Frozen bakery products market to reach $49.11bn globally by 2025
Allied Market Research has published a new Frozen Bakery Products market report which offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition.
According to the report, the global frozen bakery products market generated $33.87 billion in 2017 and is expected to reach $49.11 billion by 2025, growing at a CAGR of 4.2% from 2018 to 2025.
Rise in demand for frozen food as it is nutritionally rich and has a longer shelf life, increased preference for convenience food products, demand for European bakery products in the Asia-Pacific region, growing number of high-end bakery shops in developed countries, and heavy investment in R&D activities to introduce new products all drive the growth of the market. However, high operating costs for frozen food products in the cold chain process and low water activity and low pH value in frozen bakery products which suggest high possibility of growth of microorganisms in them restrain the growth of the market.
Conversely, the fast-paced lifestyle of consumers looking out for convenient food products and the surge in demand for bakery products in Asia-Pacific create new opportunities for growth of the market.
Among product types, the breads segment grabbed more than one-third of the market share in 2017 and is set to maintain its revenue lead through 2025. This is due to the large-scale application of breads in various food service industry as well as retail sectors.
However, the waffles segment is predicted to grow at the highest CAGR of 5.4% from 2018 to 2025.
Europe captured more than one-third of the market share in 2017 and is likely to dominate the market through 2025. However, Asia-Pacific is expected to register the fastest CAGR of 5.3% from 2017 to 2023. The other regions analysed in the report include North America and LAMEA (Latin America, Middle East and Africa).