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High demand for frozen bakery products - Growth at 6.3% CAGR due to shelf life
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Friday, 22 September, 2023, 14 : 00 PM [IST]
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Our Bureau, Mumbai
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The global frozen bakery products market stands at US$31.78 billion in 2023 and is forecasted to reach a valuation of US$58.55 billion by the end of 2033. The market is predicted to expand at a CAGR of 6.3% from 2023 to 2033, according to a detailed study by Fact.MR, a market research and competitive intelligence provider.
The shelf life of frozen baked goods can be increased to 6 to 18 months by halting the internal water movement within the product and transforming it into ice crystals. This keeps food from deteriorating microbiologically.
The frozen bakery products market is projected to be driven by the rising number of working professionals and the appeal of convenience foods. Well-established in-store bakeries, coffeehouse chains, restaurants, and quick-service eateries are components of the frozen bakery industry.
High Demand for Frozen Bakery Products Due to Their Extended Shelf Life and High Nutritional Value
One of the key elements fueling the expansion of the market is consumers’ desire for convenience while purchasing food products. Due to the health advantages associated with frozen food products, their demand has increased over the last few years. Frozen food products have a longer shelf life and are packed with nutrients.
Expansion of Retail Industry and Growing Need for Frozen Bakery Products Made from Natural & Organic Ingredients
Due to rapid urbanisation, there are now more malls, hypermarkets, and supermarkets than ever before. These retail giants have the necessary tools to store frozen bakery products. Fast-paced lifestyles have boosted the demand for fast food.
Demand for frozen bakery products is being fueled by the attention that retail chains are placing on offering a diverse range of products, from muffins to pizza dough. Manufacturers put a lot of effort into creating products that are simple to prepare and require only defrosting.
Manufacturer’s Limited Ability to Maintain Tradeoff between Quality & Profitability
Price sensitivity is a significant factor in the frozen bakery products market. Consumers often compare the prices of frozen bakery goods with their fresh counterparts or other competitive options. Manufacturers need to strike a balance between offering affordable products while maintaining quality and profitability. The market is also competitive, with various brands and private labels vying for market share, leading to price pressures.
Rising Demand for Western-style Food Products
The market in China is anticipated to expand at a steady CAGR of 6.1% and reach US$13.11 billion by the end of 2033.
Increasing urbanisation, rising disposable incomes, and consumers’ demand for Western-style diets are driving sales of bakery products in China. Production of processed foods is also expanding significantly. It has also prompted the release of a wide variety of cutting-edge frozen bakery items.
Rising Focus of Manufacturers on Gluten-free Frozen Bakery Products and Expansion of Foodservice Industry
The market in the United Kingdom is projected to reach US$6.09 billion by 2033, expanding at a moderate CAGR of 5.8%.
Companies that specialise in healthy baked goods use premium nutritional ingredients to satisfy the demand for gluten-free meals on the go have the most rapidly expanding markets in the established frozen bakery sectors. For breakfast, people want quick-to-prepare items, which contributes to the rising demand for frozen bakery products. Availability of gluten-free frozen items has contributed to market growth in the country.
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