Frozen Bakery Products Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Frozen Bakery Market was valued at US$ 22.6 Billion in 2020 and is anticipated to reach US$ 33.2 Billion by 2027 displaying an elevated CAGR of 5.2% over the forecast period (2021-2027).

Frozen Bakery Products like Bread, Pizza Crusts, and Cakes & Pastries are mostly obtained from wheat, rice, and barley. Frozen bakery products are progressively becoming an important part of the daily diet, particularly in Europe and North America. Bread manufacturing industries are witnessing high growth because of the rise in demand from consumers due to their busy lifestyles. The demand for frozen bakery products is increasing in developing regions owing to the increase in disposable income. Moreover, the increasing consumer preference toward convenience foods, easy availability of frozen bakery products, and improving economic conditions. In addition, the increase in rural-urban migration has led to an increase in street vending, ready-to-eat, and convenience foods. Furthermore, the diversification of distribution channels, introduction of frozen bakery products having a longer shelf life, an increase in the working population, and busy lifestyle is also deriving the market growth.

Household Disposable Income Gross Adjusted, US Dollars/Capita, 2020

Insights Presented in the Report

“Amongst Type, Bread segment holds the major share.”

Based on Type, the market is fragmented into Bread, Pizza Crusts, and Cakes & Pastries. The bread segment holds the largest share in 2020 due to the rise in its demand in the France, UK, Italy, and Germany region. The rise in wheat production in the recent few years is further intensifying the segment growth. According to the OECD‑FAO Agricultural Outlook (2020‑2029) report, Global wheat production is expected to reach 839 Mt by 2029, growing at a more moderate pace compared to the last decade. Amongst the developed countries, wheat production is the highest in the European Union with high grain quality. The Pizza Crusts segment is expected to register the highest CAGR in the upcoming period due to the increase in its demand in commercial as well as retail stores. In addition, the rise in veganism trend is intensifying the segment growth. With the rise in the number of vegans, the manufacturing companies are strategizing the production of pizza crust. For instance, in 2018, B&G Foods launched cauliflower pizza crust in the North American region.

“Amongst Form of Consumption, Ready-to-Bake is anticipated to grow at the highest CAGR during the analyzed period.”

Based on the Form of Consumption, the market is fragmented into Ready-to-Proof, Ready-to-Bake, and Ready-to-Eat. The Ready-to-Bake segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to an increase in demand for pre-baked products that take less time during the baking process. In addition, the introduction of freezing technology in baking offers the best-known preservation solutions for the bakery industry by improving the shelf life of products. For instance, blast freezing is a fast thermal preservation technology employed in the bakery to extend the product’s shelf life and to preserve its physicochemical stability, safety, and freshness. Blast freezers blow very cold air (typically at -30°C and -50°C and high flow rates of 3.0–6.0 linear meters per second) over the product. Moreover, the incorporation of low-temperature freezing technologies leads to the rise in the commercial value of bakery products.

“Amongst Distribution Channel, Conventional Stores segment are anticipated to grow at the highest CAGR during the analyzed period.”

Based on Distribution Channel, the market is fragmented into Conventional Stores and Specialty Stores. The Conventional stores segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period due to the rising number of Conventional stores. For instance, as per the latest NACS/Nielsen Convenience Industry Store Count (2020), there are 150,274 convenience stores in the U.S.  Region.

“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Frozen Bakery Products market.”

For a better understanding of the market adoption of Frozen Bakery Products, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Frozen Bakery Products market on account of the busy lifestyle and rise in the number of convenience stores. The rising disposable income is leading to high purchasing power which is further intensifying the Frozen Bakery Products Market. As per the OECD, United States holds the highest disposable income, followed by Germany and Switzerland. Some of the major players operating in the market include Dawn Food Products, Inc., Europastry, S.A, Lantmannen Unibake., Grupo Bimbo, S.A.B. Dec.V, Aryzta Ag, General Mills, Inc., Cole’s Quality Foods Inc., Conagra Brands, Inc., Bridgford Foods Corporation. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Frozen Bakery Products market were the three major steps undertaken to create and analyze the adoption of Frozen Bakery Products for the different applications across major Distribution channels such as Conventional Stores and Specialty Stores. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Frozen Bakery Products sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to.

Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

The detailed secondary study was conducted to obtain the historical market size of the Frozen Bakery Products through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Frozen Bakery Products market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Type, Distribution Channel, Form of Consumption, and Region. Further country-level analyses were conducted to evaluate the overall adoption of Frozen Bakery Products in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Frozen Bakery Products. Further, we conducted factor analysis using dependent and independent variables such as the increase in consumption of frozen bakery products in the emerging markets of the Asia Pacific and Latin America.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Frozen Bakery Products  Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Frozen Bakery Products across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Frozen Bakery Products market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Frozen Bakery Products market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type, Distribution Channel, Form of Consumption, and Region of the Frozen Bakery Products market.

Main Objective of the Frozen Bakery Products market Study

The current & future market trends of Frozen Bakery Products were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Frozen Bakery Products in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of Type, Distribution Channel, Form of Consumption, and Region
• Define and analysis of the regulatory framework for the Frozen Bakery Products industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Frozen Bakery Products market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of the World
• Company profiles of the Frozen Bakery Products market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry