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.
Refrigerated snacks are termed as those forms of snacks which require refrigeration to retain their food quality unharmed and expand their shelf life. Such types of snacks are made ready and kept under a definite temperature conditions in order to preserve its overall authenticity and to provide convenience in consumption to the consumers.
There is a large consumer shift towards veganism as during vegunary’s challenge in 2020, 500% of increase towards veganism was found as compared to the year 2014. As many as 6% of the U.S. population said that they are vegan which was just 1% during 2014. In addition, there were more than 500,000 participants who signed up for vegunary’s challenge in 2021 which was 25% more than the challenge of 2020. In 2020 there were 400,000 participants only. Which shows, consumer shift towards plant based products or called vegan products is rising and will remain positive in the future. Therefore, the demand for refrigerated snacks will boost up in the future as people are trying to consume snacks which is vegan or plant based instead of animal which is propelling the market growth. Moreover, the key players are entering into the market of vegan and are producing vegan refrigerated snacks for the consumers. Also, there are multiple vegan snacks available in the market. Key players like Amy’s, Alpha Foods, and Daiya all offer refrigerated vegan snacks such as burritos, and Sweet Earth even contains vegan quesadillas, tamales, and empanadas.
However, have multiple factors which are hampering its market growth. For instance, some of the major drawback of refrigerated snack is that it does not taste similar or as good as the freshly cooked snack does which let the consumer to choose the freshly cooked or baked snack instead of the frozen or refrigerated snack. The product differentiation of refrigerated snacks is also limited in comparison to the general snacks available in the market, another downside of refrigerated or frozen snacks is that they often comprise of unhealthy preservatives to have an even longer duration which may affect the consumer’s health. Moreover, a complete cooling chain is essential for storing and consuming frozen food in a safe manner. However, in few of the cases, the cooling chain may get broken up due to power cut or any other issues, which, leads to the development of plenty of bacteria especially in the which contains temperature control can turn the snack unhealthy to consume and may lead to serious health problems.
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).
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 refrigerated snacks 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.
According to the market players, the major obstacle faced by them attributed to the pandemic was the disruption of the supply chain. Furthermore, all the supply channels were nearly shut down in the first quarter of the pandemic. However, online distribution channels such as amazon, flipkart, eBay, Esty, Rakuten, Newegg are few among others which showed high sales growth amid pandemic.
Refrigerated snacks are termed as those forms of snacks which require refrigeration to retain their food quality unharmed and expand their shelf life. Such types of snacks are made ready and kept under a definite temperature conditions in order to preserve its overall authenticity and to provide convenience in consumption to the consumers.
There is a large consumer shift towards veganism as during vegunary’s challenge in 2020, 500% of increase towards veganism was found as compared to the year 2014. As many as 6% of the U.S. population said that they are vegan which was just 1% during 2014. In addition, there were more than 500,000 participants who signed up for vegunary’s challenge in 2021 which was 25% more than the challenge of 2020. In 2020 there were 400,000 participants only. Which shows, consumer shift towards plant based products or called vegan products is rising and will remain positive in the future. Therefore, the demand for refrigerated snacks will boost up in the future as people are trying to consume snacks which is vegan or plant based instead of animal which is propelling the market growth. Moreover, the key players are entering into the market of vegan and are producing vegan refrigerated snacks for the consumers. Also, there are multiple vegan snacks available in the market. Key players like Amy’s, Alpha Foods, and Daiya all offer refrigerated vegan snacks such as burritos, and Sweet Earth even contains vegan quesadillas, tamales, and empanadas.
However, have multiple factors which are hampering its market growth. For instance, some of the major drawback of refrigerated snack is that it does not taste similar or as good as the freshly cooked snack does which let the consumer to choose the freshly cooked or baked snack instead of the frozen or refrigerated snack. The product differentiation of refrigerated snacks is also limited in comparison to the general snacks available in the market, another downside of refrigerated or frozen snacks is that they often comprise of unhealthy preservatives to have an even longer duration which may affect the consumer’s health. Moreover, a complete cooling chain is essential for storing and consuming frozen food in a safe manner. However, in few of the cases, the cooling chain may get broken up due to power cut or any other issues, which, leads to the development of plenty of bacteria especially in the which contains temperature control can turn the snack unhealthy to consume and may lead to serious health problems.
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).
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 refrigerated snacks 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.
According to the market players, the major obstacle faced by them attributed to the pandemic was the disruption of the supply chain. Furthermore, all the supply channels were nearly shut down in the first quarter of the pandemic. However, online distribution channels such as amazon, flipkart, eBay, Esty, Rakuten, Newegg are few among others which showed high sales growth amid pandemic.
KEY MARKET SEGMENTS
By Type
- Savory Snacks
- Fruit Snacks
- Confectionery Snacks
- Bakery Snacks
- Others
By End User
- Residential
- Food Services
By Distribution Channel
- Supermarket/hypermarket
- Specialty Stores
- Online Sales Channel
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- India
- China
- Japan
- ASEAN
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- rest of LAMEA
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: REFRIGERATED SNACKS MARKET, BY TYPE
CHAPTER 5: REFRIGERATED SNACKS MARKET , BY END USER
CHAPTER 6: REFRIGERATED SNACKS MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: REFRIGERATED SNACKS MARKET , BY REGION
CHAPTER 8: COMPETITION LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Companies Mentioned
- Ajinomoto Inc.
- Cargill Incorporated
- Charoen Pokphand
- ConAgra Foods Inc.
- General Mills Inc.
- Keventer Agro Limited
- Kraft Heinz McCain Foods Limited
- Nestle S.A.
- Unilever plc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 359 |
| Published | November 2021 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 94.8 billion |
| Forecasted Market Value ( USD | $ 165.4 billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
