The breads segment accounted for the largest market share of the frozen bakery products market in 2015 and is expected to grow at a significant CAGR during the forecast period (2016-2022). Frozen breads are produced utilizing frozen yeasted bread dough. Moreover, these are the high quality breads when compared to the conventional ones. Major market participants such as Grupo Bimbo S.A.B. de C.V. (Mexico), Associated British Food plc, and General Mills are continuously working on producing new and innovative flavors in breads in response to the increasing demand for a variety of bread products by consumers.
The frozen bakery products market is projected to reach USD 23.48 billion by 2022 at a CAGR of 7.9% from 2016. The market is driven by factors such as increased demand for convenience food and rise in demand for readily available safe and tasty food products. Economic growth with the increase in disposable income is enabling customers to spend on premium quality frozen bakery products, which is expected to result in significant market growth in emerging economies. However, preference for conventional, freshly baked food products and volatility of raw material prices are the restraining factors for frozen bakery product manufacturers.
“Catering & industrial is projected to be the fastest growing distribution channel between 2016 and 2022.”
The catering & industrial channel is majorly driven by the factors such as changing lifestyle and increase in the number of national and international brands across the globe. Many of the international cuisine recipes include the usage of breads and its variants. Hence, the evolving and growing culture of eating out is driving the increasing demand for a variety of bread products by the HORECA industry.
“Asia-Pacific market is projected to grow at the highest CAGR between 2016 and 2022.”
Asia-Pacific is projected to be the fastest growing region in the coming years owing to increasing demands for convenience food products by the urban population of the region.
Demand for frozen bakery products is estimated to grow in the emerging economies such as China and India due to the rise in disposable income and purchasing power parity (PPP) of the growing population of these countries.