The global market for froze pastries is estimated to grow at a CAGR of 5.9% in terms of value, by 2024.
“Growing popularity of e-commerce and online retailing is expected to support the expansion of frozen pastries market globally. Moreover, frozen pastries offer the convenience of ready-to-eat pastry items in the comfort of home, which is further fueling their demand in the market,” according to an analyst with Persistence Market Research (PMR).
According to the report, the frozen pastry market is split into viennoiserie and Danish products. Demand for viennoiserie type pastry products is expected to remain relatively higher than Danish type products throughout the assessment period. In addition, the consumption of frozen pastries of both the types has grown to a significant extent in recent years, with plant and filled croissants products witnessing a considerable rise in demand. Increasing demand for pastries worldwide is driving the frozen pastries market. The plain and filled croissant products are leading with maximum market share and are expected to grow further over the next couple of years. This is primarily attributed to the incessantly high consumption in Europe and their recent growth in popularity in new regional markets.
Based on distribution channels, the hypermarket/supermarket segment occupies lion’s share of the market. In 2016, the segment was valued at around USD785.9m and is expected to increase at over 6% CAGR to reach USD 1,29bn by 2024.
“The development of in-store bakeries or bakeries within supermarkets/hypermarkets has emerged as a prominent growth factor for the market, whereas, the segment of artisan bakers is anticipated to remain the second largest, particularly gaining traction in parts of Europe and North America,” according to PMR.