The global frozen snacks market is set for significant growth between 2023 and 2033. According to a research report by Future Market Insights, the market is projected to exceed a valuation of USD 136,981 million in 2023 and reach approximately USD 250,736.0 million by 2033, reflecting a CAGR of 6%.
This growth is largely driven by increasing consumer demand for convenient foods that offer high nutritional value, enhanced flavors, and diverse options, leading to greater consumption of frozen snacks.
As consumers become more aware of the nutritional content in packaged and frozen foods, brands are responding by adding essential nutrients, vitamins, and minerals to meet this rising demand. Consequently, sales are expected to grow significantly throughout the assessment period.
The growing demand for ready-to-eat meals worldwide is driving manufacturers to introduce unique flavors and ingredients in frozen snacks. By launching nutrient-rich convenience foods that utilize organic components and distinct flavor profiles, they aim to boost market sales.
As consumers embrace diverse diets like vegan, gluten-free, and keto, manufacturers are responding by investing in research and development. This focus includes incorporating clean-label and organic ingredients, along with innovative packaging and branding strategies, to enhance sales. These efforts are expected to create significant growth opportunities in the market.
Key takeaways from Frozen Snacks Market:
- The global frozen snacks industry size increased at a CAGR of 2.6% from 2018 to 2022.
- In 2018, the global market size stood at USD 119,050.3 million.
- The market size stood at USD 131,712.70 million in 2022.
- In 2022, the meat-based segment garnered a 34.6% share of the global market.
- In 2022, the supermarkets and hypermarkets segment captured a 27.6% share of the global market.
- In 2022, China captured a 5.8% share of the global market.
- In 2022, the United States captured an 18.2% share of the global market.
Competitive Landscape
Key players in the global market are investing heavily in research and development to enhance nutritional value and extend shelf life in their products. They are also pursuing strategic partnerships, mergers, and acquisitions to expand their reach and geographical presence. Additionally, the introduction of new products and superior frozen snack options are integral components of the organic strategies employed by these leading companies.
Recent Developments
- In May 2023, Bikano, a manufacturer of packaged snacks and snacks, introduced a line of frozen snacks into the global market to increase export sales by 40% year over year. Bikano expects to reach Rs 200 crores in revenue in FY 23–24 as a result of this move as it looks to capitalize on prospects in the global market.
- In April 2022, Cofresh Snack Foods, a snack company in India, expanded its product line by introducing exotic veggies and innovative frozen Indian snacks. The new line-up includes new products like Batata Vada and Aloo Tikki, which are made with potato and chickpea flour, as well as other well-known Indian street foods like Vegetable Kathi Roll, Tandoori Chilli Potato Kathi Roll, and hand-stretched Tandoori Garlic Naan.
Key Players Working in the Global Market for Frozen Snacks:
- 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.
- Others
Get Connected with Our Expert Analyst on Email: sales@futuremarketinsights.com
Frozen Snacks Market Segmentation
By Product Type:
- Desserts
- Confectionery
- 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 Stores
- Other Sales Channel
- Online Sales Channel
- Company Website
- E-commerce Platform
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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