NEW YORK — The Insight Partners’ latest research study on the frozen bakery products market projects that the sector will be worth $33.3 billion by 2028 at a compound annual growth rate of 4%.
The report highlights key factors driving the market growth and prominent players, along with their developments in the market.
Frozen bakery products are seeing high demand as people prefer ready-to-bake products, which are easy to prepare quickly. The growth of the market is also attributed to the surging demand from coffee shops and small and large-scale food chains.
Moreover, due to the growing food and beverage industry and improving economic conditions, consumers in developed and developing regions worldwide are moving toward convenience foods. The rural-urban migration has also increased in developing countries, which has led to an increase in street vending, ready-to-eat and convenience foods.
According to the President of the American Frozen Food Institute, U.S.-based frozen foods companies have seen sales of their products increase by 18.2% in 2020, equivalent to approximately $66 billion.
The frozen food products supply chain has been mostly shifted from food service to the retail sector as demand for frozen foods has seen a shift from food service to household consumption. According to AFFI, during the COVID-19 outbreak, the consumers shopped online at a record rate where the sales for frozen food, including frozen bakery, witnessed a 75% increase.