Europastry: the frozen dough company taking over the world

Europastry and the frozen bread business that changes everything

There is a paradox you can check in any neighbourhood: there are more and more places to buy bread, and it is getting harder and harder to find bread that actually tastes like bread. The dough arrives frozen from an industrial plant, the shop simply bakes it, and the customer pays artisan-bakery prices. Behind much of that business is Europastry, the Catalan frozen dough company that began in a humble bakery in Barcelona and which, according to the articles cited in the debate, ranks among the largest in the world in industrial frozen pastries, with expansion plans for America and Asia.

The phenomenon is not exclusive to Spain. The bake-off model —frozen dough baked in store— has spread across France with chains like Marie Blachère or Paul, and in Catalonia it coexists with franchises such as Vivari, 365, Granier or Santagloria. The question hanging over the issue is not whether industrial bread is good or bad, but how much of what is sold as artisan is actually a factory product.

What is Europastry and why it matters

Europastry is the story of a family that did not want their parents' business and ended up turning it into a giant. According to the articles cited, Jordi Gallés, the patriarch, did not want to take over the family bakery; today the Gallés brothers rank among the richest people in Spain. The company has tried to go public: it attempted it in 2024 and froze the process twice, first in July due to market volatility and then in October, two days before the planned debut. It was seeking to raise up to 555 million euros, mainly to reduce debt and make acquisitions.

The frozen dough business has an overwhelming logic. No bakery workshop or early-morning baker is needed, just a shop assistant and an oven. The premises can be small, the investment low and the margin high. That is why bread and pastry franchises proliferate in every Spanish city.

The price of craftsmanship: how much do you pay for a croissant?

Consumers want two incompatible things: artisan products at supermarket prices. An artisan croissant can cost 3 euros; one made from frozen dough, considerably less. The maths is simple: on a daily basis, on a minimum wage, nobody can afford craftsmanship every morning. That tension explains why frozen bread is winning the battle in the shopping basket.

Some argue the problem is not the price but the lack of real alternatives. In Barcelona, they say, there is nowhere to buy proper bread: everything is frozen product. And they have a point in parts of the map: bakeries with their own overnight workshop do exist, but they are a minority and usually have queues.

International expansion: America and Asia as targets

Europastry is not content with the Spanish market. The company is looking at the United States and Asia as its next markets where it can replicate the model. The comparison made in the debate is stark: the bread war may be more economically significant than many geopolitical conflicts. Exaggeration or not, the truth is that the frozen dough business moves billions and still has room to grow.

The stock market precedent invites caution. Other food companies that went public saw spectacular rises trinc by equally rapid falls. The warning from those who have trinc those trajectories is clear: do not put money into a stock during its first year of trading.

The business model: why frozen dough works

The key lies in the industrialisation of a process that used to be artisanal. The dough is produced in centralised plants, frozen and distributed to franchises that only bake it. Quality control is easier, costs fall and scalability is enormous. The downside: the final product is homogeneous and the difference between one shop and another is minimal.

The origin of the raw materials also raises doubts. Butter and flour can come from countries with lower costs within the EU. That makes the product cheaper, but moves it even further from the artisan label.

The future of bread: craftsmanship or industry?

The battle is set. On one side, the consumer who wants quality and is willing to pay for it. On the other, the one who prioritises price and convenience. Europastry and its competitors have backed the second and are doing well. The question is whether the market will end up rewarding craftsmanship or whether real bread will become a luxury reserved for the few.

Meanwhile, the company keeps growing and the plans to go public remain on the table. The frozen pastry giant shows no sign of slowing down. Or does it?