The global frozen bakery products market is projected to reach USD29.5bn by 2026, from USD22.3bn in 2021, at a CAGR of 5.8% during the forecast period, according to a new market research report published by MarketsandMarkets.
The increase in consumption of frozen bakery products in the emerging markets of the Asia Pacific and Latin America has also led to a rise in the sales of frozen bakery products. The demand for frozen bakery products in developing regions is driven by the increase in disposable income, the report shows.
By distribution channel, conventional stores have the potential to be a prominent channel for frozen bakery products. Niche retailers among these stores have also realized the opportunity to establish an effective retail chain. Earlier, these companies marketed their line of products only through exclusive stores situated in prime locations. However, these companies now understand the dynamic changes in consumer preferences for healthier food products.
Region-wise, Asia Pacific is among the fastest-growing regions for frozen bakery products. The food & beverage industry has contributed significantly to the market growth in this region. Due to the growing population, rising incomes, and increasing urbanization the market growth is significant. These factors are projected to support the growth of niche markets, such as frozen bakery products. The market is driven by the increase in demand for convenience food products in developing countries such as India, China, Japan, and Australia. In the Asia Pacific region, China accounted for the largest share in the frozen bakery products market in 2020.