by Frozen pastries such as pies, cakes, and tarts are baked goods that can be stored and consumed later without spoilage. They are commonly sold in grocery stores and supermarkets for home cooking and consumption. Frozen pastries offer convenience as they do not need time-consuming preparation from raw ingredients and can be easily baked and served. Their long shelf life makes them suitable for stocking in homes for occasional use. Key product types include frozen pie crusts, tarts and pastry shells, frozen pizza crusts, frozen cakes, frozen biscuits, and other frozen pastries.
The global frozen pastries market is estimated to be valued at US$ 31.63 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the frozen pastries market is the increasing demand for convenience food products. Rising number of working individuals and dual-income households leaves less time for cooking and baking from scratch on a daily basis. This has significantly boosted the sales of frozen pastries that only need to be baked or heated before serving. Additionally, the long shelf life of frozen pastries allows stocking them for occasional use without worrying about spoilage. Moreover, rapid urbanization and growth of organized retail in developing regions have augmented the availability of frozen pastries across both urban and rural regions. However, rising health awareness about sugar and preservative content in baked goods may hinder the market growth to some extent over the forecast period.
SWOT Analysis
Strength: Frozen pastries have a longer shelf life than fresh pastries. They are convenient to store and consume on the go. They provide portion control and consistent quality. Frozen pastries require minimal preparation which saves time for busy consumers.
Weakness: Frozen pastries have inferior taste and texture compared to freshly baked goods. They contain preservatives that are considered unhealthy by some consumers. The freezing process damages certain nutrients in pastries.
Opportunity: Growth of the food service industry and rise in number of food outlets increases demand for frozen convenience foods like pastries. Rising health consciousness is prompting consumers to choose low sugar, low calorie, gluten free frozen pastries. Growing working women population relies more on ready-to-eat foods.
Threats: Strict regulations on use of food additives and preservatives can impact the frozen pastries market. Increase in raw material prices especially flour, sugar affects profit margins of manufacturers. Consumer preference can shift to fresher alternatives instead of frozen goods.
Key Takeaways
The Global Frozen Pastries Market Size is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising demand for convenience foods. Developing regions in Asia Pacific and Central and South America are expected to dominate market growth due to rising disposable incomes, busy lifestyles and expansion of retail channels.
Regional analysis: The frozen pastries market in Asia Pacific is projected to grow at the fastest rate due to rising population, growing middle class, and Western influence on food habits in countries like India and China. Countries like the US and Germany currently dominate market share due to high consumption of packaged foods. However, developing regions are likely to outpace growth in mature markets.
Key players: 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 companies are focused on expanding their product portfolio through innovation and gaining market share through strategic acquisitions.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
