The global market for frozen pastry is expected to grow almost 6% (5.9%) by 2024, according to a new report by Persistence Market Research (PMR).
“Increasing frozen pastries demand, that are sugar-free, is expected to drive the overall frozen pastries market growth in the near future. Some factors responsible for impeding the frozen pastries market include quality challenges, upcoming alternatives, price fluctuation effects and role of regulations,” says PMR.
Based on distribution channels, retail holds the largest market share in this category, with hypermarkets and supermarkets leading the pack. According to the report, the market value of this segment in 2016 was worth USD785.9 million and it is estimated to grow at more than 6% CAGR to reach USD1,299.1 million by 2024.
“Supermarkets/hypermarkets bakeries or in-store bakeries development have emerged as prominent market growth factor for frozen pastries. The segment of artisan bakers is estimated to hold its position as the second-largest distribution channel segment in the global frozen pastries market during the forecast period, gaining traction in some parts of North America and Europe,” according to PMR.
Region-wise, Asia Pacific (APAC), North America and Latin America are estimated to reflect robust growth in frozen pastries market during the forecast period. Owing to increasing demands of frozen pastries from Australia, Japan and New Zealand, Asia Pacific is estimated to register significant market share during 2016 to 2024. As various Western European countries are the origin for most of the frozen pastries products, Europe is estimated to hold around 62.3% market revenue share over the forecast period.