Frozen Bakery Product Market Size is projected to reach USD USD 37.41 billion by 2031, growing at a CAGR of 5.5%: Straits Research

According to Straits Research, “The global frozen bakery product market size was valued at USD 23.10 billion in 2022. It is projected to reach USD 37.41 billion by 2031, growing at a CAGR of 5.5% during the forecast period (2023–2031).”

New York, United States, April 15, 2024 (GLOBE NEWSWIRE) -- Frozen bakery products refer to baked foods that have been frozen and then preserved for consumption later. The assortment of products includes, among other things, bread, pizza crust, pastries, cakes, and breakfast treats. These items undergo either partial or complete baking before freezing, allowing consumers to prepare them at home in a timely and reasonable manner by finishing the baking procedure.

Frozen bakery products provide numerous advantages, including portability, an extended period of freshness, and the possibility to indulge in freshly baked treats without the need for complex preparation. These products are easily obtainable at grocery stores and provide a straightforward option for individuals searching for the flavor of recently prepared dishes while facilitating future storage.

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Rising Demand for Convenience Food Products Drives the Global Market

The increasing preference of consumers for convenient food items indirectly influences the demand for frozen bakery products due to the time and effort they conserve. The expansion of the processed food industry is propelled by consumers' chaotic lifestyles, which necessitate an increased emphasis on convenience. The result has been an increase in the need for frozen bakery products.

In addition, the market demand for frozen bakery products is anticipated to increase due to the escalating number of urban households in developing countries, which is driving the rapid expansion of the frozen food industry. As per the Asian Development Bank, urban areas in Asia are experiencing rapid growth. Urbanization in this region will increase by 1.1 billion people over the following two decades. By 2030, urbanization in Asia is anticipated to exceed 55%. This upward trend in per capita average income and the increasing prevalence of grazing beyond scheduled meals are the principal factors propelling the demand for frozen bakery products.

Strategic Initiatives by Key Players Create Tremendous Opportunities

The market dynamics can be substantially impacted by the actions and strategies of major participants, including introducing new products, cooperation formation, expansion of operations, acquisitions, and mergers. For instance, Wonder Bakery, a bakery of industrial quality, inaugurated a technologically sophisticated production and distribution facility in Dubai Industrial City, one of the region's most expansive industrial hubs, in March 2022. The facility costs Dh50 million. An annual capacity of 50,000 tons of bakery and culinary products, including fresh and frozen varieties, will be attainable at the newly constructed facility.

New Water Capital Partners LP, a Boca Raton, Florida-based private equity firm specializing in investing in lower-middle market enterprises, acquired Klosterman Baking Co. in July 2022. Since 1892, the Klosterman family has owned and operated the Cincinnati-based fresh and frozen baked products manufacturer. The organization's vast bakery products include fresh and frozen bread, buns, flatbread, artisan bread, doughnuts, and additional baked delicacies. As a result, opportunities for market expansion are anticipated to arise.

Regional Analysis

Europe is the most significant global frozen bakery product market shareholder and is expected to expand substantially during the forecast period. The European market exhibits a dominant position in the frozen bakery products industry owing to its substantial consumption of baked goods and bread. The European market is experiencing growth due to the increasing demand for high-quality and convenient products and the presence of industry leaders such as Lantmannen Unibake, Aryzta, and Vandemoortele. Moreover, prominent market participants in this region employ various strategies, including collaborative partnerships, business expansion, acquisitions, and new product introduction.

For instance, Europastry, a Spanish bakery supplier, acquired the frozen bakery production operations of Dawn Foods in Europe, Africa, the Middle East, and Asia-Pacific in December 2022. The accord stipulates that Dawn Foods' production facility in the Dutch municipality of Steenbergen and a research and development center in the British town of Evesham shall be transferred for an unspecified sum. These factors are anticipated to help the market grow.

Key Highlights

  • Based on product type, the global frozen bakery product market is divided into bread, pizza and pizza crust, cakes and pastries, cookies and biscuits, and others. The bread segment dominates the global market.
  • Based on category, the global frozen bakery product market is bifurcated into conventional and gluten-free. 
  • Based on distribution channels, the global frozen bakery product market is divided into supermarkets/hypermarkets, convenience stores, cafes and bakery shops, online, and others.
  • Europe is the most significant global frozen bakery product market shareholder and is expected to expand substantially during the forecast period.

Competitive Players

The key players in the global frozen bakery product market are Grupo Bimbo C.V., Conagra Brands Inc., Associated British Foods Plc, General Mills Inc., Lantmännen Unibake, Kellogg Company, Vandemoortele NV, Aryzta AG, Europastry S.A., Cole's Quality Food Inc., and others.

Market News

  • In July 2023, Doughboys Pizza, a pizza wholesaler based in the UK, introduced a fresh line of frozen pizzas. The new variety will be available for purchase through Ocado starting on July 21st. The assortment comprises Classic Margherita, Spicy Salami, Veggie Giardino, and Prosciutto with Mushroom.
  • In October 2023, UPM Specialty Papers partnered with Lantmännen Unibake, a bakery firm, and Adara, a manufacturer of corrugated cardboard packaging, to develop a packaging solution made from fibers for the frozen baked products industry.

Global Frozen Bakery Product Market: Segmentation

By Product Type

  • Bread
  • Pizza and Pizza Crust
  • Cakes and Pastries
  • Cookies and Biscuits
  • Others

By Category

  • Conventional
  • Gluten-free

By Distribution Channel

  • Supermarket/Hypermarket
  • Convenience Stores
  • Cafes and Bakery Shops
  • Online
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

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About Straits Research Pvt. Ltd.

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