The global refrigerated snacks market revenue was US$ 94.6 billion in 2020. The global refrigerated snacks market revenue is forecast to reach US$ 165.1 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.3% during the forecast period from 2021-2030.
A refrigerated snack is a snack of food kept in a refrigerator to preserve its food quality and extend its shelf life. In order to retain their authenticity and provide convenience in food consumption to consumers, such snacks are prepared and stored at a specific temperature. Cheese-based snacks, yogurt snacks, snack bars, specialty desserts, dips, and spreads are some of the refrigerated snacks available in the market.
Factors Influencing Market Growth
As the working population struggles to balance work, family, and social life, consumers prefer prepared foods instead of preparing them themselves, thus driving the global refrigerated snacks market.
Several factors, such as the increasing employment rate of women, urbanization, and growing disposable income, are boosting the global refrigerated snacks market's growth.
Due to the availability of alternative products, the market faces stiff competition. Thus, this factor may slow down the global refrigerated snacks market growth.
The rise in demand for quick-to-cook food products from the foodservice sector will boost the global refrigerated snacks market growth.
Impact Analysis of COVID-19
The COVID-19 pandemic positively impacted the global refrigerated snacks market.
During the pandemic, the demand for refrigerated snacks increased. People preferred to remain at home, and refrigerated snacks were easy to store and cook, thus leading to an upsurge in the consumption of frozen or refrigerated products during the pandemic.
The pandemic had a positive impact, leading to positive growth in the refrigerated snacks market during the forecast period.
Regional Insights
Region-wise, Europe held dominance in the global refrigerated snacks market and is forecast to remain dominant during the forecast period. Refrigerated snacks have become essential to this new way of eating because freshness gives a sense of healthfulness that shelf-stable snacks do not. In addition, refrigeration methods and techniques have advanced, ensuring that the products retain their nutritional value. The growing popularity of refrigerated snacks in Europe is primarily due to increasing consumer awareness of protein-rich foods, a rise in demand for convenience foods, and the increasing demand for convenience foods. Additionally, the availability of manufacturing hubs and the rising demand for refrigerated snacks from food processing industries are likely to drive market growth. Moreover, continuous research and development and increased technological adoption have resulted in the widespread adoption of packaged foods.
Leading Competitors
The leading prominent companies profiled in the global refrigerated snacks market are:
Ajinomoto, Incorporated
Cargill Incorporated
Charoen Pokphand
ConAgra Foods, Incorporated
General Mills, Incorporated
Keventer Agro Limited
Kraft Heinz
McCain Foods Limited
Nestle S.A.
Unilever plc
Other Prominent Players
Scope of the Report
The global refrigerated snacks market segmentation focuses on Type, End-User, Distribution Channel, and Region.
Segmentation based on Type
Savory Snacks
Fruit Snacks
Confectionery Snacks
Bakery Snacks
Others
Segmentation based on End-User
Residential
Food Services
Segmentation based on Distribution Channel
Supermarket/Hypermarket
Specialty Stores
Online Sales Channel
Others
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
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