The global frozen snacks market is expected to experience substantial growth from 2023 to 2033. As per Future Market Insights’ research report, the market is expected to exceed USD 136,981 million in 2023 and is forecasted to reach USD 250,736.0 million by 2033, expanding at a CAGR of 6% over the period.
Growth can be attributed to the convenience offered by these products. As consumers are trying to keep up with their busy schedules, they are preferring packaged food products and frozen snacks as they take less time to prepare. This trend will continue pushing sales in the market over the forecast period.
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As consumer awareness grows regarding the nutritional content of packaged and frozen food products, brands are increasingly fortifying their offerings with nutrients, vitamins, and minerals to meet rising demand. Consequently, sales are anticipated to accelerate significantly throughout the assessment period.
Key Takeaways:
- 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 2033.
- 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 operating in the global market are investing in the research and development of products to incorporate nutritional values and increase their shelf life. They are also aiming to gain a competitive edge through strategic partnerships, mergers, and acquisitions allowing them to widen their reach and geographical footprint. The launch of new products and superior frozen snack items are among the organic strategies adopted by key players.
“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.
Recent Developments Observed by FMI:
- 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
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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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