Report : Frozen Bakery Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Breads and Rolls, Cakes and Pastries, Cookies and Biscuits, and Others), Category (Gluten-free and Conventional), and End Use (Foodservice and Food Retail) and Geography
Rise in Demand for Convenience Food to Escalate Frozen Bakery Products Market Growth During 2021–2028
According to our latest market study on “Frozen Bakery Products Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type (Breads and Rolls, Cakes and Pastries, Cookies and Biscuits, and Others), Category (Gluten-free and Conventional), and End User (Foodservice and Food Retail),” the market is expected to grow from US$ 25,312.32 million in 2021 to US$ 33,308.15 million by 2028; it is expected to grow at a CAGR of 4.0% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Frozen bakery products witness high demand as people prefer ready-to-bake products because they are easy to prepare and can be prepared quickly. In addition, a significant increase in demand for processed food products due to a shift in consumer preference for baked products drives the growth of the frozen bakery products market. The acceptance of frozen bakery products is increasing due to factors such as convenience, preparation speed, easy product availability, and low costs. The growth of the market is also attributed to the surging demand from coffee shops and small and large-scale food chains.
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, consumers in developed and developing regions worldwide are moving toward convenience foods. The rural–urban migration has also increased in developing countries, which has led to an increase in street vending, ready-to-eat, and convenience foods. As a result, there has been a notable rise in the consumption of ready-to-eat foods, which has resulted in a significant increase in the market for convenience foods. Further, frozen bakery products have also found a shelf 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. Therefore, the demand for frozen bakery products is expected to increase in response to the growing demand for convenience foods. The demand for convenience food is being fueled by the launch of longer-shelf-life frozen bakery products and an increase in the working population across the globe, along with a rise in the female workforce. Consumers buy and store frozen bakery items in their busy schedules and consume them as required.
Dawn Food Products, Inc.; Europastry, S.A; Lantmannen Unibake.; Grupo Bimbo; S.A.B. Dec.V; Aryzta Ag; General Mills, Inc.; Cole's Quality Foods Inc.; Conagra Brands, Inc.; and Bridgford Foods Corporation are among the well-established players operating in the frozen bakery products market.
Impact of COVID-19 Pandemic on Frozen Bakery Products Market
The COVID-19 outbreak has impacted different industries in different manner. Amid the pandemic, the lockdown imposition is restricting the supply chain of frozen bakery products. The unavailability of raw materials and labor, due to the restrictions on the movement of people, is hindering the production of frozen bakery products. The frozen food industry has seen a steady growth amid pandemic as people are consuming foods that have a longer shelf life. According to the President of American Frozen Food Institute (AFFI), the US based frozen foods players has seen the sales of the frozen food products in the US were increased by 18.2% in 2020, which is approx. US$ 66 billion in sales. According to the AFFI report of November 2020, the decrease in the visits to grocery store and being prepared to avoid food shortages motivated the consumers to buy frozen food products during the pandemic. The frozen food products supply chain has been mostly shifted from foodservice to the retail sector as the demand for frozen foods, such as frozen bakery products, has seen a shift from the foodservice to household consumption. According to AFFI, during COVID-19 outbreak, the consumers 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 market.
The report includes the segmentation of the global frozen bakery products market as follows:
Frozen Bakery Products Market, by Category
Frozen Bakery Products Market, by End User
Frozen Bakery Products Market, by Geography