The global frozen pastries market has witnessed significant growth over the past few years owing to the rising preference for convenience food products among busy consumers. Frozen pastries offer benefits such as longer shelf life and convenience of use compared to fresh bakery goods. They range from delicacies such as donuts, Danish pastries, croissants and cakes which can be stored and consumed as per requirement without compromising on taste and quality. The hectic schedules and fast-paced lifestyle have led to the growing demand for ready-to-eat food items that can be prepared quickly.
The global frozen pastries Market is estimated to be valued at US$ 31.63 Bn in 2024 and is expected to exhibit a CAGR of 7.5% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends witnessed in the frozen pastries market is the rising availability of gluten-free and sugar-free options to cater to the requirements of health-conscious consumers. With increasing prevalence of diabetes and gluten intolerance, manufacturers are launching product variants made from almond flour, coconut flour and other novel ingredients. For instance, Belgium-based bakery Vandemoortele launched a range of artisanal frozen pastries made without yeast, sugar and artificial flavors.Another major trend is the increasing popularity of ethically sourced ingredients. Food companies are focusing on sourcing ingredients from local farms that practice sustainable agriculture to gain consumer trust. For example, Colorado-based bakery Davidson's Organics uses organic wheat and cane sugar in its frozen cookie doughs. Product innovation through unique flavors has also boosted the demand. Companies are experimenting with regional recipes and seasonal flavors to attract new buyers.
Porter's Analysis
Threat of new entrants: The frozen pastries market requires high initial investments in manufacturing infrastructure and R&D. Established brands have significant customer loyalty which makes entry difficult for new players.
Bargaining power of buyers: Individual buyers have low bargaining power given the availability of a variety products at multiple price points. Large retailers can negotiate on pricing but brands still wield strong influence through marketing.
Bargaining power of suppliers: The market has multiple suppliers of raw materials like flour, sugar etc which limits their influence over prices. Supply contracts are usually negotiated annually.
Threat of new substitutes: Alternatives exist like fresh bakery goods but they are usually more expensive and have shorter shelf life. Frozen pastries offer more value and convenience.
Competitive rivalry: Major brands compete intensely on product innovation, quality, pricing and marketing. Private labels pose competition especially in the low-end segment.
Key Takeaways
The Global Frozen Pastries Market Size is expected to witness high growth over the forecast period supported by increasing demand for convenient snacks and baked goods.
Regionally, North America currently dominates the market supported by high disposable incomes and demand for value-added frozen foods. Europe is another major regional market while Asia Pacific is expected to grow at the fastest pace led by countries like China, India with westernization of diets and expanding retail infrastructure.
Key players operating in the frozen pastries market are Pfizer Inc., TherapeuticsMD Inc., Allergan plc (AbbVie Inc.), Duchesnay USA, Novo Nordisk A/S, Merck & Co., Inc., Endoceutics Inc., Bausch Health Companies Inc., Mylan N.V., Teva Pharmaceutical Industries Ltd. These leading brands compete on introducing new flavors and formats while optimizing production and enhancing the value proposition through affordable pricing and wider distribution networks. Private label offerings pose competition especially in price-sensitive regions and segments.
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https://www.marketwebjournal.com/frozen-pastries-market-market-size-share-analysis-growth/
