Global Frozen Snacks Market

Frozen Snacks Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Frozen Snacks Market was worth US$ 131.8 Bn and is expected to grow at a CAGR of 6.4% over the forecast period. The market is expected to hit US$ 216.5 Bn by 2030 end.

Frozen food is kept at a low temperature and used over an extended period. The frozen snacks market includes a wide range of food items such as vegetables and fruit snacks, meat, poultry, and seafood snacks, bakery products, meat alternatives, frozen desserts, and many more.

Surging demand for convenience meals with high nutritious levels, better flavor, and diversity will likely fuel market growth, resulting in higher consumption of these food products.

Market Dynamic

THE SURGE IN DEMAND FOR CONVENIENCE MEAL DRIVE THE MARKET

The busy lifestyles of millennials and working professionals worldwide are increasing the demand for ready-to-eat frozen snacks. Furthermore, customers are becoming more aware of the nutritional benefits of packaged and frozen food products.

Manufacturers are integrating nutrients, vitamins, and minerals to meet the increasing demand. As a result of these variables, sales are predicted to rise at a rapid rate over the evaluation period.

FROZEN SNACKS PERCEIVED AS NON-NUTRITIOUS MEALS HAMPER THE MARKET

Some customers perceive frozen food as a poor alternative to fresh food, which is one of the market’s primary constraints. The widespread belief is that food prepared a year or more before consumption cannot be healthful.

ONLINE RETAILS WILL CREATE AMPLE OPPORTUNITIES FOR THE MARKET

One of the most recent industry developments is online grocery shopping and the launch of new applications that make it easier for consumers to select their chosen items. Customers like internet purchasing because of its ease and variety.

Segment-Wise Analysis

Why are meat-based type Frozen Snacks projected to have the highest CAGR?

Sales in the meat-based frozen snacks category will account for a major portion of the market over the projection period. These snacks have a longer shelf life than traditional meat-based snacks and are easier to use.

Meat-based frozen snacks are commonly utilized in various fast-food products, including frozen meat patties in burgers and frozen pizza toppings. Due to the considerations above, sales in this area will pick up steam in the future.

Which sales channel segment is expected to expand the fastest during the forecast period?

The availability of a diverse assortment of frozen snacks in offline channels such as supermarkets and convenience stores would improve sector sales.

Many supermarkets and hypermarkets are upgrading their cold storage facilities to provide various frozen foods. Expanding these channels in emerging nations is increasing the availability of frozen snacks, creating the potential for frozen snacks companies to enter these markets.

Which Category segment is expected to expand the fastest during the forecast period?

The sector of ready-to-cook foods is expected to develop at the fastest rate. Changes in lifestyle and an increase in working women are driving the global rise of ready-to-eat frozen meals.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Europe accounted for the largest market share of about 0% in 2021. Population growth, rapid urbanization, and the rise in consumer awareness about the benefits of frozen food are the key factors driving the demand for frozen food in the region.
• France is predicted to lead the European frozen snacks industry as the country’s sales of vegan frozen snacks increase.
• Sales of frozen snacks in China are predicted to increase throughout the evaluation period due to the widespread use of digital retail platforms. The nation’s diverse frozen food brands and effective cold chain facilities will boost the market growth.

Competition Analysis

Leading global frozen snacks market companies are investing in product research and development to include nutritional elements and extend shelf life. They also want a competitive advantage through strategic collaborations, mergers, and acquisitions, allowing them to expand their reach and geographical footprint.

Major players’ organic initiatives include introducing new goods and developing superior frozen snack items.

Some of the key developments that have taken place in the Frozen Snacks Market include:

• In June 2021, Pilgrim’s Pride Corporation purchased Kerry Consumer Foods’ meats and meals business in Ireland and the United Kingdom. This acquisition is intended to bring popular brands such as Denny and Richmond to PPC’s portfolio.
• In April 2021, Frostkrone Food Group purchased Abergavenny Fine Products Ltd., a British retail and foodservice market leader.

A list of some of the key suppliers present in the market are:

• Nestle
• ConAgra Foods Inc.
• Ajinomoto Co. Inc.
• McCain Foods
• The Kraft Heinz Co.
• Cargill Incorporated
• Tyson Foods Inc.
• NewForrest Fingerfood BV
• Rich Products Corp.
• Nomad Foods Ltd.

Market Segments Covered in Report

By Product Type:

• Desserts
• Confectionary
• Vegetable & Fruit Snacks
• Bakery Products
• Meat Based Snacks
• Meat Substitute Snacks
• Seafood Snacks
• Other Products

By Category:

• Ready to eat
• Ready to cook
• Others

By Sales Channel:

• Offline Sales Channel
  • Supermarkets/Hypermarkets
  • Departmental Stores
  • Convenience Store
  • Other Sales Channel
• Online Sales Channel
  • Company Website
  • E-commerce Platform

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Global Frozen Snacks Market 2022-2030: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2030), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies