The global frozen bakery market size is expected to reach USD59.86bn by 2030, expanding at a CAGR of 4.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Frozen pizza dominated the product segment with the highest market share in 2022. The development of specialty pizza products such as dairy and gluten-free pizzas is the major driver for the segment growth.
Online distribution channels are predicted to have the greatest CAGR throughout the projection period of 2023–2030, making them the fastest-growing market segment. The two main growth-accelerating variables are expected to be the rising number of internet users worldwide and the greater penetration of smartphones.
The region with the fastest predicted growth is Asia Pacific, which is expected to register a sizable CAGR during the anticipated time range. The increase in disposable income and the significant impact of western culture on eating habits and level of living are both responsible for this expansion.
The global demand for frozen bakery products is driven by the growing customer preference for ready-to-bake and ready-to-eat (RTE) products, which is linked to busy and hectic lifestyles and extended working hours. The market is expected to be driven by the rapidly expanding working population, particularly working women, during the anticipated time frame. Moreover, the presence of leading players has contributed significantly to the market’s growth.
Product availability and visibility have expanded as a result of the organized retail sector’s significant improvement and upgrade, particularly in emerging markets. The frozen bakery sector is anticipated to increase as a result of this circumstance. Additionally, as wellness and health concerns increase, consumers’ preferences for organic and clean-label products are growing.
To create products with healthy ingredients, the industry has been constantly changing. The only people who still consume frozen baked goods without dairy ingredients are lactose intolerant people. For people who follow a particular diet, such as a vegan one, or who like variety, there is currently a broad variety of non-dairy frozen delicacies available. There is no shortage of dairy-free options in the frozen bakery market, ranging from small companies providing vegan options to larger companies offering non-dairy variants of their classic flavors. Dairy-free substitute bases include coconut milk, almond milk, and oat milk.
At five-star hotels and upscale restaurants, the usage of frozen baked goods is common to enhance meal service and increase revenues. Customers expect a wide menu with bakery items like pastries and pies to satisfy all tastes, thus the success of locations like premium coffee shops is not solely attributable to their fine-tasting beverages. The industry will advance due to the rising need for different product pairings and menus in hotels and restaurants.
Find out more at: https://www.grandviewresearch.com/