The global market for Frozen Bakery has witnessed continued demand during the last few years and is projected to reach USD 21,842.82 million by 2023, at a CAGR of 6.60%.
According to new research, Europe will continue to dominate the market with more than 35% share and is projected to reach more than USD 8,000 million with CAGR of 7.27% by 2023. North America will witness highest growth rate (~7.62%) during forecast period 2017 to 2023. High focus on R & D has led to innovations in bakery products by increasing the shelf-life of the product and enhancing the nutritional value.
Based on the types available in frozen bakery, breads will witness highest growth rate (~7.61%). By 2023, bread based frozen bakery will reach a market value of more than USD 6,000 Million on a global level. Rising applications of bread and bread based products in fast food chains has a positive influence on its market growth. Rolls and buns are anticipated to grow at a high rate based on increasing demand for on-the-go food products.
By 2023, temperature-proof packaging of frozen bakery will dominate the packaging type in the frozen bakery market and is evaluated to grow at a rate of 7.11%. Temperature-proof packaging of frozen bakery product protects it from the outer environments temperature and hence keeps it stable and fresh for a longer period of time. In addition, temperature-proof packaging also helps in inhibiting the bacterial growth hence has a high demand in frozen bakery market.
The leading market players in the global Frozen Bakery market primarily are Arista AG (U.S.), Grupo Bimbo SAB de CV (Mexico), Flowers Foods, Inc. (U.S.), Rich Products (U.S.), Lantmannen Unibake, USA, Inc (Denmark), Vandemoortele Bakery Products (France), Europastry Sa (Spain), General Mills, Inc. (U.S.)
