GCC Frozen Bakery Products Market - Segmented by Product Type and Geography - Growth, Trends and Forecasts (2018 - 2023)
The GCC Frozen Bakery Products Market records a revenue of USD 161.52 million in 2016 and is expected to grow at a CAGR of 6.91 % during the forecast period of 2018 – 2023. Bakery is a major processed food product sold in the Middle East countries due to the high consumption of bread in the region. The majority of the processed food products which are imported are supplied to the market in frozen form. Increasing Demand for Convenience Food Products With the rise of urbanization in the region, specifically in the UAE and Saudi Arabia, it has created good opportunities for international players to work in the region triggering the market demand for processed foods. The major drivers for the market are the economic development and increasing population, increasing demand for convenience food products and government initiative to safeguard the food supply.
The government’s strict food laws to control processed foods has pushed manufacturers to opt for frozen bakery products, as these products have a longer shelf life, retain quality and are relatively cheaper than fresh bakery produce. However, some factors restraining the market growth are the consumer preference for freshly baked conventional bakery products, fluctuations from seasonal demand and manufacturing complexity. High Market Penetration of Frozen Breads The frozen bakery product market is segmented by frozen bread, frozen pizza crust, frozen cakes & pastries and other frozen bakery products such as puff, biscuits, cookies, wafers, etc. Frozen bread occupies major share of 39.14% in the market which is followed by frozen pizza crusts. Bread being an important staple food of GCC has high consumption. Frozen bread has extended shelf life and requires less skilled work force for its manufacturing.
Though quality loss during storage is the major restraining factor associated with fully baked frozen bread market, expanding foodservice restaurants especially fast food industry & cafes in GCC give great opportunity for the market to gain high revenues as it saves time and requires less skilled workforce. Saudi Arabia to Dominate the Market The Saudi Arabia frozen bakery product market was valued at USD 88.36 million in 2016 and is expected to grow at a CAGR of 7.54% during the forecast period.
Consumers in Saudi Arabia prefer frozen baked goods because of convenience factors and also because of the greater quality of these products. High distribution network being the major driving factor, the cold chain system in Saudi Arabia is diversified on the basis of size and regularly see expansions. While Kuwait and Bahrain rely on imports to satiate this market’s demands, Oman and Qatar have turned to building a supply chain for this market by encouraging the start of such companies in their domains. Major
SWITZ GROUP,DAWN FOODS, GENERAL MILLS, IFFCO, SUNBULAH GROUP, ABC BAKING, DOFREEZE, ALKARAMAH MISR TRADING & INDUSTRIES, FRESHLY FROZEN FOODS, SADIA S.A, CSM BAKERY SOLUTIONS, AGTHIA GROUPS
Reasons to Purchase this Report
• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
• 3 months analyst support along with the Market Estimate sheet in excel.
Customization of the GCC Frozen Bakery Products Market Research Report
• Value chain analysis
• Consumer behavior analysis in country level
Published By: Mordor Intelligence
Published Date: Q1 2018