In the world of frozen pastries, the viennoiseries segment is projected to be the fastest-growing segment by 2024, according to a new report by Persistence Market Research (PMR). This particular niche currently accounts for approximately 60% value share in the global frozen pastries market and was estimated to be valued at more than USD 1bn by 2016 end. It is expected to increase at a CAGR of 5.9% by 2024, to be valued at more than USD 1,5bn by the end of 2024.
On a regional basis, the viennoiserie segment in North America was estimated at USD300m last year and expected to increase to over USD500m by 2024.
“Soft viennoiserie with innovative flavors such as dark chocolate and apple delight among others are gaining popularity among consumers in North America, while it will also remain a relatively attractive segment in the Latin America during the forecast period. Adoption of effective marketing strategies such as the use of digital platforms, mobile applications, and social media platforms to increase sales of frozen pastry products are expected to drive the growth of the viennoiserie segment in the region,” PMR said.
“In Europe, leading companies are focusing on mergers and acquisitions in order to enhance their geographical presence and viennoiserie product offerings, with expectations of high CAGR in the Asia-Pacific region, due to shifting consumer preference to premium frozen pastry products”.