The market research firm predicted the global frozen bakery market will forecast to surpass $25bn by the end of 2024, growing at an 8.8% CAGR between 2017 and 2024.
Panattiere holds a “lucrative business” in the frozen bakery space especially in muffins, sandwich rolls, puffs, and soft bread.
“With this procurement, Bimbo will get a chance to exploit their expanded in-store food channel and upgraded food service,” said Global Market Insights.
“Driven by the strategic necessity to access emerging markets, widen product portfolio, and increase individual market share, these cross-border deals are certainly adding a renewed dynamism in the overall frozen bakery industry.”
Longer lifespan draws consumers
As frozen baked goods have longer lifespans than shelf products, the category is better positioned to capitalize on the shifting consumer trend toward health, hygiene and convenience, said Global Market Insights.
“Today’s urbanized world experiences a hectic lifestyle, where processed food demand is witnessing a surge,” it added.
“Increasing disposable incomes and the inclination toward westernized diet trend is fueling the commercialization of frozen baked products, which no doubt is leaving an impact on the global frozen bakery industry share.”
In developed regions, including North America and Europe, “the extensive growth of frozen bakery industry is quite vivid,” it added.
“Europe has been witnessing an increasing import and export of frozen cakes and pastries, which is perceived to be the prime factor driving the market. With Germany, UK, and France on the growth front, the European frozen bakery market in the coming years is expected to carve an appreciable growth.
“Along the same lines, North America is also highly influenced by the commercial trading. Cakes and pastries with high glucose starch and low protein ratio observe a huge popularity among North Americans,” said Global Market Insights.
“Increasing proliferation of frozen cakes and pastries across two such major continents will allow the product segment to dominate the industry landscape over 2017 to 2024.”
Asia Pacific’s taste for thin crust
The Asia Pacific (APAC) market will also witness a strong growth during the projected period, as the region, which accounts for nearly 20% of the global frozen bakery sales, is introducing some of the more staple western diet, such as pizza.
“With increasing globalization, pizza and related thin crust baked products have penetrated in the APAC… Pizza crust covers almost 30% of the overall product landscape of frozen bakery market and is likely to contribute significantly toward the overall share by 2024,” said Global Market Insights.
China, in particular, is projected to be a major revenue pocket for the regional market.
“Statistics reveal that the country’s demand for baked foods has been growing at a fast pace over the past decade and the trend is likely to continue. High economic growth, subsequent increase in the production base and increasing consumption of frozen baked foods will collectively favor the regional frozen bakery market augmentation.”