The global frozen bakery products industry will see increased demand in 2019, a new report suggested. The study also revealed that increased expenditures and the introduction of new products will drive the industry's growth.
Titled Global Frozen Bakery Products Market 2018, the report indicated that demand for frozen bakery goods will increase as the years pass, particularly in Europe and the United States.
The report further predicted that the industry will expand at a CAGR (compound annual growth rate) of around 6.3 percent over the next five years. This figure translates estimated profits of $28,400 million this year and around $38,500 by 2024.
Some of the top players cited in the report are Nestlé SA, Campbell Soup Co, Kellogg Company, Vandemoortele NV, Conagra Brands Inc., Kobeya, Associated British Foods Plc., Europastry SA, and Aryzta AG.
The study stated that distributors will play a key role in driving the global frozen bakery goods market. Whether through third-party sales or direct selling methods, the effective distribution will help boost growth within the industry.
Furthermore, companies that have been operating for a long time have been tapped to step up their game in introducing relevant products that consumers will want to try. Since trust and loyalty have been built with premium brands, experts believe new products will be easy to sell as long as they meet international and local standards.
Earlier in February, Zion Market Research analysts predicted that the frozen bakery products market is set to soar in five years. According to Industry News Network, the report suggested that the industry could reach up to $28.35 million in 2024. While the figures are smaller than the latest release, these numbers are still significantly high.
Both reports indicated that international markets will see increased demand as more and more consumers transition to the ready-to-eat food genre. It is expected that the change in global eating habits could affect growth in frozen goods, particularly in bread and pastries.
Market Watch noted that the trend of introducing new products will propel growth in the food and beverage sectors in general. Restaurant businesses will see increased demand in frozen food, providing opportunities for startups.
Analysts further suggested that the fast-paced lifestyles of westerners contribute to a lot to demand convenience food such as frozen bakery goods. Previous studies conducted by the IFT (Institute of Food Technologists) indicated that a large number of Americans are now leaning on frozen and processed food over freshly baked ones.
