Consumers are continuously looking out for improved, healthier and quicker ways to buy bread and baked food products at their convenience and price. Frozen baked products have always been targeted as the root cause for many health problems such as obesity and thus, consumers' preferences are changing rapidly towards natural and healthier food. This poses a risk to frozen bakery demand in the U.S.
In U.S., bread recipe segment will witness the highest CAGR during the forecast period. Bread has applications in many food products, due to which, it held the largest market share in the U.S in 2017. With changing lifestyle, fast food demand is increasing swiftly. Bread is used as an integral part of many bakery items, which in turn shall fuel the frozen bakery market over the forecast period.
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Hypermarkets & supermarkets accounted for the largest market share in end-user segment of the U.S. frozen bakery market in 2017 and shall remain the market leader over the forecast period. This can be attributed to the high urban population in the country. Hotels, restaurants and caterers' (HORECA) segment will witness highest CAGR in the U.S. frozen bakery market in the next few years. Quick service restaurants are getting popular in the U.S. owing to the fast-paced life in the country.
The hectic work life has increased the demand for convenience food products in the United States. Ready to bake is one of the fastest-growing segments of frozen bakery market due to the drifting consumer preferences towards convenience food products. Frozen bakery products are known for their preserved taste and longer shelf life.
These are the major attributes, which creates major chunk of the demand for the frozen bakery products. Ready to bake items offer all the commercial benefits of fresh baked goods with minimal operational costs and without the inconvenience of finding space to store fresh ingredients. Ready to bake products also allow outlets the freedom to offer a range of quality bakery products with minimal labor requirements.
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Retail industry is a major growth driver for frozen bakery market size in the recent years. Retail industry ensures the easy availability of the products to the customers. Many times, frozen bakery products are bought out of impulse buying, that time easy availability of the product is crucial. The United States has a well-established distribution channels for all types of retail companies.
According to Forbes, total sales from the retail industry was USD 3.53 trillion in 2017. U.S. government have reduced the corporate tax which will propel the retail industry growth in country over the next few years. Now economic condition in U.S. is improving and inflation rate in the country is stable, owing to this consumer spending has increased swiftly from past few years. This increased consumer spending will accelerate the retail industry growth during the forecast period, which shall subsequently propel U.S. frozen bakery market size by 2024.
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HORECA is an important end-user segment which will be experiencing exponential growth in U.S. frozen bakery market over the forecast timespan. Hotels, restaurants, food trucks, catering business buy frozen dough in bulk quantities and process them for making a large variety of frozen bakery products for ready to bake purposes or in fully baked formats for customers. The rapidly growing hospitality business in the U.S. will be majorly propelling U.S. frozen bakery market during the forecast timeframe.
U.S. frozen bakery market is highly fragmented as many players are operating in the industry. Some prominent players working in the country are Clabber Girl Corporation, Tyson Foods, Guttenplan's Frozen Dough, Inc., Gonnella Baking Company, Deiorios, Tasty Breads International, Wewalka, Pepperidge Farm Incorporated, Custom Foods, Inc., New York Dough Co., Johnston's Bakery Inc., Grupo Bimbo and Flowers Foods.
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