The global frozen snacks market is expected to expand dramatically between 2023 and 2033. The global market is expected to achieve a valuation of US$ 136,981 million in 2023, according to a study analysis released by Future Market Insights. It is expected to be worth US$ 250,736.0 million by 2033. From 2023 to 2033, the market is expected to grow at a CAGR of 6%.
The convenience provided by these goods has contributed to their growth. As customers try to keep up with their hectic schedules, they prefer packaged food products and frozen snacks since they require less time to prepare. Over the foreseeable term, this trend will continue to drive market sales.
According to the World Bank, two-thirds of the world’s population will live in cities within the next ten years. As a result of increased urbanisation and a hectic lifestyle among millennials and working professionals, frozen foods will become more popular.
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Companies Profiled In frozen snacks market are 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.
Moreover, these frozen snacks take less time to prepare than cooked meals, which is one of the key reasons driving the preference for frozen snacks. In addition to this, increasing focus on nutrient-rich frozen snacks is compelling manufacturers to launch products with organic ingredients and clean-labels. This is anticipated to fuel sales 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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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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