Viennoiserie segment is expected to remain dominant in the global frozen pastries market
By product type, Viennoiserie segment is projected to be the fastest-growing segment over the projected period. Plain & filled croissants sub-segment is anticipated to be the fastest-growing among Viennoiserie products over the predicted period, owing to the rising demand for frozen croissants from new markets and high consumption in traditional regions. The Viennoiserie segment accounts for approximately 60% value share in the global frozen pastries market. The segment was estimated to be valued at more than US$ 1,000 Mn by 2016 end and is expected to increase at a CAGR of 5.9% over the estimated period, to be valued at more than US$ 1,500 Mn by the end of 2024.
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Consistency in safety and taste is one of the important factors boosting the demand for Viennoiserie products in the global frozen pastries market
Viennoiserie products have a long shelf life because of a particular substance that is used as food additive. Due to its long shelf life, online platforms are a viable sales and distribution channel for viennoiserie products and this is the precise reason behind the robust growth of this segment in the global frozen pastries market. Another factor creating a positive impact on the growth of viennoiserie products is the increasing demand for plain and filled croissants, Pain Au Chocolat, Pains aux raisins and savoury items from bakeries and restaurants. Owing to a busy schedule consumers prefer using ready-to-bake products and this range is gaining popularity amongst the working population globally. Viennoiserie products are ideal for consumers who have a busy and hectic lifestyle. Consistency in safety and taste is one of the important factors boosting the demand for Viennoiserie products in the global frozen pastries market. A large number of manufacturers are now focusing on offering Viennoiserie products that contain natural ingredients as preservatives as these enhance the shelf life of the products and are safe for consumption.
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Consumer ability to spend on luxurious food items is likely to increase the demand for products in the Viennoiserie segment in the MEA region
The viennoiserie segment was estimated to be valued at more than US$ 300 Mn by 2016 end and is expected to increase at a CAGR of 5.9% over the projected period, to be valued at more than US$ 500 Mn by the end of 2024 in North America. The segment is estimated to create incremental $ opportunity of more than US$ 200 Mn between 2016 and 2024. Soft viennoiserie with innovative flavors such as dark chocolate and apple delight among others are gaining popularity among consumers in North America. The viennoiserie segment is expected to be a relatively attractive segment in the Latin America frozen pastries market during the forecast period. Adoption of effective marketing strategies such as the use of digital platforms, mobile applications, and social media platforms to increase sales of frozen pastry products are expected to drive the growth of the viennoiserie segment in the region. In Europe, leading companies are focusing on mergers and acquisitions in order to enhance their geographical presence and viennoiserie product offerings. The viennoiserie segment is anticipated to register a relatively high CAGR during the forecast period in the APAC region. Shifting consumer preference to frozen pastry products especially viennoiserie products is one of the major factors contributing to the growth of the global frozen pastries market. In the MEA region, increasing disposable income of the population is expected to improve the standard of living, thus enabling consumers to spend on luxury food items such as viennoiserie products, which in turn is expected to fuel the market demand for frozen pastries in the region.