“The growing popularity of e-commerce and online retail is expected to support the expansion of the global frozen baked goods market. Additionally, frozen baked goods offer the convenience of ready-to-eat baked goods from the comfort of home, which still fuels their market demand.” – Market research on persistence.
PMR examines the global frozen pastries market in its upcoming report titled “Frozen Pastries Market: Global Industry Analysis and Opportunity Assessment, 2016-2024”. The market is expected to grow at a compound annual growth rate of 5.9% in terms of value in 2024.
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Report Highlights: Key Market Drivers
• The impressive shelf life of frozen pastries plays a key role in the development of the offer of these products.
• The convenience offered by frozen pastries is key to demand-driven market growth.
• Frozen baked goods are much more economical for retail chains and fast food restaurants. These products last longer than normal conventional baked goods, so restaurateurs suffer less loss from spoilage and contamination.
• Rising demand for sugar-free frozen pastries is also expected to be a key factor driving the overall market growth in the near future.
• Freezing baked goods locks in the properties of the product, thus preventing the loss of nutrients or texture for an extended period of time.
The PMR report further provides key insights into the factors restraining the market growth such as quality challenges, role of regulations, upcoming alternative products, and effect of price fluctuation.
The growing demand for premium frozen baked goods has greatly influenced the popularity of specialty frozen baked goods among consumers. Specialty frozen pastries are mostly handmade and are baked with premium ingredients.
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Based on product type, the market is divided into Viennese pastries and Danish products. The demand for Danish-style baked goods is expected to remain relatively higher than that of Danish-style baked goods throughout the assessment period. In addition, the consumption of frozen pastries of both types has increased significantly in recent years, with vegetable and filled croissant products seeing a considerable increase in demand. Rising demand for pastries globally is driving the frozen pastries market.
Plain and filled croissants lead with maximum market share and are expected to grow further over the next two years. This is mainly attributed to the continued high consumption in Europe and their recent rise in popularity in new regional markets.
Based on distribution channels, the hypermarket/supermarket segment occupies the lion’s share of the market. In 2016, the segment was valued at approximately US$785.9 million and is expected to grow at a CAGR of over 6% to reach US$1,299.1 million by the end of 2024. The development of bakeries in store or bakeries within supermarkets/hypermarkets has emerged as an important growth driver for the market. While artisan bakers should remain the second segment of the market. The segment is particularly gaining traction in parts of Europe and North America.
North America, Latin America and Asia-Pacific are expected to experience robust market growth between 2016 and 2024. Despite relatively smaller market size, Asia-Pacific is expected to gain substantial market share by due to increasing demand from countries such as Australia, New Zealand (ANZ) and Japan.
Since most of these products originate from several Western European countries, Europe is expected to account for almost 62.3% of the market revenue share during the forecast period. Likewise, the growing popularity of frozen baked goods in developing countries is expected to create a host of new opportunities for the major players in the market.
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The major players operating in the global frozen pastries market are Gourmand, Delifrance, FBFSpA, Wolf ButterBack, Lantmännen Unibake UK Limited, LBP (UK) Ltd, Le Bon Croissant, and La Danoiserie Corp.
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This press release was published on openPR.