North America Frozen Snacks Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Frozen Snacks market is projected to grow at a CAGR of 5.45% during the forecast period.

Key Highlights

• There is a growing trend of food traceability and rising demand of convenience food products across the region. Also, the strong performance of retail sector along with rapid increase in number of large retail chains including hypermarkets and supermarkets has boosted the demand of frozen snacks across the market.
• The consumers are looking for clean-label snacks with easily recognizable ingredients. Nearly half of all parents who buy snack bars rate “quality ingredients” and “all natural” as important criteria while selecting the product. Therefore, companies are incorporating these labels in their products. As a result, there is a vast scope for manufacturers to develop snacks with frozen formats using minimum artificial ingredients.

Key Market Trends

Supermarkets Emerged as a Prominent Segment

Owing to a huge retail space catering to a wide variety of preferences, the supermarkets/ hypermarkets segment is a dominant channel, in terms of sales of frozen snacks, across the country. Factors, such as business expansion, increasing number of hypermarkets and supermarkets, are expected to add to the sales of these retail formats and significantly contribute to the frozen snack market’s growth. Moreover, with the presence of stores such as Walmart, Target, and their own in-house brands adding on to product options. Private label brands offer quality products at relatively lower prices than products offered by many major brands, increasing the market desirability among consumers

The United States Led the Regional Market

The United States, being one of the most developed nations, demands for highly convenient and time saving meals, owing to their busy lifestyle. The magazine Winsight Grocery Business reveals that 81% of US millennials opt for frozen foods for convenient breakfast options for kids, portraying significant rise in demand for frozen fruit snacks in the country. This is also anticipated to push the market for frozen bakery products like baguette, pretzels etc. Moreover, according to a survey conducted by co-operative Welch’s in 2017, about 92% of millennials reported to have been replacing their meals with snacks. The data enlightens great scope for overall snack industry to boom in the market studied, especially that comes in frozen formats due to its high potency to be more filling than a regular packet of chips.

Competitive Landscape

The market is highly competitive, with the presence of key players operating in the market. The key players include Conagra Brands, Inc., Nippon Suisan Kaisha, and McCain Foods Limited. Sustainable competitive advantage through differentiation is high. Manufacturers are increasingly introducing product innovations, in terms of ingredients, pricing, and packaging. This has led to a high degree of competition in the market. Additionally, these companies are increasing their investments in research and development (R&D) and to develop products, in line with consumer needs, to expand their presence and maintain their positions in the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support