“According to Acumen Research and Consulting, the global frozen bakery industry size is valued over USD 32 billion in 2018 and the market is likely to exceed revenue of USD 42.4 billion by 2026. The industry reflects the CAGR of 5.2% amid during the years 2018 to 2026. Consumer demand is, however, affected by quality and health concerns. The growing food service market has encouraged the increasing consumer demand for frozen bakery market.”
Acumen Research and Consulting
Global Frozen bakery industry size is valued over USD 32 billion in 2018 and the market is likely to exceed revenue of USD 42.4 billion by 2026. The industry reflects the CAGR of 5.2% amid during the years 2018 to 2026.
Frozen bakery market will enlist an observable development amid the estimate time frame. Expanding need for processed food products combined with move in purchaser inclinations towards prepared products is probably going to enlarge the demand for frozen bakery products. These products can be put away for a more drawn out term of time when contrasted with the customary pastry kitchen products. Different advantages offered by these products, for example, ease in accessibility, better quality, longer time span of usability, ecologically agreeable assembling process, and sensible estimating will drive the market in future.
Demand for Convenience in Bakery Products
The food service sector has been rapidly diversifying their product portfolio to include ready-to-bake and ready-to-thaw frozen baked goods. The demand for such convenient foods has been increasing from rapidly emerging cafes, restaurants, in-store bakeries, and coffee shops that typically procure frozen baked goods and thaw or bake them to provide instant delicacies.
The rise of specialty frozen baked goods is complemented by the healthy offerings associated with it. Baking establishments are increasingly providing specialty baked goods that are gluten-free, dairy-free, peanut-free, and soy protein-free to access and capture the health-conscious consumer segment. The microbiological spoilage of frozen baked goods by molds, yeast, and bacteria leads to consumers opting for safer alternatives in fresh baked goods. The quality and health-conscious consumers are inclining towards fresh-baked delicacies and artisanal bakers to experience indulgence and satiety.
Develop customary fresh baked products market and variety in the energy cost are the key controlling components for frozen bakery market development in coming years. High electricity costs brought about high operational expense for frozen bakery products makers as the greater part of the products are short-lived in nature and should be kept at frozen conditions. This may be the reason that a portion of the producers have introduced their plants in neighbouring nations where power tax is low. These previously mentioned patterns will hamper the general market by 2026.
Comfort stores assumes a noteworthy role in marketing and circulation of the product and catches over 15% of the whole end-client section in 2018 and will demonstrate the huge development in coming years. The simplicity of accessibility of the product and frenzied way of life of individuals has prompted the prominence of accommodation stores, for example, Mom and Pops, SMU, Cup Cakes Factory, and so forth. Through such accommodation stores, fabricates have the upside of exhibiting their differing product portfolio in a single platform. This thus, will support the worldwide market development in future.
Hotels, restaurants, and catering end-client section grasps over 16% of the volume share in 2018 and will demonstrate a sluggish development over the gauge time allotment. The section incorporates the drive-thru food chains just as family eateries and lodgings that serve nourishment which sets aside less opportunity to cook bringing about negligible table time. Development in worldwide the travel industry will support the whole fragment request and this will emphatically impact the frozen bakery market in gauge period.
In 2017, North America has income of more than USD 8.4 billion in worldwide frozen bakery market and is required to develop at a huge rate by 2026. U.S. and Canada will have a flourishing business sector because of expanded processed food requirement prerequisite and changing purchaser ways of life. Also, the enhanced nourishment culture and expectations for everyday comforts alongside the local financial development will enlarge the frozen bakery showcase in future.