The Global Refrigerated Snacks Market is expected to reach $141.1 billion by 2027, rising at a market growth of 5.5% CAGR during the forecast period.
Snacks which are needed to be kept at lower than room temperature in order to maintain the quality and shelf life are called refrigerated snacks. These types of snacks are preserved under a specific temperature to provide convenience to the consumer of food by maintaining overall authenticity. Changing lifestyle of people as well as rising demand for fresh and natural food is growing the demand for refrigerated snacks.
Some of the major dealers in refrigerated food snacks are Keventer Agro Limited, Kraft Heinz, McCain Food Limited, Unilever plc., Nestle S.A., Ajinomoto, and many more. Snacks such as yogurt snacks, specialty desserts dips, snack bars, and others come under refrigerated snacks. The refrigerators can be seen as an example of technological advancement. Due to the busy schedules of people, the demand for ready-to-eat food items is rapidly growing and thus they find it easy to consume refrigerated snacks.
Yogurt, a kind of refrigerated snack is rich in calcium, which is healthy for bones and teeth and also for the functioning of the heart, muscles, and nerves. Additionally, such snacks provide protein to the body as well as probiotics which help in the digestion of food. Some commonly found probiotics in yogurt are bifidobacteria & lactobacillus which are proved beneficial in lessening the discomfort caused due to IBS (irritable bowel syndrome), a disorder that affects the colon. Also, a good amount of vitamin B, especially vitamin B12, present in yogurt may prevent diseases related to the heart.
Apart from the delicious taste, refrigerated food products such as cakes are also energy booster. Most of the cakes are prepared by adding flavors, dairy cream, breads and other ingredients which contains good amount of carbohydrates and thus boosts energy. Also, some mixed fruit cakes are beneficial in digestion also. These cakes contain fresh seasonal fruits such as strawberries, premium apple, Kiwi, pineapple and others which are rich in fibre. In addition, cheese which is also a part of refrigerated snacks is a nice source of calcium.
COVID-19 Impact Analysis
The widespread of COVID-19 has brutally affected economies of almost all nations. Each sector has faced one or other challenges due to the pandemic and other uncertainties it brought. The outbreak of the pandemic has hampered the growth of the refrigerated snack market as there was a decline in the production of raw materials. Also, the supply chain was disrupted due to restrictions imposed on import and export and lockdown imposed in many nations in order to curb the effect of COVID-19.
Whereas, different sectors are planning to restart their operations which may result in rising demand for refrigerated snacks. Moreover, the lifestyle of people is being changed, a number of people are working from home and are concerned about not going out much due to the COVID-19 spread. Due to this, consumers prefer to buy food options that can be stored for the long term which may raise the adoption of refrigerated snacks during the forecast period.
Market Growth Factors:
Increasing demand for ready-to-eat food
It is becoming difficult to balance family, social life and work altogether for the working population, which is resulting in the rising adoption of the ready-to-eat product instead of spending their time cooking. Additionally, the food service industry is expanding worldwide. The foodservice outlets like KFC, Domino’s, McDonalds, Starbucks, Subway, Burger King, Tim Hortons, and Pizza Hut are also arising the need for ready-to-serve food, in order to ensure quick and efficient services.
Increasing Consumer Awareness towards Protein-Rich Food
The consumers are adopting a balanced nutritional diet which is expected to further improve the physiological, functional and metabolic health of consumers. This is because of increasing health issues and self-care concerns. The consumer's demand for a protein-rich diet is increasing. Protein is gaining popularity among consumers because of the health benefits it serves. Protein provides the structural component of tissue and muscles in the human body. Protein is also proved beneficial for bone health.
Market Restraining Factor:
Surging prices of raw materials
The major factor responsible for hampering the market growth is the continuously changing prices of raw material which also result in change in prices of refrigerated snacks. Raw material like processed meat, fresh veggies and others are required for preparation of ready to consume refrigerated snacks but the prices of these products keep on fluctuating due to many reasons such as peak harvest season and the season of less availability.
End User Outlook
By end-user, the refrigerated snack market is divided into residential and food services. The food service segment garnered a significant revenue share of the overall refrigerated snack market in 2020. This is due to the rising number of food service outlets such as hotels and restaurants are rising the demand for food products that need less time for cooking which is likely to surge the demand for refrigerated snacks in the market. Food services refers to providing food to consumers in the form of restaurants, fast food, and other catering services.
Type Outlook
Based on type, the refrigerated snack market is segmented into savory snacks, fruit snacks, confectionery snacks, and bakery snacks. The fruit snacks segment is anticipated to have promising growth in the market over the forecast period. The fruit snacks are a bit the same as the gummy candies. These snacks usually contain refined sugar extracted from white grape juice and apple juice. Fruits are considered to be a good source of vitamins & antioxidants essential for the body. When choosing a snack consumers like to adopt the option rich with nutrients and demand for snacks that contain vitamins and minerals which can be served by the fruit snack segment.
Distribution Channel Outlook
On the basis of distribution channels, the refrigerated snack market is fragmented into supermarket/hypermarkets, specialty stores, online sales channels, and others. In 2020, hypermarkets and supermarkets segment dominated the refrigerated snack market by generating maximum revenue. Hypermarkets/Supermarkets are self-service stores that offer different types of products. Refrigerated snacks are easily available in such stores. Even, this segment is among the major distributors of refrigerated snacks products.
