Chennai: Growing demand for healthy and convenient baked products will see the global frozen bakery market cross $40 billion by 2024, a report has said.
According to a growth statistics report by Global Market Insights Inc, in most developing nations, bakery product manufacturers are reformulating their bakery product lines and modifying their product packaging, claiming to address the consumers health concerns.
The report stated that the sector continues to see dynamic growth owing to change in consumer preferences towards the healthier food options that have longer shelf life and nutritional benefits. The trends will spur the entire market in forecast period, the report said.
Expansion in convenience stores, hypermarkets and supermarkets and other bakery chains are other key driving factors for global market in coming years, it stated.
Such distribution channels in Mexico made over 60 per cent of the entire bakery product retail sales in 2017, said the report and added that grocery retailers are the most preferred distribution channels. This will further boost the market in developing economies by 2024, it said.
The report also dwelved into the factors affecting the industy and stated that fluctuating electricity is one of them as a significant level of energy is utilized during activities like freezing process, cold storage and product distribution.
In market share, the ready-to-bake segment has the highest share and is expected to show five per cent CAGR till 2024, the report said. Other segments are ready-to-prove and fully baked.
The report also said the hyper market and super market sectors will register highest CAGR owing to the shift of retail industry from the unorganized to the organized sector in most emerging countries. The other sectors are convenience stores, artisan bakers, hotels, restaurants and catering (HORECA) and bakery chains.