According to a recent market research by Global Market Insights, U.S. Frozen Bakery Market is forecast to exceed USD9.3bn by 2024. Rapidly growing hotel chain business in the U.S. will be a major factor fueling frozen bakery market demand over the forecast timeframe. Hotel and large-scale restaurants prefer frozen doughs as there is always need for readymade doughs which can be quickly used for preparing desired food dishes and bakery items. Additionally, growing popularity of convenience food will be fueling frozen bakery market demand during the forecast timespan. Frozen bakery food is gaining prominence among consumers due to its ease of baking and it will emerge as a prime buying factor for consumers in the coming years.
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.
Consumers are continuously looking out for improved, healthier, and quicker ways to buy bread and baked food products at their convenience and price. As busy work schedules are leaving little time for people to prepare proper meals, bread and baked snack products such as wraps, burgers, sandwiches, and rolls have become an easy alternative to regular meals. However, these food products have always been targeted as the root of many health problems and thus, consumers’ preferences are changing rapidly towards natural and healthier food. This may hamper frozen bakery market size growth during the forecast period.
Retail industry is a major growth driver for frozen bakery market 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, so easy availability of the product is crucial. The United States has a well-established distribution channel for all types of retail companies. According to Forbes, total sales from the retail industry was USD 3.53 trillion in 2017.
Growth Drivers of Market:
– Increasing demand for convenience food
– Developing retail channels across the country
– Superior properties of frozen baked products
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.
Prominent players of U.S. Frozen Bakery Market include Clabber Girl, Guttenplan’s Frozen Dough, Gonnella Baking Co., DeIorio Foods, Inc., Tasty breads international, Wewalka GmbH Nfg KG, Pepperidge Farm Inc, CUSTOM FOODS, JOHNSTONS BAKERY LTD, Grupo Bimbo, Flower Foods, Tyson Foods, Hostess Brands.
Ready to bake food products are more popular amongst the working-class people as they hardly find time to cook food due to their busy lifestyle. To expand the market among these consumers, ready to bake food producers are focusing on providing affordable products. These products are majorly used by restaurants and hotels, as the chefs get time to focus more on the dish’s decoration and garnishing. It was the largest product segment in 2017 in the U.S. frozen bakery market and will grow with highest CAGR from 2018 to 2024.