Frozen Bakery Market
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Frozen Bakery Market size crossed USD 45.8 billion in 2023 and is set to expand at a CAGR of 6.5% between 2024 and 2032, supported by the rising demand for convenience food globally.
Increased spending on fast food, particularly by consumers in developed regions, is likely to be crucial for the market progression. In the U.S., this surge in expenditure has been influenced by the recession as people are opting for quick and inexpensive ready-to-eat meals over home-cooked food as they are considered an economical option. The emergence of convenience foods as a staple has increased fast-food restaurant sales in American countries, resulting in huge demand for frozen bakery products for quick preparation.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Frozen Bakery Market Size in 2023: | USD 45.8 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2023 - 2032 CAGR: | 6.5 |
| 2023 Value Projection: | USD 81.4 Billion |
| Historical Data for: | 2018 to 2032 |
| No of Pages: | 350 |
| Tables, Charts & Figures: | 648 |
| Segments Covered: | Recipe, Product, End-user, and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Most frozen food products have garnered a negative image due to the preservatives and toxic substances they contain. Frozen food is perceived by consumers as being less nutrient-dense than fresh food due to the extensive manufacturing processes and preservatives. This has increased the demand for conventional fresh baked products, significantly hampering the frozen bakery market revenue. However, manufacturers are focusing on developing frozen bakery foods created with nutritious ingredients and without harmful additives in order to overcome this limitation.
Based on recipe, the frozen bakery market share from the bread segment is estimated to reach USD 31 billion by 2032, owing to expanding fast-food chains that require a huge amount of bread for their products. Furthermore, modern sedentary lifestyles are promoting the creation of new functional food products to meet changing consumer demands, which is expected to favor the market growth. In January 2023, Australian bakery supplier Suprima Bakeries launched its Artisan Frozen Dough line to save bakers time by allowing them to modify their menu offerings and serve different types of bread throughout the week.
As per product, the frozen bakery market from the fully baked segment is poised to exhibit robust growth at 6% CAGR through 2032, attributed to the quick preparation of these items, which allows bakers and restaurants to establish an efficient supply chain. Furthermore, the mounting demand for bakery products among health-conscious consumers has increased the sales of fully baked goods such as gluten-free bakery items, wholegrain or multigrain bread, and products made of organic ingredients. The frozen pizza market value is likely to cross USD 37.9 billion by 2032.
By end-user, the online channels segment will grow at 7.5% CAGR during the forecast timeline, due to the increasing sales of frozen bakery goods through online distribution channels resulting from the COVID-19 impact on consumer purchasing behavior. Moreover, a growing number of supportive policies and initiatives that help frozen bakery product manufacturers to launch online storefronts and increase their sales are likely to propel the market demand. For instance, the American Frozen Food Institute (AFFI), a U.S. trade association for the frozen food sector is designed to provide tools to assist the development of the frozen food & beverage business.
Regionally, the Asia Pacific frozen bakery market is estimated to be worth more than USD 18 billion by 2032. Factors including the substitution of the traditional diet with western food, the emerging concept of food as a status symbol, and marketing tactics are aiding the market expansion. Additionally, prominent initiatives by multinational companies to expand their presence in Asia's thriving food sector are anticipated to supplement regional revenue growth. For instance, in March 2022, SwissBake, a leading bakery and culinary ingredient company operating in Asia, announced plans to expand into the frozen foods space.
Some of the major companies operating in the frozen bakery market include
These companies are undertaking strategic initiatives, such as partnerships, acquisitions, and product portfolio expansions, to increase their market share. For instance, in June 2022, Central Foods, a frozen food distributor, unveiled a line of KaterBake Lebanese flatbreads for customers in the foodservice industry.
The COVID-19 outbreak impeded the expansion of the frozen food industry in the initial stages. Grocery shop inventories suffered due to supply chain interruptions and rising demand. Many restaurants and eateries had to shut operations to protect personnel against the infection, which also resulted in a drop in sales of ready-to-eat food goods. Moreover, high consumer reliance on home-cooked meals lowered the consumption of fast-food items, which declined the consumption of frozen bakery foods. However, declining cases and increased emphasis on hygiene and sanitization are likely to be profitable for the sector in the future.
Market, By Recipe
Market, By Product
Market, By End-User
The above information has been provided for the following regions and countries:
The market of frozen bakery was valued at more than USD 45.8 billion in 2023 and is set to record significant growth at over 6.5% CAGR through 2032, owing to the growing demand for convenience food globally.
The bread segment is set to surpass USD 31 billion in revenue by 2032, resulting from expanding fast-food chains that require large quantities of bread for their products.
The market for frozen bakery in Asia Pacific is will reach USD 18 billion by 2032, attributed to the mounting demand for western food over traditional food items.
Some of the leading companies operating in the industry are General Mills, Europastry, Comapan, Rich Products Corporation, Canada Bread Company, Don Maiz SAS., Patagonia Artisan Bakers, Vandemoortele, Aryzta AG, Kellogg Company, Conagra Brands, Inc, Associated British Foods Plc, and Dr. Oetker, among others.