Market Research Report
GCC Frozen Bakery Products Market Growth, Trends and Forecasts (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||907144|
|Published||Content info||85 Pages
Delivery time: 2-3 business days
|GCC Frozen Bakery Products Market Growth, Trends and Forecasts (2019 - 2024)|
|Published: March 1, 2019||Content info: 85 Pages||
The GCC frozen bakery product market was valued at USD 164 million in 2018 and is expected to reach USD 246 million by 2024, registering a CAGR of 7.0% during the forecast period (2019-2024). Convenience is the leading driver for the market, due to the growing busy lifestyle in the region. Expanding retail market is giving a good opportunity to the international and domestic players in the market.
GCC Frozen Bakery Products Market is segmented by Frozen Bread, Frozen Cakes & Pastries, Frozen Morning Goods and other Frozen Bakery goods.
Frozen bread occupies a major share of 39.14% in the GCC frozen bakery market, followed by frozen pizza crusts. Expanding foodservice restaurants, especially fast food industry and cafes in GCC, offers a wonderful opportunity for frozen bakery product companies, as it saves time and requires a less skilled workforce. Growing E-commerce is another driving platform for the frozen bakery product market, thus providing valuable opportunities to foreign players. Key reasons for the increasing demand for frozen Bread products are rising preference toward convenient food and the popularity of speciality frozen Bread products. The intra-industry competitiveness is high and affects the market. However, consumer demand is affected by the quality and health concerns. In trend with the rising consciousness among people regarding health, availability of value-added products in the market is likely to garner the market growth.
Countries, such as Kuwait, UAE, and Qatar represent the wealthiest and busiest nations of the world. Therefore, consumers prefer to consume ready-to-eat products. The domestic market for frozen bakery goods in GCC is not well established, and the region is currently importing the goods. Thus, the domestic market is unexplored and presents an opportunity for multinational companies to enter the domestic market, with the concept of private labels, to exploit the market. Modern retail formats of hypermarkets and supermarkets are gaining popularity among busy consumers in the GCC, thus providing a platform for multinational brands to market their frozen bakery products.
Over 75% of the food products originate from import in GCC, mainly from the United States and Europe. Many leading European frozen bakery companies, such as Switz Group, are capturing the market share in the region. GCC consumers have an increasing preference for international frozen bakery products. The frozen bakery sector comprises of a wide range of products and diversified companies, operating and competing at both regional and global levels. The companies are diversifying their product portfolios, in an effort to cater to the evolving tastes and preferences, as well as to gain competitive advantage. Most companies are making significant investments in R&D, in order to provide consumers with innovative and healthy products. The market is still immature and there is much room for new entrants in the market.