The global refrigerated snacks market is expected to reach a market valuation of US$ 84.5 Bn by the year 2022, accelerating with a CAGR of 4.2% by 2022-2032. Refrigerated snacks sales are likely to account for ~20% of the overall snacks market, which is anticipated to be valued at US$ 427.2 Bn by 2022 end.
Low-calorie food products such as refrigerated snacks are in high demand around the world, as consumers strive to live a healthier lifestyle. Hypermarkets and supermarkets are popular channels for retailing food in urban areas, particularly among middle- and upper-income earners, whereas small shops are more popular among low-income earners.
Flexitarian consumers are surging in number, which will aid overall expansion of the refrigerated snacks market. Consumers who follow a flexitarian diet eat a plant-based diet with irregular consumption of meat, which is more feasible for consumers than going completely vegan or vegetarian. The flexitarians population is rapidly increasing, increasing demand for plant-based products such as plant-based refrigerated snacks.
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Many food giants are supporting the sales of meat substitute goods. With the help of advanced food technology, manufacturers are developing plant-based food products with meat-like taste and texture attributes.
Key Takeaways from Market Study
- The market is segmented based on nature, wherein the conventional refrigerated snacks are anticipated to account for around 87% of the market share over the forecast period.
- The North America refrigerated snacks market is anticipated to dominate the global market with a share of around 29% in 2022.
- On the basis of type, refrigerated savory snacks are expected to hold dominant share in 2022, but the demand for refrigerated fruit snacks is expected to grow at a healthier pace forecast period.
- Based on sales channels, the retail/household segment accounted for nearly 59% of the global market, but the foodservice industry is expected to grow at higher rate over the forecast period. In the retail/household segment, online retail stores are expected to dominate the global market over the forecast period.
- As more consumers use smartphones to order food and groceries, e-Commerce is gaining traction around the world. Rapid digitalization has led to a widespread e-Commerce penetration in Asian countries, with China leading the way with a sizable market share. Refrigerated snacks have a long shelf life and can be packaged in a variety of ways, attracting a large customer base.
“The growing popularity of plant-based products snacks among consumers is piquing the interest of large corporations in such products. To expand their plant-based snacks offerings, tier 1 players are looking for expansion and acquiring small plant-based companies and brands.” says a Future Market Insights analyst.
Competitive Landscape
The foodservice industry’s demand for labeled food is increasing. This is growing rapidly, particularly in developing countries. The easy accessibility of these goods in the retail market has led to a large consumer base, which presents opportunities for refrigerated snack manufacturers.
Refrigerated snack use in the food industry has grown dramatically in recent years. However, there is an inherent opportunity for producers to launch their products in the retail market in the near future in order to enter the food-service industry and households. The following are some noteworthy market developments:
Tyson Foods has introduced a new line of functional refrigerated protein snacks under the Pact brand, which was created to assist people in harnessing the natural benefits of food.
Refrigerated Snacks Market by Category
By Nature, Refrigerated Snacks Market is Segmented as:
- Organic
- Conventional
By Type, Refrigerated Snacks Market is Segmented as:
- Savoury Snacks
- Fruit Snacks
- Confectionery Snacks
- Bakery Snacks
- Others
By End-use Application, Refrigerated Snacks Market is Segmented as:
- Food Service Industry
- Retail/Household
- Hypermarkets/Supermarkets
- Traditional Grocery Stores
- Convenience Stores
- Discount Stores
- Specialty Stores
- Online Retail Stores
- Other Sales Channel
By Region, Refrigerated snacks Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Key Questions Answered in the Report
- How big is the refrigerated snacks market?
- What is the anticipated market value of the refrigerated snacks market by 2032 end?
- What is the refrigerated snacks market outlook?
- Which region is expected to drive the demand for the refrigerated snacks market?
- Who are the key players operating in the market?
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