The refrigerated snacks market is anticipated to expand its roots at an average CAGR of 4% between 2023 and 2033. The market is expected to have a market share of US$ 131.0 billion by 2033 while it is likely to be valued at US$ 88.11 billion in 2023
- The changing lifestyle along with eating habits are making way for new packaged and refrigerated foods flourishing the refrigerated snacks. Furthermore, the pandemic has pushed people to stock ready-to-eat snacks that can be stored in the refrigerator.
- Products like tofu, flavored yogurt, and plant-based yogurt are in high demand as refrigerated snacks are in trend. Other than this, the ease of eating with less effort is flourishing the demand for refrigerated snacks.
- The FMCG brands are also introducing packaged bakery items that can be refrigerated. The refrigeration can increase the shelf life up to 7 to 14 days. Some of these products involve commercial bread, flatbreads, and cakes.
- The high influence of lifestyle bloggers, key opinion leaders, and social media trends penetrating different markets through e-commerce platforms also garners market growth.
- Lack of time in an urban lifestyle along with the advent of superfoods, and snack items that can be refrigerated are also advancing the sales of refrigerated snacks across the globe.
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Key Takeaways:
- The United States market leads the refrigerated snacks market in terms of market share in North America. The United States region held a market share of 31.5% in 2022. The growth in this region is attributed to the high urbanization and the presence of significant ready-to-eat brands.
- Germany’s refrigerated snacks market is another significant market in Europe region. The market held a market share of 7.5% in 2022. The growth is attributed to increasing influence, post-lockdown impact, and brands introducing healthy, low-carb refrigerated snacks.
- India’s refrigerated snacks market thrives at a CAGR of 5.2% during the forecast period. The market’s growth is attributed to the changing lifestyle, increasing popularity of Western snacks, and high food innovation.
- China’s refrigerated snacks market also thrives at a CAGR of 3.3% between 2023 and 2033. The growth is attributed to the complex weather conditions and increased sales of frozen snacks and meat.
- Based on type, the savory snacks segment held the leading market share of 32.5% in 2022. The growth is attributed to the high sales of baked prosciutto, wrapped chicken rolls, tacos, pasta salads, etc.
- Based on nature type, the conventional segment leads the market as it held a leading market share of 92.3% in 2022.
Competitive Landscape
The key vendors focus on introducing snacks with few preservatives and many refrigeration-friendly properties. Key competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Recent Market Developments
- Congra Brands, Inc. has introduced its summer line-up for the latest product innovation. The product line includes vegetables, single-serve, and multi-serve meals from leading brands such as Healthy Choice, Marie Callender’s, and Frontera.
- Mondelez International has launched its perfect refrigerated bar with different flavors and content for the markets in America.
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