Global Frozen Bakery Products Market - Segmented by Technology, Application, Distribution Channel and Geography (2018 - 2023)
The global frozen bakery products market was valued at USD 16543.47 million in 2017 and is expected to register a CAGR of 8.0% during the forecast period (2018 - 2023). The intra-industry competitiveness is high and affects the market. The consumer demand is however, affected by the quality and health concerns. Growing food service market has encouraged the growing consumer demand for frozen bakery products.
Demand for Convenience in Bakery products
The convenience factor associated with frozen bakery products is also complemented by on-the-go snacking trend. 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 it 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 in order to access and capture 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 for fresh baked delicacies and artisanal bakers in order to experience the indulgence.
Frozen Cake is the fastest growing segment by product
The frozen bakery products have grown in popularity due to their ease of preparation, similarity to homemade products, the time and cost savings these items provide to restaurants and other institutional outlets. Consumer preference for artisian cake is dominant during festive occasion. Increased demand of exotic flavors in frozen cake is driving the frozen cake market. It records a CAGR of 8.9% during the forecast period. The consumption of cakes in the developed regions is mostly because of its convenience and health attribute. There is a growing popularity in to-go cake products; baked off or made at convenience of the consumer.
Scratch baking is labor intensive and requires long time. Industry is shifting from traditional baking to Bake off technologies (BOT). Three key BOT are Unfermented frozen dough (UFD), partially baked frozen bread (PBF) and partially baked unfrozen bread (PBUF). Frozen semi-baked goods and ready-to-bake goods is also an important product segment for the food industry, especially for hotels and the catering industry. The Ready-To-Bake frozen bakery products market is expected to register a CAGR of 8.6% during the forecast period.
Asia pacific is the fastest growing region
European bakery industry leads the global bakery market, and so does the frozen bakery industry. Morning goods is the most dominating segment in the industry. People prefer convenient and grab and go products in the breakfast menu and this has favored the increasing demand for frozen bakery products. Availability of gluten-free frozen baked goods has indeed helped in the growth of the market.
Asia-Pacific region is expected to grow at a CAGR of 8.6% during 2018 - 2023, in specific, India is witnessing a growing demand for frozen bakery products. Frozen bakery is the North America is growing in frozen par-baked bread market. “Parbaked” products are baked to within 90% of completion, then quick frozen and shipped to customers for the final 12-15 minutes of baking.
Health-consciousness and indulgence are two parallel trends dominating the U.S. bakery products market. The developed markets of Western Europe in bakery products are matured and saturated as compared to an emerging markets of Eastern Europe which are driving the sales of biscuits and breads in particular, owing to the high demand for convenient food products.
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