Canada Frozen Bakery Market size was estimated over USD 2.8 billion in 2017 and will exhibit growth of over 5.5% up to 2024
Selbyville, DE -- (SBWIRE) -- 12/21/2018 -- Canada frozen bakery market is largely driven by the increasing consumption of convenience foods. Convenience is one of the biggest growing trends in the food and beverage industry. The major benefit of consumption food is that it saves efforts and time of the consumer. Canada Frozen Bakery Market will surpass USD 4.1 billion by 2024; according to a new research report by Global Market Insights. Continuously changing lifestyles of people due to the odd working hours and altering corporate lifestyle is said to rise the demand for convenience foods, thereby pushing the Canada frozen bakery market to new heights. Coffee shops, café chains, in-store bakeries and restaurants now a days prefer to buy frozen dough in large quantities as it minimizes their pre-work of preparing these doughs from scratch.
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This reduced pre-night work is due to the availability of various doughs as well as frozen products such as pizza crusts, pastries, cakes, other confectioneries and savory snacks. Rising demand for frozen baked products in Canada will fuel the frozen bakery market demand in near future. Increasing energy costs in Canada is said to be a restraining factor for the frozen bakery market in this country. Energy costs for frozen baked products storage is significantly high as it requires to maintain temperatures as low as – 20°C as per the industry norms. Moreover, the energy efficiency of equipment are said to create further restraining factors for the frozen bakery market in Canada.
The Canada frozen bakery market is segmented on the basis of recipe, product and end-user. Considering recipe, bread is the major segment and is said to reach close to three quarters of the overall share in terms of volume. The viennoiserie segment is said to comfortably surpass USD 580 million by the end of the forecast period.
Ready-to-bake segment will grow at a higher rate than the ready-to-prove segment owing to its popularity in the frozen bakery market. On the basis of revenue, the ready-to-prove segment is said to grow with a CAGR of over 5%. The fully baked segment is said to surpass USD 550 million with a CAGR of over 4.5% by the end of the forecast period.
The end-user industries fostering the Canada frozen bakery market include bakery chains, HORECA, artisan bakers, supermarkets & hypermarkets, and convenience stores. The bakery chains segment will surpass USD 700 million with a CAGR of over 5% by the end of the forecast period. The supermarkets & hypermarkets segment will grow at a highest CAGR in Canada owing to the increasing number of these types of stores in the country. In terms of volume, HORECA will barely touch an industry share of 25% in the Canada frozen bakery market.
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There are a considerable number of large companies competing in the Canada frozen bakery market along with multiple small and medium players. Some of the major companies in this industry include Grupo Bimbo, Rich Products Corporation, Weston Foods, Canada Bread Company, Dunkin' Brands, General Mills Inc., Europastry, and Aryzta to name some.