FROZEN PASTRIES MARKET ANALYSIS
Frozen Pastries Market 2017-2027
Frozen pastries are confectionery products that undergo refrigeration before preparation. They have longer shelf-life with a rich source of nutrition and are also available in different flavors. Honey is a key ingredient that is used in frozen pastry as it helps in extending the shelf-life of the pastries. They are gaining more popularity among the population due to expanding retail channel especially online stores that enable easy access to both manufacturer and customer to sell and buy pastries. Frozen pastries are ideal food for people who have a busy lifestyle as these products save cooking time and effort.
The global frozen pastries market is projected to reach around US$ 3.3 billion by the end of 2027, in terms of revenue, growing at CAGR of 6.1% during the forecast period (2019-2027).
Drivers
Growing demand for sugar-free frozen pastry products due to rising prevalence of diabetes and obesity around the globe is expected to propel the market growth of frozen pastries. Rising adoption of a healthier lifestyle among young adult is another major factor propelling the market growth of frozen pastries. Moreover, many manufacturers are introducing gluten-free frozen pastries is further anticipated to augment the market growth of frozen pastries.
The rising number of the working population and growing busy lifestyle is the rising demand for ready to bake product range. This factor is expected to propel the market growth of frozen pastries. Frozen pastries are also gaining demand on the account of convenience to prepare sweet and baked dishes in the home as well and can be stored for a longer time. Aforementioned factors are anticipated to foster the market growth of frozen pastries over the forecast timeframe.
On basis of the region, Europe region dominated the global frozen pastries market, in 2018, accounting for 62.5% share in terms of revenue, followed by North America and Asia Pacific respectively.
Figure 1. Global Frozen Pastries Market, Revenue Share (%), By Region, 2018
Market Restraints
The fluctuating price of raw material is a major factor expected to restrain the market growth of the global frozen pastries market. High costs of raw materials are affecting the supply chain and creating various challenges for manufacturers and any substantial an increase in the cost of raw materials has a negative impact on the profitability of the company. Therefore, the fluctuating price of raw materials are expected to restrict the market growth of frozen pastries.
Strict rules and regulations against frozen pastry products due to rising cases of foodborne disease resulting from contamination by toxic chemicals, microbial pathogens, and radioactive materials are projected to curb the market growth of frozen pastry over the forecast period. According to the Coherent Market Insights analysis, U.S. food processing sector is extensively regulated by state and federal agencies to ensure quality and hygiene.
Market Opportunities
Growing demand for premium frozen pastry products around the globe is expected to propel the market growth of frozen pastries over the forecast timeframe. Premium frozen pastries are handmade pastries and are prepared by using premium quality ingredients. Moreover, rising disposable income and growing adoption of western culture is another major factor that is projected to propel the market growth of frozen pastries.
Various manufacturers are increasingly introducing specialty flavor for frozen pastry due to changing consumer preference for different taste is projected to foster the market growth of frozen pastry. For instance, in September 2016, Eurpastry launched apple delight made with croissant dough filled with real apple slices and cream. Also, in the same year, Delifrance introduce various products such as Multiseed Croissant, Fruity Viennoiserie, Raspberry & Cranberry Little Gem, Chocolate & Hazelnut Little Gem, and others.
Figure 2. Global Frozen Pastries Market – Opportunity Analysis
Market Trends
Rising trend of eating vegan food products among consumer is encouraging manufacturer to introduce vegan pastries which are expected to foster the market growth of frozen pastries. For instance, in November 2019, Golden Bake – Ireland’s leading producer of Puff Pastry products – has announced the launch of an enticing new range of unique Vegan pastries. The new range includes a Vegan Sausage Roll and Vegan Curried Cauliflower & Sweet Potato Mini “Jambon” / Crown.
Growing adoption of effective marketing strategies such as mobile applications, digital platforms, and social media platforms to increase sales of frozen pastry products are projected to fuel the growth of the frozen pastries market. Also, the rising adoption of such advanced technologies that detect defects in the pastries are expected to propel the market growth. For instance, in 2016, Bühler, which is a Switzerland-based company, introduced camera sorters with InGaAs technology to sort damaged products from the finished products. The adoption of this technology has also led to reduced consumption of energy by 40%.
Figure 3. Global Frozen Pastries Market, Revenue Share (%), By Distribution Channel, in 2018
On the basis of distribution channel, in 2018, hypermarket & supermarket has accounted the largest market share of 43.3% in terms of value, followed by artisan bakers and convenience stores, respectively.
Figure 4. Global Frozen Pastries Market – Value Chain Analysis
Competitive Section
Key players operating in global frozen pastries market are Gourmand, Delifrance, F.B.F. S.p.A, Wolf ButterBack, Lantmännen Unibake UK Limited.
Few Recent Developments
Délifrance
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