In 2023, the frozen snacks market is anticipated to be worth US$ 136,981 million. Market size is expected to reach US$ 250,736 million in 2033, growing at a 6% CAGR.
The facilitate that these things give can be connected with their development. Clients pick bundled food and frozen snacks since they call for less investment to get ready as they attempt to stay aware of their chaotic timetables. During the estimate time frame, this pattern will keep on expanding market deals.
As per the World Bank, urban communities will house 66% of the total populace inside the following decade. Frozen food sources will develop more well known because of rising urbanization and a feverish way of life among recent college grads and working experts.
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Organizations Profiled In frozen snacks market are Settle, ConAgra Food sources Inc., Ajinomoto Co. Inc., McCain Food sources, The Kraft Heinz Co,. Cargill Integrated, Tyson Food varieties Inc., NewForrest Fingerfood BV, Rich Items Corp., Traveler Food varieties Ltd.
In addition, these frozen snacks carve out opportunity to plan than prepared dinners, which is one of the key reasons driving the inclination for frozen snacks. Also, expanding center around supplement rich frozen snacks is convincing makers to send off items with natural fixings and clean-names. This is expected to fuel deals in the market.
“Wide availability of vegan, gluten-free and keto frozen snacks, along with increasing sales through online channels across emerging economies will augment the growth in the market in the forthcoming years,” says an FMI analyst.
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Key Takeaways:
- The global frozen snacks market is anticipated to reach a valuation of around US$ 131.7 Bn in 2022.
- By product type, sales in the desserts segment will account for around 2/5th of the total market share over the forecast period.
- In terms of category, demand in the ready-to-eat frozen snacks segment will remain high through 2032.
- Offline sales channels will be the most preferred sales channel among consumers over the assessment period.
- France will dominate the Europe frozen snacks market owing to increasing demand for vegan frozen snacks and ready-to-eat meals.
- China will account for a lion’s share of the East Asia frozen snacks market due to increasing sales of packaged food products through online channels
- The U.S. will emerge as a lucrative market on the back of growing preference for vegan and clean-label frozen snacks.
Competitive Landscape
Leading players in the frozen snacks market are aiming to improve sales by launching frozen snackes made from organic and natural ingredients. They are also investing in mergers, acquisitions and collaborations to expand their production and storage facilities for frozen snacks. For instance:
- In April 2021, Abergavenny Fine Foods Ltd., a company specializing in frozen snacks and finger food was acquired by Frostkrone Food Group.
Explore More Valuable Insights
Future Market Insights, in its new report, offers an impartial analysis of the global frozen snacks market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on product type (desserts, confectionary, vegetable & fruit snacks, bakery products, meat-based snacks, meat substitute snacks, seafood snacks and other products), category (ready to eat, ready to cook and others), sales channel (offline sales channel (supermarkets/hypermarkets, departmental stores, convenience store and other sales channel) and online sales channel (company website and e-commerce platform)), across seven major regions of the world.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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