Regional Outlook
Region-wise, the refrigerated snack market is analyzed in North America, Europe, Asia Pacific, and LAMEA. In 2020, Europe emerged as the leading region in the overall refrigerated snacks market. The western section of Europe is known for having a higher standard of living and people with greater income levels. It is one of the wealthiest regions of the European continent, having a per capita GDP higher than the rest of the continent.
Cardinal Matrix - Refrigerated Snacks Market Competition Analysis
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Nestle S.A. are the forerunners in the Refrigerated Snacks Market. Companies such as Conagra Brands, Inc., Ajinomoto Co. Inc. and General Mills, Inc. are some of the key innovators in the Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Ajinomoto Co. Inc., Charoen Pokphand Foods Public Company Limited, Keventer Agro Limited, Cargill Corporation, Nestle S.A., Conagra Brands, Inc., General Mills, Inc., The Kraft Heinz Company, Unilever PLC, and McCain Foods Limited.
Recent Strategies Deployed in Refrigerated Snacks Market
- Oct-2021: Nestlé unveiled Rallies Nut Butter Bombs, a refrigerated snack with real peanut, real chocolate, cashew nut butter, and almond. Rallies Nut Butter Bombs are free from artificial flavors, preservatives, and colors & are chilled to maintain flavor and freshness. By this launch, the company aimed to provide consumers with additional snacking options.
- Jan-2021: Cargill took over ProPortion Foods, a Los Angeles-based processor of fully cooked beef, pork and poultry products. Through this acquisition, the company is expected to expand its business by including ProPortion plants and offerings.
- Sep-2019: Conagra Brands introduced Birds Eye Veggie Shreds, Duncan Hines Gooey Bakes, Duncan Hines Mug Cakes, Earth Balance Pressed Oil Spreads, etc. Through this launch, the company aimed to grow by creating value products within the country’s brands Frozen & Refrigerated Meals, Condiments & Enhancers, Snacks & Sweet Treats, and Shelf-Stable Meals.
- Jul-2019: McCain entered into a partnership with NUGGS, a food technology company. Under this partnership, the companies is expected to combine textured pea protein technology and the research & development process of NUGGS with McCain's production. By this partnership, the company aimed to enhance the brand's growth and deliver market scale.
- May-2019: Kraft Heinz launched Oscar Mayer Natural Meat & Cheese Snack Sticks. The launched product is the first Oscar Mayer Natural-branded product that combines meat and cheese in one package and is expected to be sold in a refrigerated set which includes P3 & Cracker Barrel snacking cheese.
- May-2019: Unilever took over Graze, a United Kingdom-based snack company. Through this acquisition, the company aimed to enhance its existence in rapidly growing healthy snacking & home markets.
- Apr-2019: Charoen Pokphand Foods announced the acquisition of HyLife Investments, an alternative investment company based in London & Surrey. Through this acquisition, the company aimed to expand its existence in fast-growing Asian, North American & international markets.
- Jan-2019: Kraft Heinz collaborated with UFC Performance Institute, the official mixed martial arts facility for American promotion Ultimate Fighting Championship. From this collaboration, the company aimed to introduce a new P3 Portable Protein Pack designed for active customers looking for a protein-rich snack. This new P3 pack is expected to feature rotisserie-seasoned chicken, mozzarella cheese, pretzels, and dried cranberries.
- Oct-2018: Conagra Brands acquired Pinnacle Foods, a packaged foods company that specializes in shelf-stable and frozen foods. By this acquisition, the company aimed to add iconic as well as emerging brands including Birds Eye, Gardein, Duncan Hines, Glutino, Earth Balance, Vlasic, Wish-Bone, EVOL, and Udi's.
- Mar-2018: Ajinomoto acquired Circle Foods from Tyson Foods. This acquisition aimed to expand Ajinomoto’s frozen food division, Ajinomoto Windsor.
- Feb-2018: Nestlé acquired Terrafertil, a company selling organic, natural plant-based foods & healthy snacks. Through this acquisition, the company aimed to expand its existence in the rapidly growing category in the United States, United Kingdom, and Latin America.
- Nov-2017: Ajinomoto took over Labeyrie Traiteur Surgelés S A S (LTS), the french frozen food company. From this acquisition, the company aimed to expand and improve its business of frozen foods in France by combining the market reach of LTS and Ajinomoto’s specialty.
- Apr-2017: Unilever took completed the acquisition of Weis Frozen Foods, an Australia-based processor of ice cream products. From the acquisition, the company aimed to add another Australian favorite to its leading ice cream range.
Scope of the Study
Market Segments Covered in the Report:
By End User
- Residential and
- Food Services
By Type
- Savory Snacks
- Bakery Snacks
- Confectionery Snacks
- Fruit Snacks and
- Others
By Distribution Channel
- Supermarket/Hypermarket
- Specialty Stores
- Online Sales Channel and
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Australia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Ajinomoto Co. Inc.
- Charoen Pokphand Foods Public Company Limited
- Keventer Agro Limited
- Cargill Corporation
- Nestle S.A.
- Conagra Brands, Inc.
- General Mills, Inc.
- The Kraft Heinz Company
- Unilever PLC
- McCain Foods Limited
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Table of Contents
Companies Mentioned
- Ajinomoto Co. Inc.
- Charoen Pokphand Foods Public Company Limited
- Keventer Agro Limited
- Cargill Corporation
- Nestle S.A.
- Conagra Brands, Inc.
- General Mills, Inc.
- The Kraft Heinz Company
- Unilever PLC
- McCain Foods Limited
Methodology
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