Market Introduction
Frozen bakery products are fully or partially baked food items. Bread, pizza crusts, waffles, pastries, cookies, and donuts are a few examples of frozen and convenience bakery products. In addition to employing the freezing technique, the use of preservatives allows the storage of these products for longer periods. Sara Lee, an American consumer good company, introduced frozen bakery products for the first time in the market. The working population in developed and developing countries in Asia Pacific is increasing exponentially, and they prefer ready-to-cook and ready-to-eat foodstuffs for convenience. Moreover, advancements in the food & beverages industry, improvements in economic conditions, and increasing consumption of ready-to-eat food items are the other key factors escalating the demand for ready-to-cook foodstuffs, including frozen bakery products. Also, with the diversification of distribution channels, the frozen bakery products are being sold in the retail outlets and supermarkets. With the rise in the demand for convenience food items, the need for frozen bakery products is expected to rise in the coming years.
Market Overview and Dynamics
The Asia Pacific frozen bakery products market was valued at US$ 6,917.58 million in 2019 and is projected to reach US$ 10,409.81 million by 2027; it is expected to grow at a CAGR of 5.6% during 2020?2027. Factors such as rise in demand for convenience food, and surge in the number of food service outlets and product innovations drive the market growth. However, volatility of raw material and costs of energy hinders the growth of the market in Asia Pacific.
Key Market Segments
Based on product, the bread segment accounted for the largest share of the Asia Pacific frozen bakery products market in 2019. Based on source, the wheat segment is expected to hold the largest share of the market by 2027. In terms of end use, the retail segment held the significant market share in 2019. Further, the online channel segment is expected to register the highest CAGR in Asia Pacific frozen bakery products market, by distribution channel, during the forecast period.
Major Sources and Companies Listed
A few primary and secondary sources referred to while preparing this report on the Asia Pacific frozen bakery products market are Ajinomoto Co. Inc; Aryzta AG.; Associated British Foods Plc.; Conagra Brands, Inc.; Dawn Food Products Inc.; Europastry S.A.; General Mills Inc.; and Lantmannen and Mccain Foods Limited.
Impact of COVID-19 Pandemic on Asia Pacific Frozen Bakery Products Market
The COVID-19 outbreak was first reported in Wuhan, China, in December 2019. The pandemic is affecting economies and industries in many countries across Asia Pacific due to lockdowns, travel bans, and business shutdowns. In the region, food & beverages is one of the major industries adversely affected by this pandemic owing to the factors such as supply chain disruptions and office shutdowns. The overall decline in various businesses due to the COVID-19 crisis is restraining the growth of the frozen bakery products market in this region.
Reasons to Buy Report
To understand the frozen bakery products market landscape and identify segments that are likely to guarantee a strong returnTo stay ahead in comprehending the ever-changing competitive market landscapeTo efficiently plan mergers and acquisitions, and partnership deals in the frozen bakery products market by identifying segments with the most promising probable salesTo help make knowledgeable business decisions from perceptive and comprehensive analysis of the market performance of various segmentsTo obtain revenue forecast of the frozen bakery products market based on various segments for the period 2018?2027Europe Baby Infant Formula Market Segmentation
By Product
BreadPizza CrustCakes and PastriesWafflesDonutsCookiesBy Source
CornWheatBarleyRyeBy End Use
RetailFood Service IndustryFood Processing IndustryBy Distribution Channel
Bakery and Confectionery StoresRetailCateringOnline ChannelBy Country
ChinaIndiaIndonesiaJapanMalaysiaNew ZealandPhilippinesSingaporeSouth KoreaThailandVietnamRest of APACCompany Profiles
Dawn Food Products, Inc.Europastry, S.ALantmannen UnibakeGrupo Bimbo, S.A.B.DEC.VAryzta AGGeneral Mills, Inc.McCain Foods LimitedConagra Brands, Inc.Ajinomoto Co., Inc.Associated British Foods plc