Frozen Bakery Products Market Analysis and Opportunities by 2028

[Research Report] The frozen bakery products market is expected to grow from US$ 25.31 billion in 2021 to US$ 33.3 billion by 2028; it is estimated to grow at a CAGR of 4.0% from 2021 to 2028.

MARKET ANALYSIS

Frozen bakery products include pre-baked and frozen bakery goods such as frozen bread, cakes, muffins, and other bakery products. The frozen bakery products market is influenced by changing lifestyle, busy schedules, and growth in disposable income. In recent years, the food and beverages industry also witnessed high preference for ready-to-eat and ready-to-bake products. Expansion of retail sector along with emergence of various online platforms is also contributing positively to the availability of frozen bakery products. Frozen bakery products have wide availability in retail stores and supermarkets due to the diversification of distribution channels. In addition, other factors driving the demand for convenience foods include change in working demographics and a busy lifestyle.

GROWTH DRIVERS AND CHALLENGES

Rise in demand for convenience food and increase in number of foodservice outlets has aided the market growth of frozen bakery products. The demand for frozen bakery products is surging, owing to rising consumer preference toward processed or convenience foods. In addition, the easy availability of frozen bakery products has influenced the buying pattern for the shoppers who are concerned with the dietary merchandise and rendered a firm place to the frozen bakery products in the list of daily consumables. Moreover, due to the growing food & beverages industry and improving economic conditions, rising disposable income of consumers in developed and developing regions worldwide has driven the sales of convenience foods. The widespread trend of socializing in cafes among urban millennials and the youngest segment of the population is accelerating the growth of the chained foodservice industry, which is growing the market for frozen bakery products. Further, cafes and restaurants have emerged as a comfortable and convenient spot for families, millennials, and working young professionals to relax and socialize, thereby propelling the growth of market. The fluctuating raw material prices pose a challenge to the frozen bakery products market.  The variability of raw material costs continues to be a major concern for manufacturers of frozen bakery products. The intense volatility of raw material prices makes it difficult for companies and producers to stay competitive while maintaining healthy margins. Raw materials such as barley, maize, wheat, and rye significantly impact the bottom line. The prices of these raw materials are regulated by supply and demand functions and affected by the government's agricultural policies. For example, the acreage reduction programs have an effect on wheat and corn supplies, thereby creating a significant barrier for the market growth.

Published Report - Frozen Bakery Products Market: Strategic Insights

REPORT SEGMENTATION AND SCOPE

The "Global Frozen Bakery Products Market Analysis to 2028" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by product type, category, end-user, and geography. The global frozen bakery products market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of frozen bakery products worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the frozen bakery products market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the frozen bakery products market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global frozen bakery products market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The global frozen bakery products market is segmented on the basis of product type, category, and end-user. Based on product type, the frozen bakery products market is segmented as, bread and rolls, cakes and pastries, cookies and biscuits, and others. On the basis of category, the market is classified as, gluten-free, and conventional. Based on end-user, the market is segmented into foodservice, and food retail. Based on product type, the bread and rolls segment accounted for a significant share. Bread is a staple food prepared from a dough of water and flour. Bread has been a prominent food in many countries for a very long period. Cakes and pastries are among the prominent products in the frozen bakery products market. Cake is made from sugar, flour, and other ingredients. Cookies and biscuits are baked food which are mostly small, flat and sweet. The key ingredients for making biscuits and cookies include flour, sugar, and oil or fat. Based on category, conventional segment accounted for significant share. The conventional frozen bakery products are those bakery products which are made from corn, rice, wheat, barley, rye, and oats. The awareness among the consumers about gluten causing celiac disease and other digestive health issues is motivating the consumers to shift to gluten-free dietary lifestyles.

REGIONAL ANALYSIS

The report provides a detailed overview of the global frozen bakery products market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Europe accounted for a significant share of the market and valued at more than US$ 7,500 million in 2020. Frozen bakery products market registered a notable growth in Europe, owing to the convenience these products offer, especially in minimizing the time required for cooking and baking. Moreover, the growing demand for ready-to-eat food products owing to hectic work schedules is also expected to contribute to the market growth in the region over the forecast period. The frozen bakery products market in Asia Pacific is expected to grow at a CAGR of 5.0% from 2021 to 2028. North America frozen bakery products market was valued at more than US$ 6,500 million in 2020. North America contributes a key share in the growth of frozen bakery products market, owing to various factors such as increase in demand for convenience food, hectic work schedules, and rapid growth in the food retail and foodservice sector across the region. Frozen bakery products are ready-to-bake and ready-to-eat bakery products such as cookies, breads, rolls, cakes, and pastries, frozen at a particular temperature to increase their shelf life. These products are contributing a major share in the growth of retail and foodservice sectors in North America.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

The report provides a detailed overview of the global frozen bakery products market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.

In 2020, Lantmannen Unibake has acquired the production assets of French Bakery Company AS, a bakery based in Norway with modern production facilities and high-quality standards of production. This move is aimed to strengthen the market position of Lantmannen Unibake in the Norwegian market.

In 2019, Lantmannen Unibake acquired Bakery Du Jour, an Australian pastry manufacturer headquartered in Melbourne. This initiative was taken to expand the geographic footprints across the Asia Pacific region especially across the Australian marketplace. This will increase the production capacity of Lantmannen Unibake and open new opportunities across the regional marketplace.

In 2018, Grupo Bimbo through its subsidiary Ideal S.A. acquired 100% stakes in the company named Alimentos Nutra Bien S.A. for USD 36.7 million. The company is a manufacturer of artisanal bread made of non-GMO based natural and organic ingredients. This acquisition will open new opportunities for the company in Chilean market.

Frozen Bakery Product

Published Report - Frozen Bakery Products Market Players Density: Understanding Its Impact on Business Dynamics

The Published Report - Frozen Bakery Products Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

The report provides a detailed overview of the global frozen bakery products market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The COVID-19 outbreak has impacted different industries in different manner. Due to the pandemic, the lockdown scenario has affected and hampered the supply chain of frozen bakery products. The non-availability of raw materials as well as labor, owing to the restrictions on the movement of people, have hindered the production of frozen bakery products. The governments of various countries globally imposed lockdown in early 2020 to restrict the spread of the virus, which, in turn, negatively impacted the frozen bakery products market revenue. The government-imposed quarantine regulations resulted in sudden halt in production activities throughout the food and beverage industry. The halted production adversely affected the global supply of frozen bakery products. However, frozen food industry during the pandemic has seen a steady growth as the consumers are consuming foods that has a longer shelf life. According to American Frozen Food Institute, the consumers during COVID-19 has shopped online at a record rate where the sales for frozen food including frozen bakery witnessed a 75% increase. Thus, the increase in online sales for frozen food has resulted in a positive impact on the frozen bakery products.

The frozen bakery products market began reviving in late 2020 due to significant measures taken by governments and continuous vaccination drives. These factors are expected to provide the impetus for the resurgence of the frozen bakery products market in the coming year.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Some of the key players operating in the frozen bakery products market include, Dawn Food Products, Inc, Europastry SA, Lantmannen Unibake, Grupo Bimbo SAB Dec V, Aryzta AG, General Mills Inc, Cole's Quality Foods Inc, Conagra Brands Inc, and Bridgford Foods Corporation, among others.