The Impact of Innovation on the Frozen Bakery Products Industry
by Mit K. SEOThe global frozen
bakery products market is on the rise, expected to reach USD 29.5
billion by 2026 from USD 22.3 billion in 2021.
Europe currently holds the largest share due to its large and
established food processing industry. This strong foundation has fueled growth
in the European baking industry, with frozen bakery products a key contributor.
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Cakes and pastries are the star performers, projected to be
the fastest-growing segment. Consumers are increasingly drawn to convenient,
ready-to-eat options, and single-serving frozen pastries perfectly fit the
bill. Innovation is another driver, with
bakeries launching new and exciting pastry products to meet this demand for
premium, high-quality options.
When it comes to buying frozen baked goods, conventional
stores reign supreme. Grocery stores, mass merchandisers, and even online
retailers are the go-to destinations for these products. Easy accessibility and established shopping
habits keep these stores at the forefront of the market.
For consumption types, ready-to-bake takes the top spot.
These partially baked frozen products offer the best of both worlds:
convenience and perceived freshness. Consumers feel they're getting a
bakery-quality product without the long prep time, making them more appealing
than pre-baked options with a longer shelf life.
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The Asia Pacific region is poised for explosive growth, with
the highest projected CAGR. Here, the
younger generation's preference for convenience food and rising disposable
incomes are fueling the market.
Major players like Associated British Foods and General
Mills are leading the charge, with mergers and acquisitions a key
strategy. Investments are also being
made in expanding production plants, particularly in emerging markets like
China and India, to meet the growing demand.
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Created on Apr 16th 2024 07:23. Viewed 45 times.