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Canada Frozen Bakery Market share to attain growth over 5% by 2024

Author : Rahul Sankrityayan | Published Date : 2019-05-31 

Global Market Insights, Inc. has recently added a report on Canada Frozen Bakery Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.

With the global frozen foods & bakery business deemed as one of the fastest growing segments of food & nutrition industry, Canada frozen bakery market, in the recent years has positioned itself well enough for lucrative investment trends. The rapid development in the Canadian multi-chain outlets and retail-sectors, thriving the country’s economic growth and investment scenarios, have been identified as key drivers impelling Canada to hold a significant chunk in of the global frozen bakery industry. In fact, the small and multichain retailers account for over 90% of Canada’s market share and contribute nearly 30% to the nation’s GDP. To be precise, while North America seized a major portion of the global frozen bakery industry share, Canada frozen bakery market size was pegged at a modest USD 2.8 billion in 2017.

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The growing efforts of the Canadian and global industry players to adopt and evolve to the changing consumer preferences toward convenience food products, subject to the hectic lifestyles and busy schedules have further fortified the regional growth. Canada’s recently announced ban on artificial trans-fat in accordance to the rising Trans Fat Alert! trend across certain baked food products bears a significant testimony to the country’s responsive governance and enthusiastic companies.

Reports affirm that trans fats are the most commonly found in frozen food likes pastries, cakes, frozen pizzas, doughnuts, frozen chicken nuggets, and coffee creamer. In response to the implementation of law, several industry majors such as McDonald’s & Wendy’s have replaced their menus with alternatives for trans fats. These factors have been playing quite a key role in Canada’s emergence as profitable investment ground for the domestic and global companies in the frozen bakery business.

Canada Frozen Bakery Market, By Recipe

  • Bread
  • Viennoiserie
  • Patisserie
  • Savory Snacks

Quite overtly, innovation in the bakery food segment has become an important sales driver in the Canada frozen bakery market, given the increasing demand for food products to be suitable for specific dietary needs. The Canada frozen bakery market, in this regard, has rapidly diversified its major flour and starch ingredients with the rising popularity of the ready-to-bake, thawed, ready-to-prove, and fully baked products. It is prudent to mention that the ready-to-bake segment accounted for the largest Canada frozen bakery market share in terms of volume in 2017, and is further forecast to register a commendable CAGR of 5.5% over 2018-2024.

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Bread products to reach close to three quarters of the overall share in terms of volume by 2024

Accounting for more than 70% of the Canada frozen bakery market share in 2017, the bread segment is said to continue carving a profitable growth path in the years ahead. The growing demand for partially-baked, un-baked, and fully baked bread products have further fortified the segment growth. Another pivotal factor is the rising participation of the regional contenders in introducing new ingredient based, healthy, and innovative product ranges for customers with specific diet demands.

Canada Frozen Bakery Market, By Product

  • Ready-to-prove
  • Ready-to-bake
  • Fully Baked

Recently for instance, the Canada Bread Company, Ltd., emerged a winner in two categories in the annual BrandSpark International’s Best New Product Awards. Reports reveal that the “Dempster’s 100% Whole Grain Seed Lover’s Bread with CHIA” won in the category of new breads, voted on by over 15,000 Canadian consumers. The company said that it is very pleased to receive this recognition, and unveiled its plan to continue to produce unique and high quality products for the Canadians to suite their delicious, healthy, and easy everyday meal options.

Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/canada-frozen-bakery-market

On the basis of recipe, apart from bread, the Canada frozen bakery market is segmented in terms of savory snacks, viennoiserie, and patisserie. Estimates claim that viennoiseries, comprising baguettes, croissants, chouquettes, and brioche, is emerging as another lucrative growth avenue for Canada frozen bakery market, having accounted for more that USD 400 million in 2017.

Canada Frozen Bakery Market, By End-user

  • Convenience Stores
  • Hypermarkets & Supermarkets
  • Artisan Bakers
  • Hotels, Restaurants, and Catering (HORECA)
  • Bakery Chains

With Canada’s frozen bakery market becoming more fragmented with the growing availability of vast product ranges and myriad categories to choose from, artisan bakers are further expected to gain immense traction in the ensuing years. Furthermore, with veganism all set to gain the mainstream status in the years ahead, plant-based or vegan frozen bakeries are likely to become the potential areas of fast-growth in Canada frozen bakery industry. With robust food trends driving future investments in the region, the Canada frozen bakery market is forecast to cross USD 4.1 billion by 2024.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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