NEW YORK — The demand for frozen bakery products is expected to rise as consumers seek out items that can be freshly prepared and have a longer shelf life. A report conducted by Zion Market Research valued the global frozen bakery products market at $16.54 billion in 2017 and projected it to reach approximately $28.35 billion by 2024, growing at a CAGR of around 8.24% between 2018 and 2024.
Increased quality and convenience are some of the major factors fueling the market, according to Zion Market Research. Advances in processing methods and ingredient functionality are enriching the quality of frozen bakery products. Hydrocolloids, antioxidants and enzymes are contributing to improvements such as increased shelf-life and texture and flavor enhancement, the research firm noted.
The convenient nature of frozen baked foods also is driving sales as these items tend be more versatile and appear fresher than conventionally baked items.
According to the report, buns and rolls retain a large portion of sales within this market. A rising preference for portable foods such as sandwiches are supporting this growth. Pizza crusts sales also are expected to attain more market share due to the item’s versatility and popularity across cultures.
When examining global sales, European countries are expected to be the fastest growing segment in coming years. The research firm said that Germany, Denmark, Switzerland, Norway, Finland and Greece are expected to contribute to sales due to citizens’ higher incomes that allow them to buy high-quality frozen foods. In addition, the tourism and catering industries in France, Germany and the U.K. are likely to capitalize on the convenience of these products.
North American sales of frozen baked foods are expected to see an uptick. According to Zion Market Research, food companies will need to balance consumers’ demands for indulgence and health when creating new products in this region.
The research firm said the Asia Pacific region has the highest potential for increased market growth. The expanding influence of western culture, enhanced standard of living among the region’s population and changing eating habits of consumers are expected to drive the overall growth in this area.
To download the full report, click here.