NEWARK, Del. — According to Future Market Insights, the global frozen bakery market size is anticipated to be valued at $23 billion in 2021 and is projected to reach $49 billion by 2032, recording a compound annual growth rate of 7.4% during the forecast period.
The drastic inclination toward convenience food and the popularity of specialty frozen bakery goods are the key factors contributing to the growth of frozen bakery products. Intra-industry competitiveness is likely to have a positive impact on the market.
Viennoiserie, patisserie and bread in frozen form have a longer shelf life, making them ideal for selling on the Internet which is booming online frozen bakery products sales immensely.
- In the first half of 2021, the Frozen Bakery Products Market grew by 7.3% globally. However, this growth is not uniformly distributed across all geographical areas, with the developing markets registering greater growth rates of 6.4%.
- The variation in growth is primarily caused by the market's slow or rapid uptake during the first half of the projected period because of improving end-user demand in important economies and their expanding populations.
- In today's hectic lifestyle people prefer convenient foods because of their ready-to-eat properties and easy availability. As a result, an inevitable rise can be witnessed in the demand for Ready Sell & Frozen Bakery Products.
- The growing acceptance of frozen bakeries and ready-to-sell food is due to its being easily available and can be prepared for meals in much lesser time. The low cost of frozen bakery goods makes them ideal for consumption among millennials.
- The augmentation will be driven by the widespread adoption of IQF- Individual Quick-Frozen technology that helps maintain frozen bakery goods as fresh. The frozen bakery product companies will especially gain from the rising demand from small and large-scale food chains and coffee shops.
- China and India in particular are both experiencing a growth in their consumption patterns, which is driving up demand for Frozen Bakery Products Market.