According to a new report published by Allied Market Research, titled, "APMEA Frozen Bakery Products Market by Product Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2019–2026," the APMEA Frozen Bakery Products Market size was valued at $7,537.1 million in 2018 and is expected to grow at a CAGR of 5.6% to reach $11,560.9 million in 2026. The bread segment was the highest contributor, with $2,499.0 million in 2018, and is estimated to reach $3,531.6 million by 2026, at a CAGR of 4.5% during the forecast period.
The APMEA frozen bakery products market is expected to garner notable growth in the forecast period. This can be attributed to growing adoption of frozen food all around the globe. Moreover, changes in the consumption patterns of people in the APMEA region especially the emerging regions such as China, Indonesia, and India, drives the APMEA frozen bakery products market growth. However, negative consumer perception due to the lack of awareness about frozen products act as the major restraint for the market. On the contrary, rise in the disposable income in the APMEA region, rise in the number of fast food restaurants and innovations in the product offerings is expected to pave the way for growth for the APMEA market in the coming years.
The APMEA Frozen Bakery Products market is segmented on the basis of product type, distribution channel, and country. The product type segment is further classified into breads, pizza crusts, cakes & pastries, waffles, donuts, and cookies. By distribution channel, the market is classified into retail, food service, specialist retailers and food processing. By country, the market is categorized into Australia, New Zealand, Japan, Korea, Taiwan, Hong Kong, China, India, Indonesia, Thailand, Singapore, Philippines, Rest of Asia-Pacific, Middle East, and Africa.
According to the APMEA frozen bakery products market analysis by product type, the bread segment was the most prominent category in 2018 and is expected to remain dominant during the forecast period. The waffle segment is expected to grow at a highest CAGR of 7.4% throughout the forecast period.
According to the APMEA Frozen Bakery Products Market forecast, the food service segment was the highest contributor to the APMEA frozen bakery products market in 2018 and is expected to remain dominant through 2019-2026. The food service segment is also expected to witness fastest growth through the forecast period with a CAGR of 6.3% from 2019-2026.
By country, China was the most prominent market in 2018 and is expected to dominate the APMEA market through 2019-2026. The key players in the industry have adopted a number of strategies such as product launch, expansion, and acquisition as their go-to strategies to stay competitive in the market.
Key Findings of the Study:
- The APMEA frozen bakery products market was valued at $7,537.1 million in 2018 and is estimated to reach $11,560.9 million by 2026, growing at a CAGR of 5.6% through the forecast period.
- Based on product type, the waffles segment would witness the fastest growth, registering a CAGR of 7.4% during the forecast period.
- In 2018, based on distribution channel, the food services segment held the highest share, accounting for nearly four-fifth of the market share in APMEA.
- In 2018, based on product type, bread segment was the most prominent market and is expected to grow at a significant CAGR throughout the forecast period.
- China was the dominant country in 2018, accounting for a considerable share in the APMEA frozen bakery products market share.
The key players in the APMEA frozen bakery products industry profiled in the report includes General Mills (Pillsburry), Aryzta AG, Grupo Bimbo S.A.B. de C.V., Europastry, S.A., Lantmannen Unibake International, Associated British Foods plc, Flower Foods Inc., TreeHouse Foods, Inc., Dawn Foods Products Inc., and Vandemoortele NV.