During the forecast period, the refrigerated snacks market is expected to grow at a CAGR of 4.0%. The market is expected to generate US$ 88.11 billion in revenue in 2023, with a value of US$ 131 billion by 2033.
As people strive to live a healthier lifestyle, low-calorie food products such as chilled snacks have become increasingly popular around the world. In urban areas, hypermarkets and supermarkets are popular food retailing channels, especially among middle- and upper-income earners, whereas low-income earners prefer small businesses.
Flexitarian customers are on the rise, which will benefit the overall growth of the refrigerated snacks market. Flexitarians consume meat on occasion while adhering to a plant-based diet, which is more convenient for consumers than going completely vegan or vegetarian. The flexitarian population is rapidly expanding, resulting in increased demand for plant-based goods such as plant-based chilled snacks.
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Many food conglomerates are promoting the sale of meat substitutes. Manufacturers are producing plant-based food products with meat-like taste and texture features using modern food technology.
Key Takeaways from Market Study
- The market is segmented based on nature, wherein the conventional refrigerated snacks are anticipated to account for around 87% of the market share over the forecast period.
- The North America refrigerated snacks market is anticipated to dominate the global market with a share of around 29% in 2022.
- On the basis of type, refrigerated savory snacks are expected to hold dominant share in 2022, but the demand for refrigerated fruit snacks is expected to grow at a healthier pace forecast period.
- Based on sales channels, the retail/household segment accounted for nearly 59% of the global market, but the foodservice industry is expected to grow at higher rate over the forecast period. In the retail/household segment, online retail stores are expected to dominate the global market over the forecast period.
- As more consumers use smartphones to order food and groceries, e-Commerce is gaining traction around the world. Rapid digitalization has led to a widespread e-Commerce penetration in Asian countries, with China leading the way with a sizable market share. Refrigerated snacks have a long shelf life and can be packaged in a variety of ways, attracting a large customer base.
Competitive Landscape
The foodservice industry’s demand for labeled food is increasing. This is growing rapidly, particularly in developing countries. The easy accessibility of these goods in the retail market has led to a large consumer base, which presents opportunities for refrigerated snack manufacturers.
Refrigerated snack use in the food industry has grown dramatically in recent years. However, there is an inherent opportunity for producers to launch their products in the retail market in the near future in order to enter the food-service industry and households. The following are some noteworthy market developments:
- Tyson Foods has introduced a new line of functional refrigerated protein snacks under the Pact brand, which was created to assist people in harnessing the natural benefits of food.
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Refrigerated Snacks Market by Category
By Nature, Refrigerated Snacks Market is Segmented as:
- Organic
- Conventional
By Type, Refrigerated Snacks Market is Segmented as:
- Savoury Snacks
- Fruit Snacks
- Confectionery Snacks
- Bakery Snacks
- Others
By End-use Application, Refrigerated Snacks Market is Segmented as:
- Food Service Industry
- Retail/Household
- Hypermarkets/Supermarkets
- Traditional Grocery Stores
- Convenience Stores
- Discount Stores
- Specialty Stores
- Online Retail Stores
- Other Sales Channel
By Region, the Refrigerated snacks Market is Segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Key Questions Answered in the Report
- How big is the refrigerated snacks market?
- What is the anticipated market value of the refrigerated snacks market by 2032 end?
- What is the refrigerated snacks market outlook?
- Which region is expected to drive the demand for the refrigerated snacks market?
- Who are the key players operating in the market?
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