The refrigerated snacks market was valued at $94.8 billion in 2020, and is estimated to reach $165.4 billion by 2030, registering a CAGR of 5.6% from 2021 to 2030.
The food service industry has grown significantly in the past two decades. The balance of work, family, and social life is becoming difficult for the working population, which in result turning the consumer to shift toward prepared food rather than spending time in preparing it by themselves in order to spend more time with the friends and family, which is the major growth factor of the food service industry. Also, worldwide the size of food service industry went $3.5 trillion in 2020, and it is still growing rapidly owing to the factors such as increasing women employment rate, urbanization, growing disposable income, and the growing trend toward casual dining, which is propelling the current market growth. In addition, in food service industry the popular brands of QSR are McDonalds, Starbucks, KFC, Subway, Domino’s pizza, Pizza Hut, Burger King, Taco Bell, and Tim Hortons, where the demand for quick to prepare snacks is high among the food services in order to provide quick services to the consumers. Furthermore, home delivery of the food is the recent trend, which is highly propelling the market growth because growing demand for food will also rise the demand for quick to cook products from the food service segment which will directly augment the market growth.
However, the market faces stiff challenge from the availability of the alternative products including but not limited to freshly cooked snacks, fresh fruits, chocolates, crispy and crisp style snacks, cakes and sweet baked snacks, bread, biscuit, sweets, pies, pastry and sausage rolls, dry fruits, fresh fruits, fresh vegetables and pretzels are some among others. Where fresh fruits, chocolates and crisp style snacks are the highly consumed snacks in the market which does not require refrigeration and can be consumed directly. Moreover, In UK, 93% of the population consumes potato chips regularly and in the year 2019, 35.2 million Americans ate an average of 16 or more chips packets. Furthermore, U.S. and France are the leading consumers of crispy snacks, which further states that the consumption of alternate products is high and regular in the market which is hampering the refrigerated snacks market growth.
Segment review
The refrigerated snacks market is segmented into type, end user, distribution channel and region. On the basis of type, the market is subdivided into savory snacks, fruit snacks, confectionery snacks, bakery snacks and others. On the basis of end user, the market is bifurcated into residential and food services segment. On the basis of distribution channel, the market is classified into hypermarket/supermarket, specialty stores, online sales channel and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, ASEAN, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, Saudi Arabia, South Africa and rest of LAMEA).
By Type
The Savory Snacks segment dominates the global refrigerated snacks market and is expected to retain its dominance throughout the forecast period.
On the basis of type, the savory snacks segment holds the maximum refrigerated snacks market share, owing to high consumer preference toward savory snacks. However, fruit snacks is expected to be the fastest growing segment during the forecasted period, as many refrigerated market players are working towards launching more healthy fruit snacks in the market owing to the growing consumer demand.
By End User
The Residential segment dominates the global refrigerated snack market and is expected to retain its dominance throughout the forecast period.
By end user, the food sector is the fastest growing segment, owing to the growing demand for ready to cook and serve snacks, which is propelling the demand for refrigerated snacks. However, the residential segment will remain the largest dominating segment of the market, owing to high consumption of refrigerated snacks by consumers at household due to the growth of sedentary lifestyle.
By Distribution Channel
The Hypermarket/Supermarket segment dominates the global refrigerated snack market and is expected to retain its dominance throughout the forecast period.
By distribution channel, online sales channel is the fastest growing segment, owing to the growth of internet penetration and smart phones around the globe which is propelling the demand for refrigerated snacks. However, residential will remain the largest dominating segment of the market owing to high consumption of refrigerated snacks by consumers at household owing to the growth of sedentary lifestyle.
By Region
The Europe region dominates the global refrigerated snack market and is expected to retain its dominance throughout the forecast period.
The players operating in the global refrigerated snacks market have adopted various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. The key players operating in the market include-Ajinomoto, Inc., Cargill Incorporated, Charoen Pokphand, ConAgra Foods, Inc., General Mills, Inc., Keventer Agro Limited, Kraft Heinz, McCain Foods Limited, Nestle S.A., and Unilever plc.
COVID-19 impact analysis
- The COVID-19 pandemic has positive impact on the global market.
- The demand for refrigerated snacks raised during the pandemic as people were preferring to avoid stepping out of the home and refrigerated snacks were easy to store and cook option available which have led to the upsurge in consumption of frozen or refrigerated products during the pandemic.
- Pandemic left a positive impact and the market will show positive growth during the refrigerated snacks market forecasted period.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the refrigerated snacks market trends, estimations, and dynamics of the refrigerated snacks market size from 2020 to 2030 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth refrigerated snacks market analysis and the market size and segmentation assist to determine the prevailing current market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning analysis facilitates benchmarking and provides a clear understanding of the present position of the market players in the refrigerated snacks industry.
Refrigerated Snacks Market Report Highlights
| Aspects | Details |
 By Type |
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 By End User |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | UNILEVER PLC, GENERAL MILLS, INC., NESTLE S.A., AJINOMOTO CO., INC., KEVENTER AGRO LIMITED, KRAFT HEINZ COMPANY, MCCAIN FOODS LIMITED, CONAGRA BRANDS, INC., CARGILL INCORPORATED, CHAROEN POKPHAND FOODS |
Analyst Review
Factors that drive the growth of the refrigerated snacks market is the growth of employment rate and urbanization. He further referred to the data of World Bank stating that the present employment rate is approximately 54.8% of the global population, which comes under the employed ratio. Moreover, the growth of employment and busy lifestyle is propelling the market. Moreover, the consumers are adopting dynamic changes of the fast & sedentary lifestyle, which in resultant has led them to decrease or drop down home-cooking as a part of household activity. Therefore, the change in lifestyle has let the consumer to switch towards convenience food in order to save time and efforts, which is leading to the rise in demand for refrigerated snacks.
The refrigerated snacks market still faces multiple stiff challenge from the availability of the alternative products including but not limited to freshly cooked snacks, fresh fruits, chocolates, crispy and crisp style snacks, cakes and sweet baked snacks, bread, biscuit, sweets, pies, pastry and sausage rolls, dry fruits, fresh fruits, fresh vegetables and pretzels are some among others. Where fresh fruits, chocolates and crisp style snacks are the highly consumed snacks in the market which does not require refrigeration and can be consumed directly. Moreover, In UK, 93% of the population consumes potato chips regularly and in the year 2019, 35.2 million Americans ate an average of 16 or more chips packets. Furthermore, U.S. and France are the leading consumers of crispy snacks, which further states that the consumption of alternate products is high and regular in the market which is hampering the refrigerated snacks market growth.
The refrigerated snacks market will expand at the CAGR of 5.6% from 2021 – 2030.
The refrigerated snacks market is estimated to reach $165.4 billion by 2030
The top impacting factors of refrigerated snacks market are growing adoption of convenience, availability of substitute and rising demand for clean label products.
The key players operating in the market include-Ajinomoto, Inc., Cargill Incorporated, Charoen Pokphand, ConAgra Foods, Inc., General Mills, Inc.
The refrigerated snacks market is segmented into type, end user, distribution channel and region.
Key growth strategies of refrigerated snacks market includes expansion of food service industry, adoption of convenience food and rising demand for vegan food snacks.
By Type, fruit snacks segment would exhibit the highest Share from 2021 - 2030
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