers, who prefer the low-cost frozen bakery items to increase their market share. The rising demand from hotel and catering industries will continue to boost growth of frozen bakery market, reveals Future Market Insights (FMI).
"The recent surge in catering and tourism has been a key driver to growth across Europe, trends which are not likely to change in the coming years," says the FMI analyst.
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Frozen Bakery Market - Key Takeaways
- Frozen bread will remain a leading product in the market, driven by the demand for convenience foods during the forecast period.
- Online channels of sales will gain significant CAGR through the forecast period, owing to high penetration of smartphones and the internet.
- Hypermarkets and supermarkets will account for majority market share, in terms of distribution channels.
- Europe will hold a leading position in the global market share, while Asia Pacific will display high growth.
Frozen Bakery Market - Key Driving Factors
- The prevalence of hectic lifestyles and the resultant consumer preference for convenience foods is a major growth driver.
- Rising demand from small- and large-scale coffee shops and food chains remains a key influencer.
- The expansion of the hotel and catering industries in recent years supports overall market growth.
- Easy year-round availability of frozen bakery goods is also a driver for global market growth.
Frozen Bakery Market - Key Constraints
- Volatility in the prices of raw materials will remain a challenge for market players.
- Higher preference among consumers for freshly baked products will also remain a major restraint for market players.
Explore the global frozen bakery market report with 128 illustrative figures, 128 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/askus/rep-gb-11162
Competition Landscape
Key players in the frozen bakery market are Arytza AG, Dawn Food Products Inc., Grupo Bimbo, General Mills, Cargill, Lantmannen, Conagra brands, Cole's Quality Food Inc., Bridgford Foods Corporation, and Europastry. Majority of these players are investing in expanding their product portfolios and optimizing their sourcing processes. Moreover, mergers, acquisitions, and collaborations with small-scale, local players is a major strategy being adopted by market leaders.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on frozen bakery market. The market is analyzed on the basis of product type (frozen cake and muffins, frozen pastry, frozen bread and biscuits, and frozen pizza crust), distribution channels (hypermarkets and supermarkets, catering and industrial, and online retailing), end user (artisanal bakers, hotels and restaurants, bakery chains, and food processing industries) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights